2 min read
25 May 2021

A doctor loan is a customised source of finance for doctors like you. You can rely on it to take care of your personal needs, improve your quality of life, or boost your business.

Why are loans for doctors a smarter choice?

Loans for doctors are designed to meet the needs of medical practitioners. What makes a doctor loan in India special is the convenience of borrowing an ample sum of money without the hassle of extensive paperwork. ‘Loan for doctors’ describes a suite of three loans: personal loan, business loan and a loan against property. Depending on the loan you choose, you can benefit from certain value-added services. Here’s more on each loan under this customised financing option:

Personal loan for doctors

You can use this loan of Rs. 50 lakh for any personal need, whether it is adding a terrace garden to your home or financing a wedding. It has a repayment tenor of 12 months to 84 months.

Business loan for doctors

You can use this loan to diversify or expand your business or upgrade the medical equipment that you use regularly. This loan has an upper limit of Rs. 50 lakh and a repayment tenor of 12 months to 84 months.

Additional read: Medical tourism: A handy guide for doctors

Eligibility criteria and documents required

Loans for doctors give medical professionals easy, hassle-free access to finance based on their medical credentials. You must be a practising medical professional in India, with a regular source of income. You have to fulfil simple criteria and submit minimal documentation. Take a look.

For loans against property and home loans:

Specialisation

Eligibility

Super-specialist doctors (MD/ DM/ MS/ FNB/ DNB)

Minimum of 2 years of post-qualification experience

Graduate doctors (MBBS)

Minimum of 2 years of post-qualification experience

Ayurvedic and Homeopathic doctors (BHMS/ BAMS)

Minimum of 2 years of post-qualification experience; should own a house/clinic

Dentists (DHMS)

Minimum of 2years of post-qualification experience


Personal loans and business loans for doctors:

Specialisation

Eligibility

Super-specialist doctors (MD/ DM/ MS)

Degree must be registered with the medical council

Graduate doctors (MBBS)

Degree must be registered with the medical council

Dentists (BDS/ MDS)

Minimum of 5 years of post-qualification experience

Ayurvedic and Homeopathic doctors: BHMS/ BAMS

Minimum of 2 years of post-qualification experience

Documents needed

The following documents need to be submitted along with the loan application. This list may vary slightly depending on your loan and your loan provider.

  1. KYC documents
  2. Medical registration certification
  3. Bank statements
  4. IT returns, balance sheet and profit and loss statements
  5. Copy of property papers

Additional read: How mHealth boosts profitability for doctors
 

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