There are very few professions that are considered as noble as the medical profession (doctor). Being a doctor is not easy, especially in these modern times of several climate and healthcare changes. Doctors need to be constantly on their toes all the time. There is no rest day for doctors, especially those who have their own practice or clinic. While handling their own practice, they need to manage additional requirements for their clinics or hospital. A Professional Loan can be used by a doctor for additional capital requirements such as buying new healthcare equipment, expanding of existing medical clinic, setting up a new clinic, enhancing professional skills, etc.
Features of Loan for MBBS doctors
- Multi-purpose loan
A Multi-purpose loan instils confidence in the borrower to use the loan amount to cater to financial emergencies and requirements. This reduces the overall financial burden on the borrower as there are no restrictions on the end-use. The loan amount availed of as a Professional Loan can be used for various purposes such as setting up a new clinic, upgrading new medical equipment, etc.
- Higher loan amount
A Professional Loan amount generally ranges up to ₹50 Lakh or even higher. The upper limit of the loan amount can vary from lender to lender. You must always compare several lenders that are offering Professional Loans. Comparing all the lenders will help to find the most suitable lender with a higher loan amount and a lower rate of interest.
- Collateral-free loan
Generally, a Professional Loan is offered without pledging assets as a security. Once you meet the eligibility criteria set by the lender, you are eligible for a collateral-free Professional Loan. However, if you are someone who has a lower credit score, there are chances that lenders can ask you to pledge security to avail of a Professional Loan. Hence, it is important to meet all the eligibility criteria to avail of a loan.
- Minimum documentation
One of the biggest advantages of a Professional Loan is the minimum documentation requirement. This reduces the burden on the borrower to provide a huge list of documents. As we are already aware of how hectic a doctor’s life can be – minimum documents provide a lot of comfort and convenience while applying for a loan. Below is the list of documents that you must provide:
- Proof of Identity (PAN (Permanent Account Number) card)
- Proof of Address (Aadhar card)
- Financial documents (Bank statements, IT returns)
- Evidence of professional medical qualification (Medical registration certificate)
- Proof of medical experience
Eligibility criteria for a loan for MBBS doctors
Eligibility criteria are the minimum criteria that must be fulfilled by a (prospective) borrower to qualify for the loan. Before applying for a Professional Loan, you need to check the eligibility criteria set by the lender to avail of the loan. To avoid loan rejection or delay in loan disbursement, you can check all the details on the lender’s official website.
- Citizenship: The applicant needs to be a citizen of India
- Age: The applicant should be aged between 24 and 65 years
- Minimum Experience: The applicant must have a minimum practice experience of one year
- Minimum Income: The applicant must have annual professional income receipts of at least ₹3 Lakh
How to apply for a doctor’s loan?
As a borrower, you can apply for a Professional loan using both online and offline methods. Applying for a Professional Loan online is considered as convenient compared to the offline mode. You can apply for a doctor’s loan by following the below steps:
- Step 1 – Visit the lender’s official website.
- Step 2 – Check for a doctor loan on the website
- Step 3 – Check your eligibility criteria for the Doctor Loan
- Step 4 – Fill out the required loan application form for the Doctor Loan.
- Step 5 – Upload and submit all the required documents.
- Step 6 – Your documents are checked by the lender’s loan experts and the loan application is assessed and verified.
- Step 7 – After successfully verifying the loan application, your loan amount will be directly disbursed to your desired bank account.
As mentioned above, various lenders are offering a Professional Loan for MBBS doctors. Hence, it is vital to choose the most suitable lender with a lower doctor loan interest rate. You must focus on meeting the eligibility criteria set by the lender to avoid any rejection or delay in the loan process. Also, it is a good habit that you visit the lender’s website to know more about the loan.