Best Physician Loans

Documents Required to Apply for a Physician Loan in India

A loan for doctors is a customised loan for medical practitioners to help them meet various monetary requirements as per their financial goals.

Such healthcare finance options come with personalised eligibility criteria and exclusive documentation requirements for approval.

Various financial institutions in India extend the loan for doctors to eligible medical professionals.

Documents needed while applying for a loan for doctors

The application and documentation required under loans for doctors are nominal. The list of documents necessary for best physician loans might vary from one lender to another.

The mandatory documents you will need to submit are –

  1. KYC documents.
  2. Bank statements.
  3. Property papers (in case of secured advances.)
  4. Medical Registration Certificate.
  5. Income tax return files, profit and loss statements, balance sheets.

Organising and keeping the required documents ready is one of the quick steps to get your doctor loan easily approved.

Such loans are used for various purposes such as personal, business, healthcare finance, etc.

Loan for doctors covers four types of advances are extended upon verification of documents submitted, including –

  • Personal loan and business loan under the unsecured category.
  • Loan against property and home loan under the secured category.

Such loans withdrawn by the medical practitioner can also be used to upgrade medical equipment in the clinic. The first step towards availing such a loan is to know how to be eligible for a doctor loan.

What are the eligibility criteria under loan for physicians?

To enjoy the best physician loans, a medical professional has to meet specific eligibility criteria. Individuals who are eligible to avail unsecured loans for doctors (personal loans and business loans) are as follows –

  • Graduate doctors (MBBS) with a registration certificate from the Medical Council of India.
  • Super-specialist doctors (MS/MD/DM) do not require post-qualification experience for this advance.
  • Ayurvedic and homoeopathic doctors (BAMS/BHMS) must have at least two years of post-qualification experience.
  • Dentists (MDS/BDS) do not require any work experience as well.

Individuals who are eligible to avail secured loans for doctors (loans against property and home loans) are –

  • Graduate doctors (MBBS) with at least three years of post-qualification experience.
  • Super-specialist doctors (MS/MD/DM) with at least three years of post-qualification experience.
  • Ayurvedic and homoeopathic doctors (DHMS) must have at least six years of post-qualification experience.
  • Dentists (MDS/BDS) need to have five-year work experience in this field.

If you are looking for funds and are eligible to avail loan for doctors, you can take the necessary steps required before applying for the advance. Major financial institutions such as Bajaj Finserv extend such credits at attractive interest rates.

Bajaj Finserv also provides pre-approved offers on loans of different categories. This feature is meant to make the loan application, approval, disbursal hassle-free and straightforward. 

Professional loans can be availed to improve healthcare facilities, upgrade equipment, hire more staff, set up a laboratory or pathological centre, extend pharmacy services to the patients, adopt digital solutions in medical treatment, purchase electrosurgical units, defibrillators, ECG machine, etc.

An individual might also utilise the amount to meet healthcare finance personal needs. Doctors can avail such loans to finance a destination wedding, meet travel expenses, fund higher education of their children, etc.

Substantial principal, quick approvals, minimal documentation, straightforward terms and conditions, doorstep services, fast disbursals, flexible repayment tenor, part-prepayment facility are some of the reasons which make a loan for doctors one of the best and efficient healthcare finance option for medical professionals.

Refer to leading lenders for the most repayment-friendly terms other than easy to meet eligibility plus documentation requirements. Make sure to meet the documentation requirements for quick and hassle-free approval and disbursal.

About blogger2020

I am working in a well-known financial and tech advisor with the abilities to keep a track and predict the market trends with the utmost accuracy. My extensive knowledge in finance and tech is remarkable as she has worked on different financial and sectors dealing with the entire range of loans. I am also an expert in writing many finances and tech-related articles and blogs, so I am a renowned finance blogger too.

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