As per a 2018 report from the Medical Council of India, the total number of allopathic doctors in the country exists at 10.41 Lakh. With as much as 80% of them residing in urban areas of the country, states like Maharashtra have an abundance of these medical professionals. While the services they provide to society is indispensable, doctors also require to run their practice efficiently to remain commercially successful.
Not to mention, they also have other personal obligations to meet. The funding requirements to achieve both professional and personal goals can be efficiently met if they have access to additional finances like a doctor loan.
Given these prerequisites, the lending market brings a suite of loan for doctors to help these medical professionals fulfil their financing necessities. Some of the best lenders in the market bring these credits and advances against minimal doctor loan eligibility criteria. Below mentioned is the suite of loan doctors can conveniently avail without much hassle.
A suite of doctor loan for medical professionals:
Home loans for doctors
Medical professionals can avail home loans for doctors of high value to secure a house for themselves and their family. With a loan amount of up to Rs. 2 Crore customised for your specific requirements, purchase your dream home and repay the amount in easy EMIs over a long tenor.
Business loans for medical professionals
A collateral-free business loan for doctors of up to Rs. 32 Lakh is available to expand their medical practice. With this amount, they can buy advanced equipment for treatment & diagnostic like the point of care medical equipment, employ skilled staff, introduce additional working capital and meet such other funding needs. Some NBFCs provide quick approval of loan for doctors for business, thus helping you meet emergency funding needs.
These advances also come with a long repayment tenor of up to 96 months that makes EMI payment convenient and affordable.
Personal loans for doctors
Healthcare professionals can also meet their personal funding needs like child’s education abroad, meeting marriage expenses, etc.with a personal loan for doctors. Like business loans, you can avail these advances without securing any collateral. Also, doctor loan eligibility criteria for this credit type are easy to meet, thus making personal funding an easy process.
Loan against property for medical professionals
Doctors can also avail secured loans of high-value against the mortgage of their residential or commercial property. With unrestricted end-user, these advances can be used to meet the big-ticket financing requirements of both personal and professional nature.
This suite of doctor loan comes with attractive features and benefits while being affordable. With NBFCs like Bajaj Finserv, the availability of Flexi Loan facility, a hybrid feature, allows for easy repayments through interest-only EMIs. You may opt to prepay the same at any time before the tenor ends.
Now, before availing your chosen loan for doctors, make sure to know how to be eligible for a doctor loan. Knowing the same increases your chances of loan approval.
The process to apply for your suitable loan for doctors:
Follow the steps given below to apply for your selected doctor loan and avail the same.
Apply for the loan along with all necessary documents required by your lender.
Select your choice of loan needed to meet your specific funding requirement.
Receive quick approval for the same and the loan amount disbursed to your account.
With this process, you may now proceed to apply for this loan with your chosen lender. Make sure to check your credit score before sending a loan application to improve the chances of approval.