A doctor loan, sometimes known as a physician loan, is a particular kind of personal loan offered to licenced physicians and other healthcare professionals. You can meet numerous financial requirements with the aid of this special personal loan for doctors. It can be used to pay for a professional course, buy office supplies, have medicine on hand, acquire medical equipment, and more. Doctor loans are quite flexible because they are not limited to a certain purpose. Additionally, they provide accommodating terms, low processing costs, little paperwork, competitive interest rates, quick disbursement, and don’t demand collateral or security. All licenced physicians are eligible for doctor loans from banks and NBFCs.
You can apply for a range of loans for physicians in India whether you are a physician operating your own clinic or working in a private or public hospital.
So, how can you locate the ideal item for your requirements? It can take valuable time away from your hectic schedule to find and apply for the best doctor loan. Time that you may use to aid others in getting better. You no longer need to stress about locating the best loan to suit your needs thanks to Vraj Fincare. We assist you in choosing from among the best loans for doctors thanks to our wide channel partner network of top Indian banks and NBFCs.
Uses of Loan Against Property
Doctor loans don’t come with restrictions on end-use, so they can serve a variety of purposes. Take a look at some common uses of doctor loans.
Purchasing medical equipment
Running a private clinic, hospice, or nursing home requires the newest medical technology to deliver the best possible healthcare. You can use a doctor loan to purchase several types of expensive medical and diagnostic equipment.
Buying office equipment
The patient experience depends heavily on how well-furnished your healthcare facility is. You can buy all necessary furniture, beds, mattresses, clothing, etc. with a doctor loan. At affordable credit rates, you can also finance office supplies including carrier air conditioners, furniture, workstations, sofas, fax machines, PCs, etc.
Renovate clinic
Your clinic could become old with time and require refurbishment. This could entail building a new room or performing upkeep and repairs. Need a pathology lab right there on the property? Maybe a pharmacy or an X-ray facility? You can finance the remodelling of your existing clinic with a doctor loan.
Eligibility Criteria
Anyone can apply for a doctor loan, regardless of whether they are a salaried worker, a government employee, or a working professional. All you need to do is meet the minimal eligibility requirements outlined by banks and NBFCs. While bank and NBFC eligibility requirements for personal loans might vary, the following requirements are often required of applicants:
Salaried or a working
professional
Aged between
21 and 60 years
Having a job and a minimum
3 months experience
Having a minimum Rs. 25,000 net income per month.
Documentation Required
Photo Identity Proof
- PAN Card
- Aadhaar Card
- Driving License
Proof of Residence or Address Proof
- Aadhaar Card
- Passport
- Voter’s ID
Income Proof
- ITR for last 2 years
Others
- Property ownership proof of either residence or office
- Medical Registration Certification
- Bank statements - Last 6 months’ statements
- Loan sanction document
Loan Against Property Balance Transfer
Transferring your current loan to a new lender is referred to as a doctor loan balance transfer. Most borrowers do this to take advantage of: Lower interest rates Lower EMIs Longer tenures additional advantages like a top-up loan
You can switch your doctor loan to a different lender if you are dissatisfied with the terms your present lender is providing. Only decide this after assessing the advantages and disadvantages of moving to a different lender. For information on the revised interest rate, repayment plan, processing fees, etc., read the fine print. Another smart move is to pick a reputable lender with years of experience.
You are guided through every step of the balance transfer process by Vraj Fincare. Additionally, our consultants assist you in determining when to select a balance transfer option. Only at Vraj Fincare will you have access to reputable lenders providing favourable terms on loans for doctors in India.
Documents required for a balance transfer
- Identity proof – Passport, Aadhar Card, Driving License, etc.
- Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
- Income proof - ITR for last 2 years
- Qualification certificates of the highest professional degree
- Property ownership proof of either residence or office
- Bank statements - Last 6 months’ statements