Professional loan for doctors to help them grow their medical practice

Professional loan for doctors to help them grow their medical practice

A well-advanced medical practice is indeed the most efficient. Better equipment and implementation of advanced technology in your practice can help you stay ahead in the industry and contribute more towards the society. While you look after the well-being of the society, there are many lenders (especially NBFCs) that will look after the financial well-being of your practice. Therefore, many lenders offer a professional loan for doctors. This professional loan is uniquely tailored to meet the requirements of a doctor’s practice.

A doctor loan can be used for many activities, such as:

• Upgrading your existing workspace
• Opening of new clinic/lab
• Infusing a fresh working capital
• Manage delayed payment from your client/customer
• Takeover your high-cost loan and reduce your interest cost
• Integrating new technology/equipment
• Hiring new resources

Before you apply for a doctor loan, here are some factors to keep in mind:

1. Weigh your loan options and choose the professional loan that best suits your needs.

1. Maintain a good credit score because your ability to manage your debt is directly related to your repayment ability.
2. Keep your records up-to-date because as part of your application procedure, you will be asked for various documents—including bank statements, tax returns, a list of business assets, and other related information.
3. Research and ask for advice. You can always get in touch with experts for the best guidance. They can tell you the precise measures to take to get the doctor's loan.

With an NBFC, you can apply for a doctor loan up to Rs. 30 Lakhs and repay it within a tenure of 60 months. Moreover, they offer doctor loans without any collateral/security at an affordable rate of interest. They don’t charge you any penalty for prepayment of the loan and the process to apply for the loan is very easy, with quick results! In other words, you can get loan approval in just 2 working days with minimal documentation and less hassle.

Professional loan for doctors: eligibility criteria

1. Age required to apply:

The age of the key person should be between 22 to 65 years.

2. Stability:

Minimum the professional practice of 2 years is required in order to apply for the loan.

3. Income criteria:

Annual gross receipts of minimum? 6 Lakhs is required. The documents mentioned below will act as a proof in order to disclose the same.

This criteria does differ from lender to lender. But the common requirements might not be that different.

Professional loan for doctors: documentation required

1.KYC Documents:

• KYC Documents of Hospital / Clinic:

PAN Card, Address Proof and Other Applicable Registrations

• KYC Documents of Partner / Director:

PAN Card, Aadhaar Card, Electricity Bill / Rent Agreement / Index II

2.Income Documents:

• Latest 2 years Financials: IT Returns, Computation Sheet & Balance-Sheet
• Form 26 AS for the last 2 years

3.Bank Account Statement:

• Operative Bank Account Statement for the last 6 months.

I am 32 years old married person who is a loan guider.