Best Loan Options Available for Physicians in India
Doctors are entitled to avail themselves of various loan options per their financial needs and overcome monetary urgencies and requirements with ease.
There are customised secured credit options like home loans and loans against property. On the other hand, health professionals can access unsecured options like personal loans, physician loans, etc.
While most physicians are pressed and engrossed for time, the availability of different loan options has expanded convenience, helping physicians sail through high-end expenses with utmost ease. With the easy accessibility of personalised credit options, it has become feasible for physicians to purchase a home, expand their clinic, purchase inventory or equipment, etc.
Top loan options available for physicians in India
There are several loan options that medical practitioners can opt for:
- Home loan: Medical practitioners willing to materialise their dream of owning a home can conveniently opt for a home loan. The secured credit option extends high quantum loan amounts at an affordable interest rate, helping medical professionals realise their wish to construct their dream house without denting their lifelong savings.
Borrowers can get 80% to 90% of the current property’s worth, helping them possess their own shelter. However, if physicians choose to opt for a secured loan option, they must be well aware of the eligibility criteria and documentation process.
- Loan against property for doctors: A loan against property for doctors is a versatile collateral-based loan option that helps physicians address varied financial requirements and mitigate them accordingly.Borrowers can access sizable loan amounts at a competitive interest rate.
Moreover, health professionals get to reap the lucrative benefits of customised insurance and protect their families from unanticipated financial urges.
- Business loans for doctors: Business loans for doctors are tailor-made collateral-free finance options helping borrowers receive prompt financial assistance to meet business expenses.
- Profession loan for doctors: It is perhaps one of the effective credit options customised for addressing several financial needs of doctors. A doctor loan is also a collateral-free credit option like a business loan; hence does not demand a lengthy documentation process and ensures quick disbursal.
However, before opting for the credit option, individuals should be well versed with the checklist to help them apply for a doctor loan:
Eligibility criteria for a doctor’s loan
Here are the eligibility criteria health professional needs to abide by to avail of a physician loan:
- Super specialist doctors with MD, MS, and DM degrees registered by the medical council.
- Doctors holding the degree of BDS, MDS, and MBBS are eligible for a doctor’s loan.
- Moreover, Homeopathic and Ayurvedic doctors with a minimum of 2 years’ experience qualify for the credit option.
Documents required for a doctor’s loan
Here are the documents that individuals need to keep to avail of a medical practice loan. You must consider the following documents given below:
- KYC papers
- Medical registration certificate
- Income proof
- Address proof and other financial details.
Check the availability of pre-approved offers
Furthermore, medicos can look for the pre-approved offers extended by leading financial institutions like Bajaj Finserv on a wide range of financial products like business loans, personal loans, etc. These offers ensure a streamlined loan application process. Willing borrowers can check their pre-approved offers by submitting their names and contact details.
However, to make the borrowing cost-effective, borrowers need to know the costs involved in medical practice.
Considering the factors mentioned above, borrowers can go ahead to apply for a doctor loan and reap the lucrative benefits of it. Furthermore, medical professionals have the choice to choose between both online and offline application processes.
To summarise, medical practitioners can manage high-end expenses with the aforementioned loan options. However, borrowers can opt for a physician loan depending on the urgency and disbursal time. It helps medical practitioners sail through various financial liabilities without pledging any collateral.