Special Loans for Doctors in India – What Do You Need to Apply

Loans for Doctors in India

Most medical professionals think of expanding their services once they have established their clinic or hospital. Every medical professional requires ample funding to achieve these expansion goals. A Doctor’s Loan is the perfect instrument to achieve these goals. Healthcare is one of the most crucial aspects of life, and there should be no compromise when it comes to proper patient care and healthcare services. 

To offer better care and achieve better patient outcomes, the upgradation of medical equipment and services is required. In response to this, various Non-Banking Financial Companies are offering affordable Doctors’ Loans, also known as Professional Loans. These loans can be an ideal choice for medical professionals who want to achieve their expansion goals. 

Read on to find out more about Doctors’ Loans, Professional Loan eligibility, and the documents required. 

What is a Doctor’s Loan

A Doctor’s Loan is a type of Professional Loan for doctors which can be used for a variety of purposes. These loans are unsecured and are offered to medical professionals such as self-employed doctors who are running their own hospitals/clinics/nursing homes, and to consulting and salaried doctors with hospitals. 

Professional Loan eligibility 

Below are the eligibility criteria for a Doctor’s Loan.

  • Age – The borrower must be between 22 and 65 years
  • Work experience- The borrower must be a practising professional for at least 1-year post-qualification 
  • Income- The borrower must have a minimum annual receipt of ₹3 Lakh

Documents required for a Professional Loan for Doctors 

    • KYC documents- PAN card/ Aadhaar card, and doctor’s prescription letter 
  • Residence proof- Utility bills/ rent agreement/ Passport 
    • Business address proof- Electricity bill/ rent agreement 
    • Financial documents- Bank account statement for the past 6 months 
  • Professional qualification- Certificate of practice and degree certificate 

How to use a Doctor’s Loan

A Professional Loan for Doctors can be used by borrowers as per their requirements. As these loans are unsecured, they do not come with any end-use restrictions. In addition to this, if you have a high credit score, you will be able to avail of the loan at attractive interest rates. Let’s take a look at some ways in which you can use a Doctor’s Loan

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  • Upgrading medical equipment: To offer better services, you need to work with better medical equipment. However, new equipment keeps getting launched regularly, and it can be a little expensive. You can use a Doctors’ Loan to upgrade or replace your medical equipment with technologically advanced devices and equipment. 
  • Introducing new services: If you wish to introduce new services to your patients, you will have to expand the space in your hospital or clinic for performing certain procedures. In such cases, you might need funding. Hence, you can opt for a Doctors’ Loan to cover these expenses. 
  • Hiring and training staff: You can use these funds to hire trained medical professionals for your hospital or clinic. Further, you can also use the funds to help your existing staff improve their skills by taking online or offline courses. 
  • Expanding office space: As you introduce new services, you can also upgrade your clinic. With funds availed through a Doctor’s Loan, you can buy new furniture for your office/clinic, improve, and redecorate the waiting area for patients, and add amenities for hospital staff and patients for added comfort. 
  • Funding higher education: In the medical field, it is important to be updated about new viruses, diseases, medicines, and procedures. You can use the funds for investing in higher education, or for taking up new courses to upgrade your skills. 

How to apply for a Doctor’s Loan

Before applying for a Professional Loan for Doctors, it is important to research and find a lender who is offering the best interest rates and no hidden charges. As most lending institutions offer these loans through online applications, you can apply from the comfort of your home or clinic. 

All you have to do is visit your lender’s official website, and click on ‘apply now’. Then fill out the online application form and upload the documents required for Professional Loan for Doctors. Await verification and approval, and get funds disbursed into your account instantly. 

You can also use an online Doctors Loan EMI calculator to calculate your monthly payments against the loan amount and interest rate offered to you.