India’s healthcare wellness market is one of the largest sectors, based on revenue and employment, and the industry is flourishing rapidly. According to a recent report, the nation’s healthcare sector’s valuation was estimated at over $140 billion and is predicted to reach up to $372 billion by 2022.
Doctors need to keep the pace with the growing demands and technological advancement of the medical field to sustain and thrive. Thus, to help doctors meet their financial requirements for business expansion, upgrading medical equipment, renovation of their clinic, etc, a professional loan for doctors has been curated. This financing option can be personalized as per the requirements of the borrowers.
Top 7 features of a professional loan
Before availing of a business loan, individuals must know its features and the associated benefits for an informed decision.
- High loan value – Top financial institutions provide professional loan for doctors up to Rs.35 lakh for several requirements such as, renovation or expansion of clinic, establishing private practice space, staff hiring, and more. Doctors can also upgrade their medical equipment with the loan amount offered to them.
- No collateral required – Providing collateral to avail of a loan is a hectic process. Doctors do not need to collateralise any asset for a loan for their professional or personal needs from specific financial institutions. A collateral-free loan minimizes the hassle of the application process significantly.
- Flexible tenor – Certain lenders feature a flexible tenor of 12 – 96 months to repay a professional loan for doctors. Individuals can choose any period as per their suitability. Ones opting for a longer tenor will have the privilege of paying low EMIs, but the interest outgo will be higher. Whereas choosing a shorter term will help the borrower reduce interest payment, but would lead to higher EMIs. Prospective borrowers must exercise due consideration before selecting the repayment tenor.
- Quick approval – Individuals can apply for a business loan in just a few clicks once they fulfill the eligibility criteria. Financial institutions like Bajaj Finserv provide instant disbursal of a loan for doctors within 24 hours of approval.
- No fee on part prepayment – Doctors can part prepay their loans during the tenor to reduce their repayment burden and effectively manage their finances. Part prepayments of a professional loan for doctors do not require any additional fee.
- Simple application process – Top lenders feature a flexible online procedure to avail of a professional loan. A prospective borrower needs to fill out the application form. After that, borrowers will receive a confirmation call about the approved loan amount. Lastly, individuals are required to submit their essential documents to complete the procedure.
- Zero hidden charges – Reputed lenders maintain transparency regarding additional costs. This way, applicants can plan their finances efficiently without worrying about extra fee bearing down their liquidity at a later stage.
A professional loan for doctors is a convenient financing option for plenty of reasons, as mentioned above. Borrowers can utilise the loan for various purposes since there is no constraint on its usage.
Nevertheless, to be privy to these benefits, individuals need to meet specific parameters set by financiers. Besides qualification and experience, individuals need to possess a healthy credit score to be eligible for this loan. Being highly eligible also helps individuals secure a loan at moderate interest rates. Thus, doctors can increase their CIBIL score to enjoy better benefits.
Eligibility criteria for a professional loan for doctors
Prospective borrowers must meet the following criteria of degree and experience to be eligible for a professional loan –
- Super-specialist I and II, Specialised Diploma, Post Graduate I and II, and other PG Diploma – His/her MBBS degree ought to be registered with the medical council.
- BHMS/BAMS – Minimum 2 years of experience post registration with the medical council.
- BDS/MDS – A minimum of 5 years of experience from the date of registration with the medical council.
- MBBS – After registration with the medical council.
Along with meeting the eligibility parameters, availing of a professional loan requires documents like OVDs for KYC, a medical registration certificate, and income proof.
For expediting and simplifying the borrowing procedure, a reputed financial institution Bajaj Finserv provides exclusive pre-approved offers. These offers are available on several financial products like a personal loan and business loan. Individuals can check their pre-approved offers by entering their name and contact information.
A professional loan for doctors is ideal to scale and expand one’s practice. It lets the borrower mitigate the strain on their savings while ensuring they can adequately capitalise on growth opportunities. The healthcare industry of India is projected to reach $372 billion by 2022. Therefore, it presents a significant business opportunity in front of medical professionals. Moreover, to help them in this process, financial institutions have curated professional loan for doctors. You Should also check the eligibility criteria before applying for an advance.