Being a medical practitioner is a noble profession especially in a populated country like India with an enormous need for healthcare facilities. While working tirelessly in grueling schedules, doctors give a lot to the society. Most of them need capital to meet personal and professional goals like opening a new clinic, buying a house or taking a long vacation. Financial institutions understand their financial needs and thus, offer customized loans for doctors. These tailor-made loans called Doctor Loans are usually collateral-free and the funding comes quite sooner in a hassle-free manner. These loans can be categorized differently according to the specific purpose they serve. Let us learn more about it.
Different types of loans
This type of loan helps doctors to start their own clinic, or expand or renovate the existing ones. To provide the best healthcare services to the patients and improve the accuracy of diagnosis, doctors need state-of-the-art machinery that can cost a lot of money. Doctors can use the business loan to buy medical equipment. Though the loan amount and interest rates depend on the credit history and experience of the doctor, lenders offer up to INR 30 lakhs with the repayment tenure anywhere between 12 and 96 months.
Doctors can use this loan for any purpose like meeting wedding or vacation expenses or funding higher education or for debt consolidation. Medical practitioners can get up to INR 30 lakh for any personal need with a repayment tenure
Owning a home is a dream that people share across professions and doctors are no different. A home loan for doctors can get them up to INR 2 crores with the repayment tenure up to 360 months.
If the doctor owns a residential or commercial property, he/she can use it as collateral and get up to 60-70 percent of the property’s market value as the loan amount. Since it’s a secured loan, the rate of interest is quite low.
Why opt for a customized doctor loan?
Doctor loan can be used for any personal and professional need. The loan amount can be invested in business-related matters like hiring staff or for a personal reason like enrolling in a short-term course overseas.
Higher loan amounts and better terms:
Many lenders are happy to have medical practitioners as their customers. To lure them, the upper limit of doctor loan has been kept higher than conventional loans. So, if you need a high loan amount, you should opt for doctor loan. In case of a home loan or medical equipment loan, the property and the machinery are considered as collateral making them a type of secured loan and thus, allowing the lenders to loosen the purse strings. Lenders are even willing to negotiate the terms and offer some exciting discounts on processing and prepayment fees.
They also offer multiple repayment options according to the borrower’s convenience and loan type.
Doctors lead a busy life and for them, it is impractical to spend their valuable time in lengthy documentation and verification process. That is why doctor loans are not just custom-made for each applicant; they require fewer documents to approve the loan request.
Quick approvals and disbursals:
Financial institutions offer these loans to individuals and institutions in a hassle-free manner at a brisk pace. If you have the right credentials, getting the loan sanctioned will be a matter of a few hours. The entire process has now shifted to online and things move quite quickly without any need of following up.
Being a doctor is a special job and thus, it is only fair that lenders offer them customized loans. To meet their professional or personal financial requirements, medical practitioners should opt for doctor loans that would get them better terms compared to conventional loans. Though the eligibility criteria may differ from lender to lender, if you are an MBBS, BDS, Homeopathy, or Ayurvedic expert certified by a recognized medical institution, with some years of experience in the field, you can get a doctor loan easily. So, keep your documents ready and apply for a customized doctor loan.