2 min read
22 May 2023

Before applying for a loan for doctors, you need to ask a few questions to understand the loan offer and plan your finances accordingly.

1. What can I use the loan amount for?

When you take a business loan for doctors, the end outcome can be any business-related investment or covering an expense for your practice. You could use a business loan for doctors for upgrading or purchasing medical equipment. The loan can help to invest in electronic health records (EHR) or engage with your patients. Use the loan for adopting telemedicine or maintaining a hospital management system. Also, the funds can help to get medical billing software, offer healthcare services on mobile, hire specialists, and much more. You can match your monetary requirements with the end uses of the loan.

2. What are your monetary requirements?

Ask yourself what is the purpose of your borrowing and the exact amount of money that you require. Different banks offer varied loan amounts. A lender who meets your monetary requirements and offers you several features is one you should pick. For example, choosing a regular business loan instead of a business loan for doctors might not give you the best interest rate. The loan application experience for medical practitioners will be better with a loan for doctors.

3. Does my loan offer me flexibility?

Sometimes, finding out the exact amount of your borrowing can be difficult. There could be times when you need immediate funds and your finances are blocked. For such unanticipated cash needs a facility like Flexi Loan is the solution. A Flexi Loan gives you the choice to withdraw as and when you have a financing need. It gives you the option to repay multiple times as per the availability of your funds. With a Flexi Loan, you pay interest only on the amount you borrow and not on the entire loan sanctioned. You have the choice to repay EMIs comprising only the interest and pay the principal at the end of the tenure. Most importantly, this facility charges interest only on the sum actually used. Look for a lender that gives you this facility with your loan for doctors.

4. What is the difference between a Flexi Term Loan for doctors and a regular term loan?


Flexi Term Loans

Regular Term Loan

Amount given

A pre-approved loan limit

A fixed lump-sum

Interest charged

Only on the funds used

On the whole loan amount, irrespective of usage


Option to pay only interest, with principal payable at the end of the tenure=> Smaller EMIs

Interest + Principal=> Greater EMIs

EMI savings



Withdrawal option

As and when you want

Not available; in case you need additional funds, you can opt for a top-up loan

5. Do I have a good credit score?

Before selecting a loan, check your CIBIL Score. Your credit score is one of the criteria basis that a lender grants you a doctor loan. Having a good credit score is essential before you apply for a loan. A good credit score increases your chances of getting the loan, gives you approval faster, and has a better interest rate. If your score is low, you can improve it. Just make timely repayments of your debts and credit card outstanding. It is ideal not to have too many debts on you in the very first place.

6. Can I make part prepayments on my doctor loans?

Yes, you can make part prepayments and foreclose your loan. The only thing that you need to ensure is that your part prepayment is equivalent to 3 EMIs.

7. What are the interest rates, fees and charges associated with doctor loans?

The fees and charges on your doctor loan could vary from lender to lender. Bajaj Finance charges an affordable interest rate for your business loans for doctors between 11% to 22% per annum, processing fees up to 2.95%- of the loan amount (inclusive of applicable taxes), documentation charges up to Rs. 2,360 (inclusive of applicable taxes). For detailed fees and charges click here.

8. How easy is the loan application process?

Being a doctor, you are always on-the-go. Therefore, the loan you are applying for should be hassle-free and convenient. An online loan application process with basic steps makes the loan application process easy for you.

Apply for a doctor loan

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