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03 Dec
  • Editorial Team


Dr S.K Sharma, a renowned heart surgeon in Indore, plans to expand his 50-bed specialty heart hospital. With a thriving medical practice, he now wants to extend his services to a larger number of patients but is struggling to find the necessary funding to implement his capital intensive plan.

Currently at the peak of his career, Dr Sharma wants to capitalize on his goodwill and reputation to set up a highly specialized cardiothoracic wing in his hospital. A delay in this expansion project due to a lack of funds will mean missing the opportunity and reduced competitive advantage in the future. 

The problem is not unique to Dr Sharma but is a common problem faced by almost all the doctors in our country. Lack of finance is proving to be the biggest hindrance in the advancement of medical science. This is where the option of doctor loan comes in. 

A type of unsecured business loan, the doctor loan is only meant for doctors and medical professionals. Specially designed to meet the needs of doctors, it helps to meet their financial requirement for professional and personal purposes. Here are some situations where you can avail a doctor loan :

Uses of Doctor Loan

There are multiple uses of a doctor loan and it can be availed to fulfil not just your professional requirements but also your personal needs. Here are a few instances when you can take a doctor loan:

Start a New Practice

Starting a new practice is not an easy task and is akin to starting a new company. It requires careful planning and decision-making to set up a private clinic with the best facilities. Given the soaring real-estate prices, it can be very expensive to buy or rent even a small space. This is before we take into account the enormous cost of medical equipment and other furnishings you will need. A doctor loan can help you meet all the expenses related to setting up a clinic without excessive strain on your finances. 

Fund Expansion

If you are running a healthcare facility or a nursing home, you may be interested in expanding the scale of its operations. This will require a large workspace, new medical equipment, hiring staff and other fixtures and fittings necessary to support the needs of the increasing number of patients, all of which requires a huge investment.

Under doctor loan, you can avail this amount under favourable terms, which will let you fund the expansion in a convenient way.

Hiring More Staff/Getting Larger Premises

With an ever increasing population in India, it can get extremely challenging for hospitals and medical centres to cater to the demands of patients. To run the day-to-day operations smoothly and accommodate the needs of your patients, you may need to hire more staff and even get larger premises.

Using a doctor loan, you can bear the expenses including salaries, training sessions and purchasing more medical devices. This will help you to extend services in an orderly fashion without compromising on the quality of care you provide.

Get Working Capital

Funding the day-to-day operations of a medical facility can be expensive initially since you need to hire doctors, trained medical supervisors and other staff to run the operations smoothly 24*7. A shortfall in funds can lead you to function with fewer resources or compromise on the number of services you can provide.

Using a doctor loan to fund the working capital requirements saves you from such situations and enables you to continue providing quality healthcare services.

Purchase Equipment

The spectacular advances in medicine have greatly benefited society by cutting down on health risks. New technology and equipment are helping doctors practice preventive medicine at a greater scale and reducing the suffering of patients. However, the cost of adopting innovative technology and other practices can be prohibitive. Sometimes, it is beyond the capacity of a doctor to purchase new machines and other equipment with the already high costs of running a practice. 

Distancing yourself from such benefits may hamper your ability to provide world-class healthcare services. But do not worry, you can purchase such equipment by using medical equipment financing option that provides capital tailored to your needs.

Consolidate Debt

The doctor loan is not only limited to meeting business requirements but can also be used for meeting personal needs. You can take a new doctor loan to pay off your existing debts and consolidate all your debt under the doctor loan. This loan product will help you pay off your debts on favourable terms such as flexible tenure and competitive interest rates.


In today’s day and age, no business survives without marketing, which is essential for the creation of brand identity. Without effective marketing, you will not be able to target the right audience or communicate effectively with your customers. 

For reaching the customers, you need various platforms like newspapers, radio channels, TV advertisements, billboards and many other digital media. Marketing is costly, but it helps your business reach its true potential and translates into higher returns. 

Allocation of funds for marketing is extremely important for business continuity in this hyper-competitive market. If your budget does not allow you to spend a sizeable amount on marketing and advertising, you should opt for a doctor loan to cover these costs.

Features of Doctor Loan

There are numerous benefits associated with doctor loan as compared to other loan products available in the market. Here are some of the advantages of taking this loan:

Competitive Interest Rates

The Doctor Loan is the most affordable source of finance available to doctors. Compared to any other unsecured loan class in India, the interest rate on doctor loans are the lowest.

For example, the interest rate on doctor loan ranges from 10.85% to 13%. Whereas, the interest rate on the personal loan ranges from 10.5% to 17%, depending on the creditworthiness of the borrower.

