For any doctor, starting a private medical practice can be quite challenging financially. Apart from the necessary expertise, you also require sizeable funds to buy medical equipment and run your day-to-day operations. This is where a Doctor Loan can come to your aid.
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A Doctor Loan is a collateral-free financing option available for medical professionals. The loan can be used to expand their medical practice or to meet their personal needs. These quick and easy loans ensure that any lack of finance does not hinder the full potential of your practice.
However, before applying for the loan, it’s important to understand all critical aspects of the Doctor Loan.
Types of Loans for Doctors
1. Business Loans
Business Loans are collateral-free loans that medical practitioners can avail of to finance business-related expenses. The loan can be used for several purposes, such as improving infrastructure, buying medical equipment, adopting digital solutions, expanding the clinic, hiring staff, etc. timebusinesnews
2. Personal Loans
This is another collateral-free loan to help doctors meet their personal needs. There is no restriction to the end use of this loan, and the flexible tenure allows for comfortable repayment.
3. Home Loans
This secured loan helps doctors finance their new homes. It is available at nominal interest rates and for an extended period, making home buying comfortable for doctors.
4. Loan Against Property
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As the name suggests, doctors can avail of a Loan Against Property by mortgaging their residential or commercial property. You can avail of loans ranging from ₹50 Lakh to ₹50 Crore under this category.
Features and Benefits of Doctor Loans
Doctor Loans come along with many benefits and some of the most significant advantages are:
– Attractive Interest Rates
Professional Loans for Doctors have some of the most affordable interest rates in the market. The rate starts at just 10.99% per annum and assist medical professionals in expanding their operations without worrying about exceeding budgets. mybrandplatform
– No Hidden Fees or Charges
Many loans have additional charges that show up only when signing the sanctioning letter or transferring the balance later. Rest assured, a Doctor Loan is devoid of any such hidden costs.
– Personalised Offerings
Professional Loans for Doctors are tailored to cater to the individual needs of doctors. Medical professionals can utilise this opportunity to drive their personal and professional growth.
– Value Added Services
All medical professionals, whether salaried or self-employed, can find a suitable Doctor Loan for themselves. The loans are easy to apply for and have less processing time with high approval rates.
In addition to this, keeping in mind the busy schedule of doctors, many leading banks and NBFCs offer instant loans online with minimal documentation requirements.
– Pre-payment or Part Payment Facility
You can divert your windfall gains towards early repayment of the Doctor Loan and save interest. There is no additional cost involved in this procedure.
Eligibility Criteria to Avail of Doctors Loan
You can obtain a Doctor Loan from Poonawalla Fincorp by fulfilling the simple eligibility criteria as mentioned below:
- You must be an Indian citizen
- You must be at least 22 and not more than 62 years of age
- You must have at least one year of clinical experience
- You must have at least ₹3 Lakh in receipts
Documents Required for Doctors Loan
Here’s a checklist of the documents required to obtain a Doctor Loan with Poonawalla Fincorp. The document requirements are minimal to ensure you have access to instant funds in times of emergency:
- Proof of Identity (PAN card)
- Proof of Address (Aadhar card)
- Financial documents (Bank statements, IT returns)
- Evidence of professional qualification (Medical registration certificate)
- Proof of medical experience
How to Apply for a Doctors Loan at Poonawalla Fincorp?
Poonawalla Fincorp has made access to finance for doctors easy and hassle-free. You can conveniently apply for an instant loan online from the comfort of your home by following the few easy steps mentioned below:
- Visit the Poonawalla Fincorp website
- Check the eligibility criteria
- Fill up the loan application form
- Upload the necessary documents
- Get the loan amount credited to your account post verification
If you’re uncomfortable applying online, you can visit the nearest Poonawalla Fincorp branch. A representative will help you complete the loan application procedure.
A Doctors Loan is an excellent source of finance for medical professionals. However, remember that not all Doctor Loans are the same. So, make sure you compare the offers and conditions of different loans and pick the best one that suit your financial requirements.