Loans for doctors are a customised loan options designed to suit the financial needs of doctors. This category consists of a suite of four loans: personal loan, home loan, loan against property and business loan. These loans are ideal for fulfilling various professional and personal financial needs. You can use these loans to fuel the expansion of your practice, sort cash flow problems, purchase a vehicle or even finance a holiday. These loans offer benefits like a line of credit, nominal interest rates and easy online account access.
To apply specifically for a Business Loan for Doctors, you need to be aware of the eligibility criteria. Make sure you match the criteria and have the relevant documents ready.
Eligibility criteria for business loans for doctors:
- Super Specialist Doctors (MD/DM/MS) don’t require any post-qualification experience.
- Graduate Doctors (MBBS) must have at least 2 years of post-qualification experience.
- Dentists (BDS/MDS) must have at least 5 years of post-qualification experience.
- Ayurvedic and homeopathic doctors (BHMS/BAMS) must have at least 8 years of post-qualification experience.
- Homeopathic doctors (DHMS) must have at least 15 years of post-qualification experience.
- BAMS, BHMS and BDS doctors should have their own house or clinic.
Documents required for business loans for doctors:
- KYC documents
- Address proof
- Signature proof
- Medical registration certification
Follow the application process:
Now that you know the eligibility criteria and the documents required, take a look at the actual process of securing a business loan for doctors.
- 1. Fill in the online form with all your personal details.
- 2. Await confirmation call from the lender to know the approved amount.
- 3. Submit your documents for verification.
- 4. Await transfer of funds to your account within 48 hours.
This completes our crash course on how to apply for a business loan for doctors. But, if you aren’t certain about taking the loan, ask yourself the following questions to be doubly sure.
Why do I need the loan?
If you want to expand your practice or clinic, a business loan can come in handy. You can use it to rent a larger premise, buy medical equipment, hire nurses and staff, do up the clinic interiors, buy medical billing software, etc. Ensure that you prioritise your needs and decide on the loan amount that meets your expenses.
What is the amount that I need?
The maximum loan amount offered by a business loan for doctors is Rs.30 lakh. Evaluate if one loan caters to your needs or if you need a combination of loans.
What are the repayment tenor options?
Depending on your earning capacity, you can choose a comfortable tenor ranging from 12–96 months. This gives you ample time to manage your cash flow as well as to come up with a sound repayment strategy.
So, now that you know how to apply for a loan for doctors, explore Bajaj Finserv’s Business Loan for Doctors. With features like part prepayment, flexible repayment tenor and line of credit, it is the best way to finance your business in the market.