The Doctor Loan - How to Apply and Its Advantages

When we visit a doctor, we expect the best care possible. For our doctor to offer the same, he would need the best instruments, equipment, infrastructure, support staff, etc. at his disposal - all of which requiresa heavy financial investment. While he could take a business loan or personal loan to finance the purchase of equipment or upgrade the infrastructure, there is a better financial instrument available just for doctors. This would be the doctor loan. Financial institutions offer this customised, collateral-free loan to medical practitioners at an attractive rate of interest. The end-use of the loan is not defined so it can be used for both professional and personal purposes.
 
Learn more about a doctor loan, its advantages, and application procedure to avail of the personalised benefits of this financial instrument.
 
Also Read: Grow Your Medical Practice with Doctor Loans

Advantages of a doctor loan

If you’re wondering what are the advantages of loan for doctors, there are several significant benefits that make this financial product ideal for medical professionals.

1. Personalised offering:  As compared to the other types of loans,doctor loans are customised to meet the specific needs and demands of medical professionals.
2. Low interest rates: Physician loans typically come with low and competitive interest rates in the bracket of 14 to 16% per annum. By availing this option, doctors can expand their scale of operation and improve the infrastructure of their medical facilities.
3. Higher loan amounts: The practice of medicine in any nation is a costly affair, and a doctor loan takes this factor into account. When you apply for a doctor loan, one of the first things that your lender looks at is your educational qualification. If you have passed your MBBS successfully, then a standard amount is approved. But, if you have specialised knowledge and have been practicing in the same field for many years, a higher loan amount will be approved for you.
4. Minimal documentation: Practicing medicine is a tough job.Doctors have little to no time on their hands for other work. Keeping this point in mind, you only have to provide minimal documentation for processing and approval of a doctor loan. This way, you can apply for the loan without complications and get it approved in the quickest possible time.
5. Doorstep service: This service is exclusively available for medical professionals.Most lenders provide doorstep service on personal loan for doctors. This means that a representative from the lender will either visit your clinic or your workplace to go over all the formalities, fill out the documentation, collect the required documents and ultimately make sure that you get your loan on time.
6. Quick approvals: When you are planning to expand your operations as a doctor, time is of the highest importance. And thus, loans for doctors have some of the quickest turnaround and disbursal times in the industry. Typically, your loan application will get approved in five business days or less. Once all the documentation has been completed, the amount will be delivered straight to your bank account.

How to apply for a doctor loan?

The application process for a doctor loan is quite simple and straightforward. Following are the most important steps-

1. Choose a lender of your choice.Find out about the eligibility criteria and the necessary documents required.
2. You can either go to the branch and request an appointment to your clinic, or simply visit the website to apply for the loan online.
3. Fill out the application form, upload all the required documents and submit your loan application.

Once you meet the requirements, your application will get approved.
 
Also Read: All You Need To Know About Doctor Loans

Conclusion

 
While most doctors are pressed for time, the process of getting finance for different life goals can be quick and convenient. All theyhave to do is apply for a doctor loan. It is a great option for medical professionals looking to renovate their clinic, invest in new equipment or buy a new home.