As a medical professional, you may require financial assistance to establish or expand your practice. A doctor loan is a significant investment that can help you meet your financial requirements. However, there are certain parameters to be eligible for a doctor loan.
Here are a few factors that can help you improve your chances of getting a doctor loan:
1. Understand the eligibility criteria for a doctor loan.
Before applying for a doctor loan, you should understand the eligibility criteria. Banks and NBFCs have specific eligibility requirements that you need to meet to qualify for a loan. This includes age, qualification certificate, credit score, and others. Understanding these criteria beforehand can ensure you have a better chance of getting approval.
2. Maintain a good credit score.
A high credit score is one of the critical factors that can increase your chances of getting approved for a doctor loan. Lenders consider a respectable credit score as an indicator of your financial stability and credibility. Try to maintain a credit score of 685 or above to improve your chances of loan approval.
3. Ensure proper documentation.
Make sure you have all the necessary documents on hand before applying for a loan. This includes proof of income, identity proof, address proof, educational qualifications, etc. Ensure that the documents are accurate and avoid any discrepancies. A comprehensive set of documents can demonstrate your financial stability and increase your chances of loan approval.
A doctor loan can help with funds to set up your own clinic or to expand your practice. The tips mentioned above can help you get the financing to achieve your financial goals.
Bajaj Finance offers doctor loan up to Rs. 80 lakh. You just need a KYC document and your medical registration certificate to apply for a doctor loan. The KYC document can be an Aadhaar card, voter’s ID, or passport. Also, check if you have pre-approved loan offers.
