Healthcare in India has become one of the largest sectors in this country, considering its revenue and employment generation. The Government is also planning to increase its GDP spending on this sector to 3% and bringing in necessary policy changes to support its growth.
According to a recent market survey, this sector is likely to rise three-fold to Rs.8.6 trillion by FY2022. It presents a great opportunity for current as well as aspiring doctors to expand or build their practice with assistance from new doctor loans and make the most of India’s expanding healthcare market.
Benefits of availing of a new doctor loan
Following are some notable benefits of availing a loan curated for medical professionals –
- High loan quantum
Doctor loans are a convenient medium to avail healthcare equipment finance. Financial institutions lend high-value business loans to help eligible individuals meet the demand for advance medical equipment. For instance, a fully-equipped dental chair costs about Rs.80,000 – Rs.90,000, and with such easily available financing options, dentists can readily purchase the same.
- Collateral is not mandatory
Business loans for doctors are unsecured; hence, submission of any collateral is not required to avail funding. This facility reduces the loan approval time as financial institutions need not go through any lengthy verification process. Hence, one can meet any urgent requirements with assistance from this financial product.
- Lenient eligibility and documentation process
A notable benefit of this borrowing instrument is its easy eligibility and documentation process. Therefore, more professionals can now become eligible for a doctor loan.
Here are some key eligibility requirements –
- Super specialists need their MBBS degree registered with the medical council
- Dentists with BDS or MDS degree and a minimum of 5 years of post-qualification experience
- Homoeopathic or Ayurvedic doctors holding a BHMS or BAMS degree should have 2 years of experience and own a clinic or a house
- Doctors with MBBS degree are eligible after the registration with the medical council.
Besides meeting these parameters, one needs to complete the documentation process as well. For this, they need to submit the following –
- KYC documents
- Medical registration certificate
- Income tax papers
Moreover, specific financiers may set additional requirements that borrowers may need to qualify for new doctor loans.
- Faster approval and disbursal
Leading financial institutions like Bajaj Finserv facilitate quick access to loans for doctors, helping healthcare professionals meet their monetary requirements with ease.
Additionally, the availability of pre-approved offers further streamlines the application process and saves time. These offers are available on both secured and unsecured financing options. Individuals can now check their pre-approved offer online within a few seconds by providing their contact information.
- Transparent financing option
Leading financiers extend new doctor loans at competitive interest rates, and they levy no hidden charges that can surge one’s total cost of borrowing. The additional charges are levied upfront, leaving no room for customer dissatisfaction. Nonetheless, one can always go through the fine print of a credit to learn more about a particular financial product.
- Multiple repayment options
Reputed financial institutions extend multiple repayment options to increase borrower convenience. It includes a prepayment facility where individuals can make lump sum payments and reduce their overall loan burden. Also, the availability of foreclosure option helps debtors to pay off their loan in advance and save substantially on repayment.
Professional loans like these are multifaceted products that can meet a wide range of financial needs. A doctor loan offers a suite of products that includes personal loans, business loans, and a loan against property. Therefore, individuals can fulfil their personal as well as professional goals with assistance from this debt instrument.
Even though the benefits of doctor loans are lucrative, individuals should factor in their repayment capacity and terms of a loan before applying. Additionally, they should familiarise themselves with the process of how to apply for a doctor loan.
Application process of doctor loans
Individuals can apply for this financial product online by following these steps –
Step 1: Visit the official website of a lender of choice.
Step 2: Navigate to the particular page for a loan for doctors.
Step 3: Click on the option to apply.
Step 4: Fill up the loan application form with relevant information.
Step 5: Receive instant approval within a few minutes.
Step 6: Submit necessary documents, both personal and professional. Borrowers can refer to the list mentioned above.
Step 7: Receive confirmation via communication methods registered with lenders.
Being a multi-purpose financial product, new doctor loans help medical professionals fund their clinic’s expansion as well as finance personal requirements without any hassle. Nonetheless, one should go through the loan details beforehand to avoid facing any complications later.
