What is Doctor’s Loan?
A Doctor’s Loan is a specialized loan designed for medical professionals, including doctors, dentists, and healthcare practitioners. It provides financial assistance for various needs such as setting up a clinic, purchasing medical equipment, expanding practice, or meeting personal expenses.
Features of a Doctor’s Loan
:1.High Loan Amount – Doctors can avail loans up to ₹5 crores, depending on the lender and loan type.2..Unsecured Loan Option – Many lenders offer collateral-free loans, reducing financial burden.3.Flexible Repayment Tenure – Loan repayment tenure ranges from 12 months to 15 years, depending on the loan type.4.Quick Disbursal – Fast loan approval and disbursal within 24 to 72 hours for eligible applicants.5.Attractive Interest Rates – Competitive interest rates starting from 7% to 15% per annum, depending on creditworthiness..6.Multiple Usage Options – Can be used for clinic setup, home purchase, business expansion, medical equipment, or personal needs.7.Minimal Documentation – Less paperwork compared to standard business or personal loans..
- Eligibility Criteria for Doctor’s Loan
- 1.The eligibility criteria vary by lender, but general requirements include:
- 2.Qualification – Must be a qualified MBBS, BDS, MD, MS, or equivalent medical professional.
- Documents Required for Doctor’s Loan. 1.. Identity and Address Proof 2.Aadhaar Card / PAN Card / Passport / Voter ID .3. Utility Bills (Electricity/Water) or Rent Agreement. 4.Educational and Professional Documents 5.MBBS/BDS/MD/MS or equivalent degree certificate. 6. ✔ Registration certificate with the Medical Council of India (MCI) . 7.Income Proof,Bank Statements (Last 6-12 months),8.Income Tax Returns (ITR) (Last 2-3 years),✔ Salary Slips (for salaried doctors). ,Salary Slips (for salaried doctors). 8. Business Proof (for self-employed doctors). 9.Clinic/Business Registration Certificate
- ✔ GST Registration (if applicable). 10.. Profit & Loss Statement and Balance Sheet (Last 2 years).5. Loan-Specific Documents
- ✔ Loan application form
- ✔ Passport-size photographs
- Rate of Interest 2to 6% Tenure 1 to 20 years