The healthcare sector in India is anticipated to touch a milestone of US$ 372 billion by 2022, thanks to an uptick in public health awareness, exposure to better medical treatment, and the likes. Additionally, the Government of India also targets at incrementing healthcare spending nearly to the tune of 3% of the country’s GDP by 2022.
Nevertheless, to reach the threshold of this projected growth, medical practitioners also need to revamp their healthcare facilities to cater to a large number of patients. In this regard, they can consider a professional loan for doctors to scale up their medical practices.
Thus, before opting for this fund, they need to gain a clear idea about everything regarding this credit option.
Types of loans for doctor
A loan for doctor can be generally of four types that medical practitioners can choose from to suit their professional or personal purposes the best. It includes the following.
- Personal loan for doctors
Availing this fund, doctors can get financing of up to Rs.25 lakh to bear their personal expenses like vacation bookings, meeting wedding expenses, funding education, and others. Since this loan does not come with usage restriction, they can use the funds for any other short-term or long-term requirements alike.
2. Business loan for doctors
To keep up with the latest and advanced medical trends, doctors need to upgrade their healthcare services accordingly. For instance, purchasing new medical equipment, setting up a private clinic, expanding patients’ waiting rooms, meeting overhead charges and others require a substantial amount. In such cases, they can avail a professional loan for doctors to make required changes for facilitating quality healthcare.
Nevertheless, accessibility to such credit options has become even easier with selected NBFCs like Bajaj Finserv extending pre-approved loan offers.
These offers ensure a hassle-free and quick loan application process. Additionally, these offers are available on a range of financial products like business loans, personal loans, etc. A doctor can check his/her pre-approved offer instantly by entering the name and contact number.
3. Home loan for doctors
Under this category, doctors can acquire a fund of up to Rs.2 crore by meeting loan eligibility requirements. The tenure of this loan generally ranges up to 18 years that fits most of their repayment capacity.
Additionally, they also can avail a top-up advance over and above the outstanding loan in case they opt for a balance transfer to get better interest rate and other favorable terms.
4. Loan against property
This professional loan for doctors allows them to get a credit of worth up to Rs.2 crore via property mortgage. The amount should be sufficient to finance any big-ticket purchases and to carry out other expenses, personal or professional.
Besides doctors, these loans for professionals are also available to several other professionals like chartered accountants, engineers, and others. Nevertheless, irrespective of the loan a medical practitioner chooses, it is crucial to know the ways to be eligible for a doctor loan.
Eligibility criteria for a loan for doctor in India
Following are the eligibility requirements that doctors need to fulfill to get a professional loan for doctors.
- Super speciality doctors (MD/MS/DM) – Medical Council registration.
- Graduate doctors (MBBS) – After getting a registration certificate from Medical Council.
- Dentists (BDS/MDS) – A registered degree needed.
- Homoeopathic and Ayurvedic doctors (BAMS/BHMS) – A minimum experience of 2 years from the year of obtaining registration.
Along with that, they also need to provide some documents. Following is a checklist.
- KYC documents.
- Bank account statements.
- Medical registration certificate.
- Identity proof.
- Address proof.
- Income tax return filed for required years.
After completing the eligibility check, they can get the approval instantly, with disbursal following immediately after that. Moreover, for all types of loans for doctors, they can enjoy the benefits of Flexi Loan facility and other perks that each loan accompanies.
Nevertheless, while a professional loan for doctors helps in addressing varying financial requirements, the prospect of indemnity of the doctor cannot be ignored. In that case, they can consider opting for indemnity insurance for doctors that will help them to hedge any financing losses arising out of professional, patient or third-party claims.
While the healthcare sector in India is expanding with the introduction of quality healthcare facilities, doctors also need to upgrade their medical facilities to cater to more patients at a time. Nevertheless, making the required upgrade also involves substantial funds. In this regard, doctors can opt for a professional loan for doctors to address these financial requirements conveniently. Additionally, it is also advised to opt for indemnity insurance for doctors to safeguard their profession from any financial losses.