Professional Loan for doctors

Doctors constantly strive to make sure that their patients have access to the best healthcare services. This can be enhanced by having the latest equipment and technology, but the cost of these upgraded tools can be a huge financial burden.

In order to reduce this burden, special professional loan for doctors exist. These doctor loans can be both secured and unsecured loans that help doctors manage the expenses of equipment upgrades, business expansions, clinic setup, and more.

Opting for doctors loan is a wise choice, especially if you require urgent funds at an affordable rate of interest.

Features of professional loan for doctors

A professional loan is a personalised credit offering for all working professionals who require funds to expand or begin their professional practices. Banks or NBFCs offer these special loans to help professionals like Doctors and Chartered Accountants

Professional loans for doctors are tailor-made loan products designed to meet the financial needs of medical practitioners. These loans are extremely beneficial, especially for professionals who want to expand the scope or quality of their current practice.

Loans for doctors offer various benefits and have some distinct features. These are:

Higher Loan amount

In order to help you manage all medical-related expenses smoothly the professional loan for doctors typically offers a maximum loan amount of INR 1 Crore.

Professional loans for various needs

As a medical professional, you might need loans for various purposes such as opening a private clinic, buying new medical equipment, hiring additional staff, etc. Doctor loans are highly customisable loans designed to finance your various professional needs.

Easy Application Process

The application process for professional loans is quite easy and hassle-free. One needs to submit an application form with basic details and documents and meet the loan eligibility criteria to avail a doctor loan.

Competitive Interest Rates

The loan for doctors comes with highly affordable and competitive interest rates starting from 11.25% per annum and going up to 18.00% per annum.

Instant Fund Approval

Loan processing and approval can be a cumbersome task. Typically, loan for doctors offers quick fund approval and are provided in no time.

Flexible Repayment Schedule

You can avail the benefits of a flexible repayment schedule while opting for a doctor loan. The repayment tenure for these loans ranges between 1 year to 5 years.

Transparent fees and cost

There are no hidden charges involved. A doctor loan is provided with utmost transparency.

Eligibility criteria for professional Doctor loans

The eligibility criteria for obtaining loan for doctors may vary from lender to lender. However, the general eligibility criteria required to avail loan for doctors is listed below:

• Postgraduate (PG) doctors must have a minimum of 3 years of professional experience, while MBBS doctors need at least 7 years of experience.
• Must have a favourable credit history
• Ensure stable residence status, either by owning a residence or having a consistent rental history of at least 3 years.
• Applicant’s ages should fall within the range of 25 to 70 years at the end of the term.
• Family income aggregation is an option if all members are medical professionals.

Doctor Loan Interest Rates and Other Charges:

Keeping in mind the diverse professional commitments of doctors, these loans are provided at favourable interest rates. The interest rate, processing fees, and other charges of loans for doctors are listed below:

• The interest rates and other charges are given below:
• Interest rate- starts from 11.25% p.a
• Processing fee- up to 2% + tax
• Repayment Instrument Swap Charges- INR 500 + applicable taxes
• No certificate Due charges- INR 500 + applicable taxes
• Cheque Swap Charges – INR 500 + applicable taxes
• Stamp duty charges- Payable as per laws of the state and deducted from the loan amount.

Documents Required to avail professional doctor loan

All medical professionals need to provide the following documents to avail a professional loan for doctors are:

• Duly Filled application form
• PAN Card
• Aadhar Card
• Proof of Residence (Aadhar Card/ Utility Bills/ Bank account statements or bank passbook/Passport/Rent Agreement)
• Business Address Proof (Electricity Bill/Share Certificate/ Rent Agreement)
• Income Proof (ITR/ Form 26 AS/ Form 16 ( in the case of Self-employed Doctors) or Salary Slips ( in the case of salaried doctors)
• Bank account statement (Last 6 months)
• Degree Certificate
• Medical Registration Certificate

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Frequently Asked Questions

How is a Flexi Term Loan different from a Term Loan?

Term Loan and Flexi Term Loan are two doctor loan variants offered by Bajaj Finserv

A term loan is a usual doctor loan, where you can avail the loan amount you need and repay the entire loan over the loan tenure. Your monthly instalments will comprise a principal component and an interest component. The EMI amount remains fixed throughout the repayment tenure.

In the case of a Flexi term loan, the borrowers can access the loan limit that they can withdraw from and repay the loan amount at their convenience. This option enables the borrower to pay only interest-only EMIs for the initial part of the repayment tenure.

What is the processing fee that one needs to pay while obtaining a doctor loan?

A processing fee of up to 2% of the loan amount has to be paid while obtaining a doctor loan.

Do Doctors qualify for a MUDRA Loan?

Yes, a doctor loan of up to INR 75 Lakhs can be provided to provide to any doctor from My Mudra based on their degree and financial income.