Physicians are integral to society as they deliver vital healthcare services to patients. Nevertheless, embarking on a medical career frequently entails significant educational costs, and doctors may require financial assistance to meet various professional requirements. This is where the significance of doctor loans becomes apparent.
These loans offer doctors advantageous terms and low doctor loan interest rate, simplifying the process of handling their educational debt, purchasing homes, and launching prosperous medical practices.
What is a doctor’s loan?
A doctor loan is a personalized loan available for doctors to pursue medical education, open a clinic, or upgrade existing medical equipment and meet other business needs. It is specially designed to meet the needs of doctors and medical professionals.
You can get a loan up to Rs.55 lakhs with a tenure of 7 or more years, giving you the flexibility of managing and spreading your finances over a long period. The disbursal time is very low, and the amount gets credited within 48 hours.
What are the benefits of doctor loans?
Elevated Loan Caps
Doctor loan frequently offers expanded loan limits when contrasted with conventional mortgage loans. This empowers medical professionals to obtain funding for high-value homes without the necessity of a substantial upfront payment.
Adaptable Down Payment Terms
Medical professional loans generally feature more forgiving down payment criteria, and specific lenders extend options with minimal to no down payment. This can be especially beneficial for physicians contending with considerable student loan debt.
Doctor loan interest rate is appealing, rendering them an enticing choice for physicians embarking on their careers.
They are subject to variation due to several factors, encompassing the lending institution, the precise loan program, the creditworthiness of the borrower, and the prevailing conditions in the market.
Several doctor loan programs present the opportunity for postponed payments during a specific timeframe, acknowledging that medical residents and fellows often experience reduced income levels during training.
Versatility Based on Career Stage
Doctor loans frequently consider the prospective earning capacity of medical practitioners, simplifying the qualification process, even for recent graduates or those in the early stages of their careers.
What is doctor loan eligibility?
Any practising doctor can apply for a doctor loan, given they pass the following eligibility criteria:
- It would be best if you were an Indian National.
- The eligible age bracket is 22 to 73 years of age.
- Your credit score must be 650 or more.
- You should have your medical registration with you.
- Keep your KYC documents up to date and ready.
Which are the top lenders offering doctor loans?
They offer three unique variants: Term loan, Flexi term loan, and Flexi hybrid loan with no-part repayment on flexi term variants. You get the loan amount credited within 48 hours, with a flexible tenure of up to 8 years and at a competitive doctor loan interest rate.
IndusInd Bank Medical Loan
It caters to professional doctors (both general and specialists), diagnostic centres, speciality clinics, nursing homes and small to medium hospitals involved in diagnostic/health care with specializations in fields.
The HDFC Bank Loans for Doctors offers you financial help based on the credit history of the applicant and the repayment of any previous loans.
How do you apply for a doctor loan?
I recently planned to expand my clinic and turn it into a full-fledged hospital for which I required funds at a low-interest rate, simultaneously matching my financial appetite and goals. One of my friends suggested Bajaj Finserv for availing a doctor loan.
Following are the steps to get a doctor loan from their app:
- Get the app from the Play Store or the Apple store
- You can sign in/log in using your details
- After going to the home page, click on loans.
- Following this, click on doctor loans.
- Add all the details that are required.
- Click on Apply now.
Given the understanding of the financial obstacles doctors encounter, these loans prove to be a valuable asset, providing a pragmatic and supportive route to financial security for healthcare practitioners.