Doctors are one of the most sought-after professionals in the country. They are among the highest paid professionals as well. The average earning of a General Physician in India is close to Rs. 6 LPA. The figure is much higher for specialists and multi-specialists.
However, meeting substantial expenses with personal savings is not always feasible. If a doctor wishes to set up a clinic, for example, it is advisable that he/she avails a loan for doctors. These loans are one of the best ways to manage the much-needed capital required to set up a practice.
Taking a loan is a significant financial decision which shouldn’t be taken lightly. There are multiple things to understand and consider so that you get the best deal out of it. Do not take loans for doctors in haste without weighing the pros and cons of the same.
Here’s a detailed guide of some of the essential aspects of these loans and the best approaches to avail one.
• Determine your requirements
The very first thing to consider is the reason you want to take a loan. It will help you determine the exact amount you need and the type of loan you should apply for. Decide whether you need the loan to set up your new clinic or buy the best medical equipment with a medical loan. You may also need it to hire new staff or a plethora of other operational costs.
Get to the bottom of your requirement and zero-in on a loan amount accordingly. You should also be able to calculate the ideal tenor based on your need and the subsequent calculation of ROI.
• Research all available options
Many leading NBFCs offer customised loans for doctors nowadays. Research the options thoroughly before deciding to opt for a loan. You must choose an institution that offers credit which aligns with your professional plans. Also, compare the interest rates provided by different institutions very carefully.
Many doctors prefer Bajaj Finserv because of their easy eligibility and repayment process. You can take a doctor loan of up to Rs. 30 Lakh from Bajaj Finserv, with exceptionally attractive interest rates.
They also provide you pre-approved offers for personal loans, home loan, business loans, and a lot of other financial products. It simplifies the process of taking loans and helps you save time in the process. Know your pre-approved offers by submitting a few necessary details.
• Know the eligibility criteria and the necessary documents
Every financial institution has laid down a few basic eligibility criteria that you have to meet to avail a loan. For example, Bajaj Finserv has the following eligibility criteria for Doctor Loan.
a. The doctor should be between the ages of 24 and 60.
b. He/she should have a credit score around or above 750.
c. BHMS/BAMS practitioners need a minimum practising experience of 6 years. They should also own a house or a clinic.
d. BDS/MDS practitioners should have at least 5 years of practice experience.
e. MBBS practitioners require a minimum post-degree experience of 2 years.
f. MD/MS/DM practitioners do not need any experience.
You can get your doctor’s loan easily approved if you meet these simple eligibility criteria. Present the following documents as proof before you can avail loans for doctors:
• Government-issued address proof
• Medical certificate
• Bank statement of previous six months
Just fill in the application form and have all the relevant documents ready. The loan will be disbursed within 24 hours if everything is in order.
Note that some lenders may charge a nominal processing fee and security fee for assistance. You can pay these fees online to get the best services and offers from the financial institutions.
Loans for doctors can substantially ease the burden of setting up a new practice or expanding an existing one. There can be many applications of such a loan, and it might just be the motivation you need to start your own practice.