Financing your practice and personal requirements as a doctor can be a difficult task. Whether you need money for medical equipment, workplace expansion, or even further education, it might be difficult to locate the correct financing option. This is where a doctor loan, often known as a professional loan for doctors, can help.
A doctor loan is a financing option tailored to meet the financial needs of medical practitioners. These loans provide customised alternatives with flexible repayment options. Professional loans give you access to the capital you need to build your practice while also meeting your personal financial goals.
Here are some of the reasons why professional loans come forth as one of the best financing options for doctors:
1. No collateral
Professional loans, unlike regular loans, do not require collateral security. That is, you do not need to pledge any property or gold ornament as security to get the loan. When you go for unsecured professional loans, you can gain access to funding without putting your assets at risk.
2. Minimum documentation
When you apply for a doctor loan, you just need to provide minimal documents. To apply for a Bajaj Finance Doctor Loan, you just need your medical registration certificate and basic KYC documents such as Aadhaar, passport, or voter’s ID card.
3. Flexible repayment options
Professional loans offer flexible repayment options that suit the financial needs of doctors. For instance, the Flexi Loan facility offered by Bajaj Finance allows you to pay interest only on what you borrow. You can also get repayment tenure of up to 8 years. A longer repayment tenure will give you enough time to repay your loan easily. To estimate the EMIs for a desired loan amount and comfortable repayment tenure, you can use the EMI calculator for doctor loan.
4. Easily accessible
Qualified doctors can easily obtain professional loans through a simple online application. The approval process is generally faster. The online application procedure saves you time and effort by eliminating the need to visit a lender's physical office.
5. Quick disbursal
The loan disbursal process for professional loans is quick and straightforward. Most of the time, you can receive the amount in your bank account within 48 hours*. Whether you need funds to repair medical equipment urgently or need a larger space to accommodate patients, a doctor loan from Bajaj Finance can help you with the funds.
Professionals such as doctors can arrange funds by selling shares, using credit cards, or applying for a secured loan. Every financing option comes with its pros and cons. However, an unsecured business loan for professionals makes it easier to arrange funds easier with a minimum documentation process and other loan features.
Bajaj Finance provides loans for doctors up to Rs. 80 lakh. The loan is generally disbursed within 48 hours* on successful verification of documents.
