According to a recent report, there are nearly 12.5 lakh allopathy doctors in India. Nonetheless, the number of medical practitioners is still woefully low as compared to the country’s population. A professional also has to spend substantial funds monthly to run an independent practice in India.
This fund requirement, however, can be overcome by availing professional loan services that disburse the credits based on qualification. A medical practitioner can utilise the funds to introduce new treatment technology, expand a practice, restock medicine, hire staff and more to offer the best services.
Many financial institutions offer the best physician loans at an affordable interest rate and minimal documentation to facilitate these requirements. However, to enjoy successful approval, individuals must understand the application method first.
How to apply online for professional loan services?
Individuals can avail credit forms like business loan, LAP and personal loan under these specially curated services. With digitalisation, one can make an online loan application by following a few simple steps –
- Visit the official website of a lender and select the preferred loan variant.
- On the redirected page, fill the application form with personal and professional details.
- You will then receive a call from the chosen financial institution detailing the approved amount.
- Applicants need to submit the required documents for processing.
- After successful verification of eligibility and documents, the credit amount is disbursed to the borrower’s account.
Potential borrowers preferring an offline application method can follow the steps mentioned below.
- Interested applicants need to send a mail to the preferred lending institution or call the mentioned number.
- He/she will receive a call from the lender regarding the complete procedure.
Following these steps would help individuals avail the best physician loans without hassle. In this regard, understanding the checklist to help apply for a doctor loan is recommended.
Factors affecting the professional loan approval
- Eligibility requirement
Medical practitioners have to fulfill certain parameters to be eligible for a doctor loan. Lenders set these criteria to ensure an applicant’s repayment capability. Typically for a personal and business loan under the professional loan services, the eligibility requirements are-
- Super Specialist I and II or Post Graduate I and II have to be registered with the medical council. This rule also applies to individuals with Post Graduate and Specialized Diploma.
- An MBBS is required to maintain a post-registration with the medical council
- BAMS or BHMS degree-holders need an experience of 2 years from the date of medical registration.
- MDS or Dentists are required to have at least five years of experience from the date of medical registration.
The documents required for a professional loan for doctors is simple and easy. This is done to abridge the loan application process. One can opt to avail financing from leading financiers like Bajaj Finserv, who provide loan for doctors against a few documents.
The NBFC also extends pre-approved offers to customers to make the borrowing quick and hassle-free. Such offers are available on multiple financial products, like LAP, business loans, personal loans, etc. Check your pre-approved offer by entering your name and contact details.
Some of the basic document requirements under a professional loan are-
- KYC papers
- Medical Registration Certificate
- Income and identity proof
- Interest rates and additional charges
Evaluating the interest rate levied by a chosen financial institution is again a vital factor to consider before a doctor loan application. Typically, lenders extend high loan value to applicants with remarkable credit score and repayment history. One must also consider the additional charges to get a clear idea of the repayment capability.
Hence, professional loan services are convenient for medical practitioners planning to expand their independent practices. They can easily make an online application by entering basic details as asked for. However, to secure the best repayment terms, one must check the related terms and conditions before proceeding.