As a medical professional, you may want to take your career to the next level. One of the most notable ways to do so is by setting up your clinic or upgrading your existing set-up with the best-in-class technology. The aspiration is great but it does require significant investment. Fortunately, you can now avail a specially curated ‘loan for professionals’, including one for doctors.
A loan for doctors is a lending option that allows you to raise up to Rs. 25 lakh to fulfil your business requirements. This exclusive financial instrument is designed to aid a medical practitioner’s unique needs and to help them meet their professional and personal goals. Read on to know some of the most notable benefits of getting a personal loan for doctors.
Hassle-Free Loan Application:
A long and tedious loan application process can deter you from applying for a doctor loan. Thanks to digitisation, the loan is offered through a much simpler and straightforward process. All you have to do is fill the online application form and follow the easy instructions. You can enjoy a fully customized loan to fulfil your financial requirements.
Convenient Repayment Facilities:
The loan can be repaid in EMIs suited to your financial ability, making it convenient to fulfil your obligations. Additionally, you may also part-prepay the principal amount any time during the loan tenure. This facility is offered at no additional cost and reduces the interest outgo.
High Loan Amount:
Expanding your medical facilities or even pursuing a professional degree can be a very expensive affair. This flexi loan facility is extremely helpful when you require large loan amounts. With the loan for professionals, you can avail a large loan amount of up to Rs. 25 lakh.
Flexible Repayment Tenure:
The loan can be repaid as per your preference. Make your repayment through a flexible repayment tenure that ranges from 12 to 72 months.
Pledging a collateral while seeking a loan can be quite a hassle. However, you do not have to be tangled in this complication when you apply for a personal loan for doctors.
Loan for Doctors: Eligibility Criteria
As a professional, lenders expect you to meet a list of factors to be eligible for a doctor loan. These include:
|Super-specialist doctors||No minimum post-qualification experience required|
|Graduate Doctors (MBBS)||Minimum 2 years of post-qualification experience required|
|Dentists (BDS/MDS)||Minimum 5 years of post-qualification experience required|
|Ayurvedic and Homeopathic Doctors (BHMS/BAMS)||Minimum 6 years of post-qualification experience required; must own a house or clinic|
|Homeopathic Doctors (DHMS)||Minimum 15 years of post-qualification experience required; must own a house or clinic|
Documents Required for a Doctor Loan
To minimise inconvenience and to ensure that you enjoy a smooth loan application process, you are required to submit just a few documents, which include:
- KYC of authorized signatories
- Medical registration certificate
Depending upon your profile, you may be asked to furnish some more additional documents.
Applicable Rate of Interest
The rate of interest applicable on a doctor loan ranges from 14-16%, while the processing fees is 2%. In case of repayment default on an EMI, you will be charged 2% interest each month.
How to Apply for a Doctor Loan Online?
To apply for the loan, all you must do is follow these simple steps.
Step 1: Visit the ‘Loans’ tab on Bajaj Finserv MARKETS’ website and click on “Doctor Loan Application”. Fill the online doctor loan application form, as requested.
Step 2: You can expect a confirmation call within 24 hours.
Step 3: Submit all the requested documents.
Step 4: Once your documents are submitted and reviewed and your application is approved, you will receive your loan amount within 24 hours of submission.
A doctor loan is a great way to accentuate your career opportunities and make the most of your opportunities. Visit Bajaj Finserv MARKETS to find the best offerings on professional doctor loans today.