If you are a medical professional, you must have heard about Professional Loans for Doctors. These loans are unsecured financial instruments that can help you achieve your professional goals. With so many credit options available for medical professionals in India, it is important to choose the best loan for doctors so that you can utilize your funds effectively.
Emergencies can strike at any time, and it is better to be well-prepared in case you are planning to expand your professional services. A Doctor’s Loan can come in handy for covering a wide range of expansion-related expenses. Since Professional Loans are unsecured, you can apply for them without worrying about producing collateral.
Given the high demand for funding assistance among medical professionals, most lending institutions and banks are offering the best loan for doctors. In addition to this, they are offering online applications for added convenience and efficiency. Before applying for the loan, carefully research and select a lending institution that is offering the best interest rates on Professional Loans.
In case you are wondering how a Doctor’s Loan can help you, here are some ways.
- Buy or upgrade medical equipment: Owing to technological advancements, there are various technology-driven medical equipment available in the market. To offer the best service and care to your patients, it is imperative to have an efficient suite of technologically advanced medical equipment. If you wish to upgrade or buy new medical equipment, a Doctor’s Loan will come in handy.
- Introduce new services: As you expand your clinic, you would want to increase the number of services that you can provide your patients. For instance, you can use funds availed from a Professional Loan to start an ambulance service, home delivery of reports and medication, and other treatments and procedures as per your professional certification.
- Hire more staff: With more patients coming in, you will require staff for assisting you with equipment while you perform procedures. Besides this, trained staff is required to help maintain patient records, and cleanliness in the clinic, and to assist patients whenever required. A Professional Loan for Doctors can help you in getting funds for the same.
- Debt consolidation: As these loans are unsecured, you can use the funds for consolidating high-interest debt along with taking care of expansion-related expenses. Debt consolidation is the process of combining multiple payments into a single payment to make EMI payments easier and more affordable.
Doctor’s Loan eligibility criteria
Now that you know how you can leverage a Doctor’s Loan in the best way, let’s take a look at the eligibility criteria for these loans.
- 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 applicant is required to have a minimum annual professional receipt of ₹3 Lakh.
Documents required for Doctor’s 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 to apply for a Doctor’s Loan
You can apply for a Professional Loan for Doctors via an online application process. Most lenders are offering online Professional Loan applications and require minimum documentation to approve your loan request. You also don’t have to submit collateral to avail of funds since these loans are unsecured.
To apply for a Doctor’s Loan, follow these simple steps:
- Visit your official lender’s website
- Go to the dedicated page for ‘Professional Loans’
- Read the eligibility criteria and the required documents
- Click on ‘Apply Now’
- Fill out the online application form and click ‘submit’
- Wait for verification and confirmation
- Get funds disbursed into your account shortly
Moving ahead
Professional and Personal Loans for Doctors can be of great help when medical professionals find themselves in a financial crunch. These loans are being offered by various lending institutions and Non-Banking Financial Companies (NBFCs) at affordable interest rates. Before applying for the loan, you can use an online EMI calculator to determine your monthly payments and preparing yourself better.
