As a medical professional, your patient’s health and well-being are your top priority. To offer the best-in-class care, your clinic should be well-equipped with the latest medical equipment. Clinic expansion and upgradation can be quite expensive. Taking this into account, various doctor loan schemes have been made available to medical professionals to help them achieve their expansion goals.
Professional Loans for Doctors or Doctors Loans are specially curated loan instruments for medical professionals. These loans are unsecured, which means there is no need to submit collateral to avail of funds. In addition to this, Doctors’ Loan interest rates are competitive, and the application is fully digital.
Read on to find out more about the doctors’ loan scheme and how you can benefit from it.
How to use a Doctors’ Loan?
Professional Loans for Doctors come with no end-use restrictions, unlike secured loans such as auto loans and home loans. Given this flexibility, you can use the funds for a range of uses, including:
- Buying new medical equipment: Technologically advanced medical equipment is widely available. However, it might be pretty hard to buy since these equipment are quite expensive. In such as scenario, you can use funds availed from a Doctor’s Loan to acquire new medical equipment or replace your old medical equipment to achieve better results.
- Expanding services: If you wish to offer more services to your patients, you can take advantage of a doctor’s loan scheme. As your clinic expands, you might want to offer more medical procedures and services such as ambulance, home delivery of medicines, X-rays, and many more.
- Hiring staff: Sometimes it can be difficult to find trained staff for your medical facility, clinic, or dispensary. You need skilled staff to perform medical procedures and manage your clinic in your absence. You can use these funds to hire staff and train existing professionals to help them improve their skills.
Eligibility criteria for Professional Loan to Doctors
- Age: The applicant should be a minimum of 24 years old at the time of application and a maximum of 65 years old at the time of loan maturity.
- Work experience: The applicant should be a practising professional for a minimum of 1-year post-qualification.
- Income: The borrower is required to have a minimum annual professional receipt or professional income of ₹3 Lakh.
Documents required for Doctors’ Loans
| KYC documents | PAN card/ Aadhaar card |
| Residential proof | Utility bills/ rent agreement/ Passport |
| Financial documents | Bank account statements for the last 6 months |
| Professional documents | Certificate of qualification, degree certificate, and a copy of your prescription letter |
How do you apply for a Professional Loan for Doctors
Various lenders and Non-Banking Financial Companies (NBFCSs) offer loans under doctor loan schemes. Applying for these loans is a very simple process. You just have to visit your lender’s website and fill out the online application form. Read the eligibility criteria and procure soft copies of the supporting documents. Post that, await verification and confirmation of your loan application. You will get funds disbursed into your account instantly.
Also Read: Simplify Doctor Loan Application Process with Simple Steps
Tips to be ready for Doctors’ Loan
- Have a high bureau score: Your bureau score is one of the most critical factors that influence your chances of getting loan approval. A bureau score above 700 is considered healthy and above 750 is considered excellent.
- Create a repayment strategy: This will help you enjoy your loan journey in a stress-free manner as you won’t have to worry about arranging funds for your monthly payments.
- Plan out your expenses: Before applying for the loan, create a plan for your expenses and figure out which areas of your practice need funds the most.
- Check your credit report: Consider checking your credit report once before applying for the loan and see if any errors need to be rectified. In case there are any errors in your credit report, it will bring your bureau score down and will make it difficult for getting approval for the loan.
Summary
Doctor Loans are credit instruments that are specially designed for medical professionals. You can avail of a Professional Loan for Doctors from a lending institution or NBFC of your choice. Simply apply online and get funds disbursed almost instantly. You can also use an online EMI calculator to determine your monthly payments against your loan amount, loan tenure, and the interest rate offered to you.