Quick Processing Time

The processing time of doctor loans is the quickest among all forms of loans. Usually, it only takes 1-2 working days for loan approval, provided you submit all the required documents and fulfil the eligibility criteria. 

Minimal Documentation

Compared to other classes of loan (both secured and unsecured), Doctor Loan requires minimum documentation for its approval. For instance, a doctor loan from Hero FinCorp requires only four types of documents, which are as follows:

  • Self-attested KYC documents

  • MCI registration certificate

  • Latest ITR

  • Bank statement of the last 12 months

Flexible Loan Tenure

The doctor loan has a flexible loan repayment tenure, which can range anywhere from 12 months to 60 months, depending on the lender. Based on your finances, you can plan your monthly repayments accordingly.

Ready Line of Credit

A doctor loan also acts as a ready line of credit. Compared to a normal loan, a line of credit offers you continued access to funds and that you can repay over a certain period. This will help you meet the constant requirement of funds for regular operations, and also take away the worry to look for new sources of finance.

How to Apply for a Doctor’s Loan

Being an easy and hassle-free source of finance, a doctor loan is a boon for medical professionals. However, to make sure you get the maximum benefits from this loan facility, you should make sure that you have taken into consideration the following suggestions.

  1. Thoroughly research and review the lenders

Before finalising the lender, conduct a thorough research and review of lenders. Comparing the terms and conditions, interest rates offered, repayment tenor, and customer support service will help you find the right lender.

This ensures you get favourable terms on the loan and your monthly outflow towards the repayment of loan stays minimum.

  1. Make sure you meet the eligibility criteria of your chosen lender

Once you have selected the lender, make sure you fulfil all the eligibility criteria required to get the loan. However, doctor loans have higher approval rates as they are offered on the basis of educational qualifications and experience. Yet, it is better to enquire about any additional requirements your lender may have and whether or not you meet them.

Meeting all eligibility criteria helps in quick approval and disbursal of the loan amount. Falling short of any requirement can result in rejection or getting a loan of lesser value.

  1. Compile all the required documents

Compile all the required documents necessary for hassle-free loan approval. Your loan application will be considered as valid and considered for approval only after the successful verification of all your documents.

Without proper loan documents, the lender will not be able to establish your identity, financial position and intent for taking the loan. This will be red-flagged as a risky transaction, and your loan application may be rejected.  

  1. Choose the mode of submitting the application form (online or offline)

Nowadays, almost all financial institutions offer the choice of online and offline application. Applying for a doctor loan online is much more convenient, as you need to fill the application form and upload the required documents. The approval of the loan will be intimated either through phone or email. The whole process is paperless and saves time and money on travelling and waiting in lines.

If you are not comfortable with the online process and prefer a personal interaction, then you have the option to apply offline.

  1. Submit your application along with the documents

The last step before you submit your application is to go through the application form once to ensure that all your documents are error free. If everything looks perfect, submit the application form with all the required documents. Post submission of your application, all you need to do is wait for the verification process, approval and disbursal of the loan amount to your bank account.

How to apply for a doctor loan at Hero FinCorp?

Hero FinCorp follows an online-based application process, where you can submit a preliminary enquiry on the Hero FinCorp website. You will be required to provide your basic contact details. Following successful submission, a representative from the company will get in touch with you to assist in the completion of the rest of the process.

Click on "Apply Now" present in the menu bar and fill-up the required fields. In the "Select Product" field, choose "medical equipment financing" or "Doctor Loan" as per your requirement.




The eligibility criteria for a doctor loan from Hero FinCorp is simple and easy to meet. The applicant must meet the following requirements to get a doctor loan.

  • Salaried or self-employed

  • Have a minimum of 3 years of experience as a doctor

  • Post-graduation with satisfactory credit score and financial history


With Hero FinCorp, a borrower has to submit four types of documents for a doctor loan. Below is the list:

  • Self-attested KYC documents

  • Medical Council of India registration certificate

  • Latest income tax return

  • Last 12-month bank statement


The advantages of a doctor loan are not limited to the doctor, but extend to the society at large that receives the benefits. From helping doctors grow their practice by providing necessary funds, it also helps other people receive quality healthcare services.

Healthcare being capital intensive in nature, such a mode of finance plays a key role in the availability of medical services in the country. 

Therefore, never let your dream of providing world-class healthcare services take a back seat due to a lack of finances. Avail the facility of a doctor loan and contribute towards building superior medical infrastructure in our country. 

Did You Know


The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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