If you are a professional in the healthcare sector, then you might know that setting up your practice or expanding the current one is a costly affair. Medical equipment is expensive if you wish to offer state-of-the-art treatment to all your patients.
Moreover, nowadays, once a potential borrower checks the doctor loan eligibility, availing this type of loan is a matter of just a few minutes. Just download the right app, and the amount will be credited to your account while sitting in your comfort zone.
What is a doctor loan?
As the name implies, it is a loan type specifically designed for medical professionals, such as dentists, doctors, and other healthcare professionals. These loans provide financial assistance to medical professionals willing to meet their professional and personal needs. These may include expanding their current medical practice, purchasing expensive medical equipment, meeting expenses for further education and more.
These loans typically have lower interest rates compared to other personal loans, as they are considered a low-risk category. However, the amount of the loan, rate of interest, and other loan terms and conditions may vary depending on the lender and the borrower’s profile.
What is doctor loan eligibility?
It is pertinent to note that not all doctors or healthcare professionals are eligible for this loan, and it is important to understand the eligibility criteria before applying.
The potential borrower must be a practising doctor or a healthcare professional, such as a dentist or any other type, with a minimum experience of 3 years. Further, the borrower must have completed their qualification from a recognized institution.
Age must be between 21 to 65 years of age at the time of applying for the loan. However, it is well known that some lenders have different age criteria, so it is essential to check this factor first.
The borrower must have a stable income source. This is because the lenders may require them to provide income proof, such as income tax returns or salary slips.
Lenders will check the borrower’s credit score and credit history to assess their creditworthiness. If the potential borrower has a good credit score, the chances of loan approval increase, and sometimes, it also results in lower interest rates.
Amount of loan
It varies depending on the lender and the profile of the borrower. Therefore, the borrower must check beforehand with the lender for the maximum amount of loan that they are eligible for.
What are its benefits?
Low Rate of Interest
These types of loans usually come with lower interest rates than other types of personal loans. The lenders offer these loans to healthcare professionals at lower rates as they are considered low-risk borrowers.
The overall loan disbursal process for doctor loans is quick and hassle-free. In addition, it is much faster than other types of loans.
Higher amount of loan
A higher loan amount is offered here when compared to other types of personal loans. Based on their credit score and income, professionals can get up to Rs 2 crore.
A doctor loan is an unsecured loan. This basically means that the borrower does not need to provide any collateral or security to avail it.
How to avail this loan?
Nowadays, availing this type of loan, home loan, or even gold loan is as easy as ordering food from your smartphone. With just a few taps on the right application, you are more than good to go.
Around three months ago, when I was planning to expand my practice, I was short of funds. This was when one of my colleagues told me about the Bajaj Finserv app that offers this loan within a few hours instantly.
I’m not promoting this application here but just sharing my personal experience. But trust me, it is one of the best and easiest applications to use. The user interface is quite simple and can easily be used by any age group.