Things You Must Know About Getting Doctor Loans

A doctor who is willing to maintain or better the infrastructure of their medical facilities can avail a doctor loan. In order to get the benefits of a doctor loan in India, you must have some amount of experience as a doctor.

To be able to apply for a doctor loan, you must be a graduate doctor with at least an experience of 8 years after acquiring your medical qualification. If you have at least 5 years of post-qualification experience as a postgraduate doctor, then also you are eligible to apply. Even individual doctors working with a public or private hospital can apply. However, if you are self-employed then in order to avail such a loan, you must possess your own nursing home or clinic.

Although, there are many benefits of availing a doctor loan from an institute like Bajaj Finserv, the most lucrative ones include low interest rates, and hassle-free and fast approvals.

If you are a doctor who is interested in getting such a loan, then it is valuable for you to know that the maximum loan amount in case of a doctor loan varies from bank to bank. However, in most cases, the minimum amount happens to be a lakh of rupees. There are certain banks that sanction loan amounts as large as INR 1 crore. Self-employed and salaried professionals can avail doctor loan amounts up to INR 45 lakhs.

Doctor loans can have a tenure ranging from 12 months to 5 years. The tenure of a doctor loan can be anywhere between 12 months and 5 years.

Both fixed and floating interests are charged on doctor loans. And the rates depend on the lender as well as the amount of loan. In India, the interest rates are pegged at around 10% to 20 %. Security or collateral is required only when the amount of loan is considerably high.

When it’s time to repay, you can go for either part prepayment or avail foreclosure provisions. A certain amount of prepayment charge is levied as penalty and it’s important that you check these charges before deciding to prepay. If you have availed a doctor loan then you will be able to make at most 6 pre payments in a single financial year and the minimum prepayment value equals three EMIs. The benefit of availing doctor loans is that you are required to pay no foreclosure and prepayment charges.

There are numerous benefits of availing a doctor loan. The first and most important benefit is that you can choose from a number of loan tenure and amount options. Secondly, these loans are easily obtainable. Moreover, no security or collateral is required. If you wish to, you can also apply for them online. The prepayment facility allows you to clear the loan as and when you can.

In order to avail such a loan, you are required to produce your identity and address proofs. You will also need to produce a proof of your highest educational qualification. Besides these, you will have to produce your financial documents as well.

Now, that you know how beneficial it is to get a doctor loan, there is no reason why you shouldn’t apply for it.

Getting any loan these days is easy, for instance you can apply online for a doctor loan and get quick approval. Also, most of the lenders offering this type of loan have come up with no guarantor or no collateral schemes to attract more business so as to help budding doctors flourish their practise. There are also lenders who offer instant approvals on applications if the applicant meets the predefined criteria.

Thanks to the advance of technology and lenders realisation of an unexplored goldmine, availing a doctor loan has become rather easy. Several NBFCs like Bajaj Finserv, offer Doctor Loans with instant online approvals.