For doctors who aspire to open their own clinic or medical facility, taking a personal loan is a great way to make that dream a reality. Doctor loans are available for any professional doctor to not only set up their clinic, but also finance the other associated costs of running a medical practice such as purchasing new clinical equipment, renovations, expanding their practice, etc. There are two main types of loan for doctors, which we’ll explain below.
Loan for DoctorSnneha Lukka september 5, 2019
Secured Loan for Doctors
This type of loan is essentially a mortgage loan for which both salaried and self-employed doctors can avail against the mortgage of their property. Lenders provide this loan against the mortgage of a residential or commercial property. Medical equipment such as X-Ray machines, MRI machines, sonography machines, and CT scanners can be purchased.
Unsecured Doctor Loan
This type of loan is provided without the need of pledging collateral as security against the borrowed amount. Unsecured doctor loans can be taken on a short tenure for 6 months to 3 years. They can be availed for property or purchasing necessary equipment.
Doctor Loan Benefits
● Low approval time ● Fast disbursal ● Minimal documentation ● Low interest rates ● Multiple use purposes ● Flexible payment tenures ● No guarantor required
Eligibility for Doctor Loan
Whether you are a salaried doctor or are self employed (having a sole proprietorship firm, partnership firm, private limited or public limited company), you will need to meet the eligibility criteria for doctor loan. Firstly, you need to have either of the following degrees: ● MMBBS for graduate doctors ● BDS/MDS for Dentists ● MD/DM/MS for specialist doctors ● BHMS/BAMS for Homeopathic and Ayurvedic Doctors In addition to this, you must meet the other criteria including: ● At least 3-5 years of occupancy and operation at your current office or residence ● Ages 25 to 65 ● Must be a resident of India ● Must have a minimum income of Rs 1 lakh
Documents Required for Doctor Loan
● Signed loan application form ● Passport size photo ● Identity proof (PAN card) ● Address proof ● Educational qualification details ● Last 6 months’ salary slips (for salaried doctors) ● Last 6 months’ bank statements ● Last two years Form 16 ● Collateral security and guarantor depending on the loan amount (for secured doctor loan)
4. Loan Guarantor:
Individuals who are seeking loan for housewife can also add a guarantor to their application. If you do have a stable income or can pay off the loan without any financial assistance, you can also consider adding a loan guarantor to your application. A loan guarantor is an individual who agrees to take on the responsibility of repaying the loan in case the primary applicant defaults on the same. By adding a loan guarantor with a high credit score and outstanding credit history, you stand a greater chance in getting your loan without much hassle.