A medical professional may have to shell out a minimum of Rs. 15 lakh each month to maintain a practice in India. Similarly, to keep up with the digital trends, established professionals have to shell out at least Rs.25 lakh to Rs. 30 lakh to set up a functional telemedicine unit.
To account for such high funding requirements, professionals can avail of a doctor loan from a leading financier. Typically, the features of the said credit option are borrower-centric and can help one to meet his/her professional or personal requirements quite easily.
Nonetheless, before applying for a loan for doctors, professionals should find out about the accompanying features to make the most of them, as and when required.
Top benefits of availing a loan for doctors
Here are among the top benefits of applying for a doctor loan in India to meet various requirements, including catering to teleconsultations, e-pharmacy, telepathology, and teleradiology alongside a host of other personal needs.
High loan amount
Leading financial institutions may sanction a loan amount of up to Rs.35 lakh to eligible candidates. Such a high loan value comes in handy and helps professionals in meeting their high-end expenses easily. For instance, they can use the sanctioned loan amount to purchase the latest telemedicine equipment like digital otoscopes, Dermascope, remote vital monitoring, etc. They can also expand the scale of their practice by starting a new clinic and hiring qualified talent.
Collateral-free funding option
An unsecured loan for a doctor, including a personal and business loan, does not require applicants to pledge any asset as a security to avail it. This proves beneficial for professionals who do not necessarily possess any high-end asset to leverage. Similarly, it eliminates the risk of losing any valuable asset in case of defaulting payment.
Simple eligibility requirement
Besides having a spotless credit profile, professionals need to meet a few simple requirements to be eligible for a doctor loan. For instance, leading financiers may require applicants to fulfil these criteria –
- Super-specialists with an MS/MD/DM certification need their MBBS degree to be registered with the medical council.
- Doctors with an MBBS degree need their MBBS degree registered with the medical council.
- Dentists with a BDS degree or MDS certification must have experience of 5 years.
- Homoeopathy or ayurvedic doctors with BAMS or BHMS certification must have 2 years of post-qualification.
Hassle-free application and documentation
Lending institutions like Bajaj Finserv offer loans with simple application and documentation. This simplifies the entire process of borrowing funds significantly and helps individuals account for their expenses easily.
For example, professionals can apply for a doctor loan online by filling up an application form available on their portal with the necessary details. The documentation process is kept quick and simple as applicants are required to submit only a few crucial documents like –
- KYC of signatories.
- Medical Registration Certificate.
- Proof of identity and income.
They also extend pre-approved offers to customers to make the borrowing experience less cumbersome. Such an offer is available on multiple financial products, including business loans, personal loans, etc. Check your pre-approved offer online with your name and contact details.
Quick disbursal
Typically, leading financial institutions disburse the sanctioned loan amount within 24 hours of receiving approval. The quick access to funding allows professionals to account for their urgent requirements and streamline their practice successfully.
Competitive interest rates and transparent charges
Reputed financiers extend a high loan value to creditworthy applicants against competitive doctor loan rates. Further, they allow applicants to negotiate for better terms of repayment if they maintain a clean credit record. They are also quite transparent about levying additional charges; this helps determine the loan option’s affordability and consequently choose one that suits the borrower’s repayment capability.
Flexible repayment tenor
Usually, a doctor loan comes with a flexible repayment tenor that may range from 12 months to 96 months. Since the tenor influences the doctor loan rates, applicants may choose the one that matches their repayment capability the most.
Note that to make the most of a doctor loan, professionals should consider comparing the leading credit options to secure the best terms of service. To enjoy the best repayment terms, they should improve their creditworthiness by maintaining a low credit utilisation ratio and a high credit score.
