Doctors Loan
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Doctors Loan
Any doctor who wants to set up an independent medical practice will need to raise funds, just like any other commercial enterprise. This is necessary to cover the costs of running a clinic. As technology advances and new treatments become available, clinics need to regularly upgrade their facilities and expand their staff in order to provide the best care for their patients.
Financial institutions recognize the unique needs of medical professionals and have designed a doctors loan to address them. A Doctors loan is a type of loan that is specifically designed to help those in the medical profession. It can be used for a variety of purposes, such as financing your education, buying a home, or starting a business. This loan is typically offered at a lower interest rate than other types of loans, making it an attractive option for those in the medical field. Whether you are working with a traditional bank or a new-age NBFC, you can find a professional loan for doctors that meets your specific needs.
Unique Points & Features
Part-Prepayment Facility
With Loanz360 lenders offering several deals for their doctor customers, you can always part-prepay or even foreclose your loan without any added charges to save on interest!
Minimal Documentation & Quick Approvals!
The process of securing a professional loan for doctors is made simple and streamlined by many financial institutions offering pre-approved loans. This is based on providing some key documentation, such as proof of income and credit score, as well as completing a basic KYC process. This makes it easier and quicker to get the funding you need without delay.
Zero Collateral
A collateral-free doctors loan is a great option for medical professionals who need quick financing. These loans can be used for a variety of purposes, such as expanding your practice or upgrading your equipment. And because they are unsecured, they come with competitive interest rates and can be repaid over a shorter period of time.
Flexible Funding and Repayment TenorsÂ
The luxurious repayment options allow the customers to choose a loan sum of up to 35 lakhs with lower interest rates and a tenure of 1 year to 5 years. Additionally, some lenders even offer their customers an extended tenure, spanning over a period of 96 months, making it the perfect choice for you.
No End-use Restrictions (or) Required CollateralÂ
A professional loan for doctors is the perfect solution for meeting your financial goals without any stress. There are no end-use restrictions and no collateral is required.Â
Overdraft Facility
Don’t worry if your EMI is getting heavy for your pocket during the initial years of taking the loan! Instead, switch to the overdraft feature. Here, you are required to pay only the interest rate on the funds availed for 2 years. After this duration, you can start repaying the complete EMI for 5 years.
Zero Preclosure and Processing Fee
Yes! with Loanz360, now we have made professional loans for doctors easier. You can now make partial prepayments on your doctors loan and foreclose it if you wish. All you need to do is make sure that your partial prepayment is equal to 3 EMIs for most banks. (However, the requirements and demands may vary from bank to bank. Check with the lender for more information.)
Types
Categories
Personal Loan: The end usage for a personal loan can be used for any of the facilities such as home renovation, marriage, vacation, etc with lenders offering loans of a sum amount up to 35 lakhs against a repayment period of 1 to 5 years, extended as required and discussed by both the parties involved in the exchange. The process for a personal loan is minimal and only requires basic documentation, thus supporting quick disbursals.
Business Loan: Business loans unlike personal loans can be used for the working capital needs of the doctors purchasing/renovating/upgrading inventory or software in their clinic. The conditions applied on the loan however are similar to personal loans with flexible repayment tenures and minimal documentation.
Sub Categories
Flexi Loan: Flexi loans can be obtained by doctors when they do not know how much cash they would need to meet their end goals. These loans allow the customers to pay interest for the amount used than borrowed.
Term Loan: Term loans unlike Flexi loans are granted as an entire amount on the loan approved by the lender, requiring their customers to pay their interest on the amount borrowed in full in monthly installments over a set period of time.
- Secured Loan: Secured loans require collateral or security against the loan amount acquired by the applicants.
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- Unsecured Loan: Unsecured loans are collateral-free and do not demand any sort of security or property to be registered with the lender against the loan sanctioned.
Eligibility Criteria
Age: 21 – 65 years
Nationality: Resident Of India
Type of Employment: Salaried/Self-Employed (With an appropriate professional qualification degree and post-qualification experience as required)
Income: Minimum ~ Rs. 15,000/- and above (Depending on the type of loan)
Credit/CIBIL Score: Any profile(Credit score ~ 700 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability: 1 – 3 years and above (With a stable income and continual flow of money)
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Documentation
Self-employed/Business Owners will need to provide identity, address, and income proof documents with the latest bank statements from the current account.
