When you are running a medical practice, managing cash flow is just as crucial as delivering exceptional patient care. Whether you are setting up a new clinic, upgrading medical equipment, or expanding your practice, having access to quick and reliable funding can make a world of difference. While tapping into personal savings might seem like the easiest option, it is often not the smartest one. Instead, loans for doctors are specifically designed to cater to the financial needs of medical professionals, offering high loan amounts, flexible repayment options, and relaxed terms.
Whether you are a general practitioner, a specialist, or an Ayurvedic doctor, understanding the doctor loan eligibility criteria for these loans is the first step toward securing funds for your professional goals. Keep reading to explore how doctor loans work, the types of doctors they cover, and how they can empower you to grow your practice seamlessly.
Types of doctors eligible for doctor loans
Doctor loans are tailored to meet the unique requirements of different types of doctors. Below is a list of those typically eligible:
- General practitioners: Ideal for upgrading or expanding clinics
- Specialists (e.g., Cardiologists, Orthopaedic Surgeons): Can fund advanced medical equipment or facilities
- Dentists: Useful for modernising dental practices or purchasing state-of-the-art tools
- Ayurvedic and homoeopathic doctors: Perfect for setting up or scaling alternative medicine clinics
Doctor loan eligibility criteria
The doctor loan eligibility criteria are simple, making them accessible to a wide range of medical professionals. Here is what most lenders typically require:
- Nationality: You must be an Indian citizen
- Age: Applicants should be aged between 22 and 80 years (at loan maturity)
- CIBIL score: A credit score of 685 or higher is preferred
- Medical registration: Must be registered with the Medical Council of India
Documents required for a doctor loan
Applying for a doctor's loan involves minimal paperwork. Most lenders require:
- KYC documents: Aadhaar, passport, voter’s ID, or driving licence
- PAN card: For financial verification
- Medical registration certificate: Proof of your professional credentials
- Income proof: Such as bank statements or tax returns, if requested
Keeping these documents ready ensures a quick and hassle-free loan application process.
Features of choosing the Bajaj Finserv Doctor Loan
With many loan options available in the market choosing one can seem daunting. Here is why you should consider the Bajaj Finserv Doctor Loan before taking the final call:
- Loan amount of up to Rs. 80 lakh
You can get loans right from Rs. 2 lakh up to Rs. 80 lakh.
- Convenient tenures of up to 8 years
You can choose from multiple repayment tenures ranging from 12 to 96 months, make sure to choose the option that fits your budget and repayment capacity.
- Money in your bank account in 48 hours
Once approved, your loan amount is typically credited to your account within 48 hours, so you can start putting the funds to use immediately.
- No collateral required
The Bajaj Finserv Doctor Loan is collateral-free, you can unlock funds without leveraging your personal assets.
- No hidden charges
Since all fees are clearly mentioned upfront, you have full transparency into the costs associated with your loan.
- Steps to apply for a Bajaj Finserv Doctor Loan
Applying for a doctor's loan with Bajaj Finance is easy. You can do so by following these steps:
- Visit the official website and click on the ‘APPLY’ button on this page
- Enter your 10-digit mobile number and the OTP sent to you
- Complete the application form by providing your basic personal and professional details
- After filling out the form, click ‘PROCEED’ to move forward
- Update your KYC details as required
- Schedule an appointment for document verification to finalise the process
This process ensures you can secure financing quickly and focus on what truly matters, your patients and your practice. Apply for a doctor loan with Bajaj Finance today and take the next step in growing your professional goals!
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