Building a clinic or a hospital can be quite expensive in India. From hiring suitable staff to buying functional equipment, there’s a lot involved in the process that you may not be able to afford. That’s the reason why many choose to opt for financial aid in this regard.

If you’re looking to obtain a doctor loan, then you may be wondering what the process involves. Below are a couple of pointers on how to apply for medical equipment loans in India.

Check Your Eligibility

Doctor loans are essentially personal loans for medical practitioners. Like personal loans , medical equipment loans are unsecured, meaning that you don’t need to put down collateral to take one. That’s why lenders can be quite picky about whom they give the doctor loans to.

Reputed lenders like Bajaj Finserv provide loans to postgraduate doctors with a minimum experience of 1 year. If you’re a graduate doctor with an MBBS or BDS degree, then you need to have a minimum post-qualification experience of 2 years. You can also take a medical equipment loan from Bajaj Finserv if you own a clinic. This company provides valuable finance to medical practitioners or doctors by way of its attractive funding options.

Also Read: Check Your Eligibility And Required Documents For Doctor Loan

Gather Your Documents

Before applying for a doctor loan in India, it’s important to keep your documents in order. You need to submit statements of your income tax returns for the last two years, along with the latest Form 16A. The lender will also ask you for your bank statements with consultancy credits for the last 3 months.

Your education qualification certificates are mandatory, as are your identity and property proofs. If you’re applying for a doctor loan with a partner, then you’ll have to additionally submit your proof of relationship.

Lastly, it’s important to choose a lender who can fulfil your expectations. Bajaj Finserv, for instance, provides Medical equipment loans up to Rs.30 lakh with absolutely no collateral. You can prepay your loan up to 6 times in a year, provided your minimum transaction is more than the value of 3 EMIs put together. Moreover, you don’t need to pay any sort of fine when you decide to foreclose your loan.

Bajaj Finserv also offers low doctor loan interest rates and flexible repayment options. The entire loan sanctioning process, from the application to the approval, takes place over the internet. You can apply online for a doctor loan from Bajaj Finserv anytime you want.

Benefits of Doctor Loans

Whether you are looking to expand your infrastructure or scale of operations to provide better service and treatment facilities, Doctor Loans in India by Bajaj Finserv is a great example to consider. Bajaj Finserv ties together multiple benefits along with quick approvals and a low rate of interest. Their Doctor Loans are offered to practicing doctors with a self-owned clinic, working in a government or private clinic, hospital and consultants. Bajaj Finserv Doctor loans can be easily availed online. Here, we observe the following added advantages and benefits:

  1. The sum that can be loaned has a high limit thereby allowing you to take the money you need for a new hospital or setting up new equipment in an existing hospital.
  2. This loan allows you to buy the latest technology related to the medical field instantly.
  3. Lower interest rates and adjustable loan terms will allow you to repay the loan at your convenience without excessive financial pressure or hindrance to your work.
  4. The added advantage here is that one can apply online for a doctors loan. Applying for a Doctor Loan with Bajaj Finserv would also give you the option to pay back your loan with flexible payment options.

Also Read: A Handy Guide to Doctor Loans in India

How to Apply for a Doctor Loan

A professional loan for doctors is given taking into consideration all factors such as professional qualifications, annual income, experience, annual profit and age of the applicant. Once you qualify for these parameters, you can apply for a doctor loan in India either online, by phone calls, by SMS or by visiting the branch.

It is quite clear as to why doctors and medical practitioners must avail a doctors loan in India. Some lenders even fund the purchases of ambulances or provide working capital to buy bulk stock of medicines as well. The funds required to help bring good, clean and technology driven hospitals are available at the click of a button, and it is imperative for you to consider this option in order to provide services in the best interest of your patients.

Apply for Doctor Loan Online Know More About Doctor Loan