As a practicing doctor, you have multiple financial needs such as your clinic expansion, children education. To assist you financially, you can avail of a doctor loan that provides you with a high-value funding.
A doctor loan is a term loan available to qualified doctors with MD, MBBS*, BDS, and BAMS degrees for various purposes. Usually, you can get the financing you need for starting or operating a clinic, buying new medical equipment, or operating a nursing home. Moreover, banks and lenders provide loan options for expanding businesses and renovating existing facilities.
These loans can easily be applied online or offline and are usually known within two to three days. Many financial lenders approve your loan within hours if you meet their doctor loan eligibility and submit your documents promptly.
- Eligibility criteria
You must be a residing citizen of India with the required qualification such as MD/MS, MBBS, BDS and BAMS. You must have your medical degree registered with the medical council and have a healthy CIBIL score to avail of a loan.
- A lot of things determine your EMI.
Certain factors can affect how much EMI you pay on a doctor loan. These are important, though not all of them apply to you.
- Loan amount
Your EMI amount will increase in direct proportion to the amount of loan you apply for. In addition to your income and credit score, you must also meet the eligibility requirements.
- Interest rates
A borrower’s EMI is also affected by the interest rate applicable to the particular loan program they apply for. The RBI sets a standard for doctor loan interest rate, but it may change based on your eligibility and loan amount.
- Loan tenor
The repayment period is the time in which you can repay the loan. Lower EMIs are associated with longer loan terms. The tenor of a loan in a bank is normally 12 months at the lowest and 96 months at the maximum.
- Documentation is still required.
If you are applying for a doctor loan, you must provide the following documents:
- passport-sized photos
- the filled application form
- Pan Card
- Address proof
- Medical registration certificate
- The online application process is easier.
- You can find information about the provider of doctor loans by visiting their website.
- Please provide the requested information. There are usually mobile phone numbers, full names, addresses, and loan amounts listed here.
- See how many offers you qualify for based on the quotes.
- Talk with an executive who can give you customised offers and more information to choose the best loan.
- Always assess your credit score before applying.
Before applying for a medical equipment finance loan, you should calculate your doctor loan EMI. You can see in advance the number of instalments that will be due throughout the loan by estimating your loan EMI in advance. It may be possible to reduce your loan amount if the calculated EMI amount exceeds your budget so that you can pay an EMI with a lower monthly payment instead. Alternatively, you might consider planning your expenses based on the instalment you are required to pay each month.