What Is a Doctor Loan and How Can It Help Doctors?

According to The Economic Times, 80% of Indian doctors are located in urban areas. Living in areas with good infrastructure and access to modern amenities is definitely a good move, but it also comes with certain unique expenses—like the need to own a car, or equipping your clinic with advanced healthcare equipment to stay one step ahead of the competition. And therein lies the requirement for customized doctor loans.

Bajaj Finserv’s Loans for Doctors are tailor-made for medical professionals who need finances for official and personal needs. The eligibility criteria for doctor loans is simple, and the approval process and loan disbursal is quick to address urgent needs. With an easy online application, you can get funds up to Rs.2 crore to buy a home or clinic, educate your children, plan a trip to attend a medical seminar overseas or get working capital finance for your practice.

Doctor loans offer you a suite of four loans. They are:

  • Personal loan: Are you seeking to purchase a vehicle for your family, or finance the wedding of your son or daughter? Take a personal loan that offers you funds up to Rs.30 lakh. This loan comes with a repayment tenor from 12 to 96 months to make it easy for you to pay your EMIs.
  • Home loan: This loan is designed to enable doctors to purchase a home. With funds up to Rs.2 crore, you can buy the home of your choice and repay your loan in a tenor up to 240 months. It features an additional range of facilities like a property dossier and property search services. These services make searching for a home and understanding the legalities of buying a home easier for you.
  • Business loan: Do you need finance to pay for the everyday operational expenses at your medical practice? Or do you need to buy the latest equipment for your clinic? Whatever your professional needs, a business loan can be a great solution. It gives financing up to Rs.30 lakh and is collateral-free. This loan also features a line of credit facility that lets you withdraw money multiple times from a credit line and up to a chosen tenor. You only have to pay interest over the amount that you utilise, thus catering to unpredictable needs for finance.
  • Loan against property: This is a secured loan option that allows you to buy a second home, a commercial property, do a home loan balance transfer or purchase large assets. With funds up to Rs.2 crore to be repaid up to a maximum tenor of 180 months, it also gives you customised insurance scheme and property search services.

These four loans offers doctors the right financing at nominal interests. Here are some of their advantages.

Why should doctors opt for customised Loans for Doctors?

  1. These loans are available at affordable interest rates and thus, do not cause stress at the time of repayment.
  2. The easy online application procedure makes it convenient for you to apply  from the convenience of your home or clinic, rather than travel long distances to the branch.
  3. The eligibility of Doctor Loan is very simple that you can meet with ease, and require minimal documentation to make things simpler and faster for you.
  4. The line of credit facility on personal and business loans and loans against property enable you to find inexpensive financing for unpredictable needs.
  5. All these loans offer 24/7 online access to the loan account. This way you can view your interest certificate, repayment schedule and other key information without needing to visit your lender’s branch.
  6. With speedy disbursal of the loan amount in 72 hours after you submit the required documents, these loans take care of your emergency needs with ease.
  7. The unsecured doctor loans (personal and business loans) do not require you to submit collateral in any form, so you don’t have to risk valuable assets.
  8. The part prepayment facility enables you to part-prepay an amount equivalent to the first three EMIs on any of the loans to reduce the principal amount and thus lower your EMIs.
  9. These loans do not come with any additional charges like interest and principal statement or loan statement charges.
  10. These loans do not have any hidden fees. All the charges and fees are mentioned clearly so you know exactly what you need to pay.
  11. Keeping your busy schedule in mind, these loans offer value-added services like customised insurance schemes, property search and property dossier services.
  12. All these loans offer door-step pickup of your documents to further reduce wastage of time.

With all these benefits opting for Loans for Doctors is the right move.

Categories: Business