Salaried individuals on the other hand may be expected to provide their employment proof, latest bank statements of salary account, identity proof, address proof, and salary slips, each varying from lender to lender.
Mandatory documents: Medical Registration Certificate/KYC
Note: The list of documents mentioned above may be generic and vary from lender to lender. Please reach out to us at Loanz360 to obtain the list of definitive documents needed at the time of your loan application.
Charges & Interest Rate
CURRENT DOCTORS LOAN INTEREST RATES STARTÂ @7.30% P.A ONWARDS.
If you’re looking for a personalized doctors loan, we’ve got you covered.
Compare interest rates and check more deals offered on doctors loans by our financial partners at Loanz360 in 2022.
Bank Name | Interest Rate (P.A) |
HDFC | 12.99% onwards |
Bajaj Finserv | 14.00% |
ICICI Bank | 12.50% |
Bank Of Maharastra | 7.30% |
Allahabad Bank | 14.70% |
Canara Bank | 10.40% |
Capital First | 12.50% |
IDFC First Bank | 10.49% |
Punjab & Sind Bank | 8.00% |
Bank Of India | 9.70% |
PNBÂ | 8.95% |
IndusInd Bank | 12.50% |
SBI | 9.00% |
Fullerton India | 11.99% |
Corporation Bank | 12.85% |
Tamilnad Mercantile Bank | 10.15% |
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 for a personalized chart on interest rates and charges on any financial partners.
FAQ
How much loan can doctors get without collateral?
50 lakhs. Bajaj Finserv is offering doctors up to 50 lakhs without pledging any security or collateral on the loan within just a few easy steps. Contact Loanz360 to know more.
Are medical loans and doctors loans the same?
No. A medical emergency or medical loan is a type of personal loan that can be availed by anyone in need of a loan for funding their medical needs (surgery/medical bills/etc.). A doctors loan is a loan availed only by doctors with a certificate of medical practice for any of their clinical or obligatory purposes.
Do doctors get home loan?
The Home Loan for Doctors scheme is a program that offers health professionals a housing loan at an affordable interest rate, along with other benefits.
What doctors can get this loan?
Super specialists (MD/MS/DM/MCh), Graduates (MBBS), Dentists (MDS/BDS), and Physiotherapist, Veterinary, Homeopathic & Ayurvedic (BAMS/BHMS) registered under the medical council can avail of the loan.
Is CIBIL score necessary to avail of doctors loan?
Yes. However, at Loanz360 we have options for individuals with any profile. The loan amount or other parameters may vary with respect to the CIBIL score but the loan will not be rejected altogether. Contact our representative to explore options and get unbiased advice on your current repayment capabilities.
How is a doctors loan different from a personal or business loan?
Doctors loan is primarily only designed for consultants or practicing professionals to address their clinical or business needs. Therefore, the loan has several offers and deals only customized for this particular situation. The interest rates on the loan are preferential depending on the profile and the loan sanctioned is higher.
Is doctors loan only for clinical purposes?
Mostly used for clinical purposes, doctor loans can also be used to consolidate high-interest debts, fund personal expenses, undertake professional courses, etc.
What are the charges on a doctors loan?
The fee and charges on doctor loans vary from bank to bank. Get in touch with a Loanz360 representative to discuss your options and get offers on the loan with zero foreclosure, zero processing, zero disbursement charges, and flexible repayment tenure with no guarantors or security required.
Why apply for a loan with Loanz360 financial partners?
The process of applying for a professional loan online at Loanz360 is easy and convenient. The whole loan process takes less than 10 minutes. Moreover, one of the major advantages is that the interest rates are lower than in-store loans. And you don’t have to worry about going to a bank branch or waiting in line, because all you need is your computer and internet access. You will also get a relationship manager assigned to you to help you throughout the process of the loan without having to worry about missing documents or deadlines.
