Looking for a doctor loan? Here’s what you need to know.
A doctor’s career is often full of challenges, and in order to be stable, there comes a point when they require financial help. This is where a doctor loan steps in. This can be specifically done to meet requirements who are looking to expand their horizon.
However, this loan is not only for starting a new business but also helps even if existing professionals plan to expand their existing business by hiring additional staff, buying the latest/modern equipment or moving to a larger location. Now, it is essential to keep in mind that these people must have a self-owned clinic or work in a government-owned or private clinic, hospital and consultant.
What is a doctor loan?
Also known as a physician loan, this type of loan is designed mainly for professionals (doctors, dentists and veterinarians) in the medical field. So, these are designed to help medical professionals with the unique financial challenges they face, such as high levels of student debt or the need to purchase expensive equipment. Further, there are certain pros when you opt for this kind of loan, such as lower down payments, flexible tenure and favourable interest rates.
What are its benefits?
● Higher loan amount
Once the doctor loan eligibility is cleared, professionals are in for a good amount of loan. Here, educational qualification is also taken into consideration. So, if you have passed your MBBS successfully, then a standard amount is approved by the lender, but if you have specialised knowledge, a higher loan amount will be approved.
● Minimal Documentation
In the healthcare industry, there is little time with physicians for other work. Keeping this factor in mind, one only has to provide basic and minimum documentation for the overall loan process.
● Lucrative Rate of Interest
Many doctor loans offer a favourable rate of interest to these professionals. This helps them save thousands of rupees over the total life of the loan.
● Lower down payment requirements
Compared to traditional loans, these loans often require a lower down payment. So, this benefits medical professionals who may already be burdened with high levels of student debt.
● Instant Approval
Loan for doctors in India are approved instantly, and it has some of the industry’s quickest turnaround and disbursal times. Once all the documentation has been done, the loan application is approved within a short span, and the amount is delivered straight to your account.
How to avail it?
- Download the Bajaj Finserv application from the App store/Play store.
- Sign up after entering your mobile number
- You’ll see the ‘Loans‘ section below the search bar on the home page.
- Tap on it and go to ‘Loan for Doctors’
- Choose whatever your requirement is, and you are good to go.
Loan for doctors in India is designed after considering many things and are specifically designed to cater to their needs. So if you are in the same field and looking to widen your scale, opting for this loan is the best option. Moreover, being a professional myself, I opted for it via the Bajaj Finserv app, that’s why I’ve shared its reference.
(Disclaimer: This content is not promotional.)