Five Reasons and Eligibility Criteria to Avail a Doctor Loan

Becoming a doctor can be filled with challenges, from finishing school with an excellent score to completing graduation. However, the job also offers you good pay compared to other professions. Therefore, doctors need to have an excellent infrastructure to consult and treat patients. Even if you reach a higher income each day, it is necessary to establish an equipped clinic and buy all the required medical equipment to provide treatment. The lack of facilities in the clinic will impact the treatment of the patients. Hence it is considered to be critical. But the types of equipment used in clinics and hospitals are all costlier than you think. It would not be possible for  doctors to invest from their pockets to buy such expensive equipment.

Here comes a Doctor’s Loan, which helps them assist their requirements to establish a well-equipped clinic.

Benefits of Availing the Doctor Loans:

Availing Doctor Loans will help you in various ways, depending on your requirements and needs. We have compiled a few of the advantages of the Doctor Loan.

• Opening a new clinic and purchasing initial infrastructure equipment is way too expensive. Doctor Loans help doctors set up their clinics and infrastructure to support them in the medical field.
• Equipment in the medical field is constantly evolving, hence requiring constant upgradation. Doctor Loans help doctors upgrade and maintain their equipment and install newer equipment.
• It helps employ quality staff to improve the treatment provided in the clinics.
• It brings renovation of the clinic premises and modernising the infrastructure with the latest standards.
• It helps purchase office equipment such as machines, furniture, air conditioners, fans, lights, etc.

Eligibility to Avail of the Doctor Loan:

There are specific Professional Loan eligibility criteria to consider, whether you are a medical practitioner or an established medical professional.  When applying for the Doctor Loan, the applicant’s age should be between 22 to 65 years. At least one year of working experience as a medical professional is a must to get Doctor Loan approval. In addition to these eligibility criteria, the applicant must also earn ₹15,000  or more per month. While these are the main factors considered for approving Doctor Loans, few other lenders also look for the CIBIL score and the applicant’s repayment history to approve the loan. The higher the applicant’s credit score, the lower the interest rate and the higher chance that the authority will approve the loan amount. Before applying for the Doctor Loan, check your credit score and pick the best vendor that offers a loan with a lower interest rate. Recurring payments and closure of credit improve your credit score.

Educational Qualifications Required Applying for the Doctor Loan:

Below are the qualifications needed for the applicants to apply for a Doctor Loan in India.

• MBBS – for Graduate Doctors
• BAMS/DHMS/BHMS – for Homoeopathic and Ayurvedic Doctors
• MD/MS/DM – for Super Specialist Doctors
• BDS/MDS – for Dentists

Proofs and Documentation to Apply for a Doctor Loan:

1. Address proof – Aadhar card, Driver’s license, Passport, Ration card
2. Identity proof – Aadhar card, PAN card, Passport, Driver’s license, Voter’s ID
3. Proof of employment – Employment certificate for salaried individuals which states at least one year of continuous employment
4. Income proof – A copy of six months of bank statements for self-employed professionals and three months for salaried individuals.

Where to Apply for a Doctor Loan:

One can apply for a Doctor Loan at any bank authorised by RBI or non-banking financial companies. Nowadays, there is no need to step into banks for loan applications. Applicants can even apply for the loan from the comfort of their homes. Before picking the lender, conduct a careful investigation to compare the different vendors. While each lender offers different interest rates and loan tenure, you must study the best-offered interest rate and the repayment amount. EMI calculators are available on the internet and can be used to play around with various tenures and interest rates. Before applying for the loans, do quick maths on the EMI calculators and check the total repayment amount to be paid for the entire tenure. Since Doctor Loans serve a good cause, many lenders offer such loans with a very low-interest rate for applicants with high credit scores.