Eligibility Criteria You Need to Fulfill for a Doctor Loan

Doctor Loan
Doctor Loan

In India, very few doctors manage to have sufficient income before they reach their forties. Even with private practices, medical professionals seldom manage to earn enough to keep up with the high cost of living, especially in metropolitan cities. That is why, in the recent few years, more doctors are looking to avail various secured and unsecured advances from financial institutions. Thus, lenders, along with providing healthcare finance for individuals, have also brought several loans to cater to multiple personal and professional needs of doctors.

These loans can be divided into four categories, namely, home loans, personal loans, business loans and professional loans. They come with numerous benefits and affordable interest rates. However, to avail them, medical professionals need to satisfy few eligibility criteria.

These eligibility criteria vary between secured and unsecured advances. Read on to know how to be eligible for a doctor loan.

Eligibility for unsecured loans

This category includes personal loans and business loans. Following are the doctor loan eligibility criteria individuals have to meet to avail these advances:

  • Super specialist, specialised diploma, postgraduate and other PG diploma holders- should have an MBBS degree registered with the medical council.
  • MBBS- can avail the loan immediately after registering with the Medical Council.
  • MDS- the BDS degree should be registered with the Medical Council.
  • BAMS/BHMS/BDS- should have a minimum 2 years of experience after medical registration.

Eligibility for secured loans

This is the category that includes home loans and personal loans for doctors. Following doctor loan eligibility criteria will one required to fulfil if want to avail these advances, doctors need to satisfy the following:

  • Super specialist doctors including MS, DM and MD- post-qualification experience of 3 years or more.
  • Graduate doctors- a minimum of 3 years of post-qualification experience
  • Dentists- a minimum of 5 years of post-qualification experience.
  • Homoeopathic and Ayurvedic doctors- a post-qualification experience of 6 years or more.

Apart from these, lenders might also have other criteria that doctors need to fulfil to avail a doctor loan. In some cases, homoeopathic and ayurvedic doctors looking to avail the loan must also own a house or a clinic in the respective city to apply for the credits. That is why it is crucial to check the eligibility criteria properly before applying.

Documents required to avail a doctor loan

Unlike the application for availing other healthcare finance options, doctor loan requires minimal documentation. For instance, if you are applying for doctor loan with institutions, you only need to submit the following documents-

  • KYC documents.
  • Medical registration certificate.
  • Tax returns, profit and loss account statement and balance sheet in some cases.
  • Copy of papers for the property to be mortgaged in case of secured advances.

Benefits of availing a doctor loan

If you satisfy the eligibility criteria, you can enjoy the following benefits of availing doctor loan-

High loan amount value

You can avail a high loan amount value for each of these advances. For instance, you can get doctor loans of up to Rs. 32 Lakh from Bajaj Finserv for unsecured advances and up to Rs. 2 Crore for secured ones.

Flexible tenor

The advances come with flexible tenor, which you can choose according to your convenience.

Affordable interest rates

You can avail these advances at competitive interest rates, making them easier to repay.

Additional benefits

You can also avail additional benefits like balance transfer facilities, flexi loan facilities, etc. for the loans.

Instant disbursal

If you satisfy the eligibility criteria and submit the required documents, your loan can get approved instantly and get disbursed in under 24 hours.

Thus, doctor loans come with several benefits which can aid you in the process of availing funds for financing your high-cost expenses. Therefore, apart from healthcare finance, doctor loans are another offering from financial institutions in India that can be used to further the medical field in the country.

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