Doctor loans are available for professional doctors to help them fulfill their dream to set up their own medical clinic or hospital. You should consider this loan if,
- You do not have immediate funds available to bear the expenses for setting up a clinic
- You want to buy new clinical equipments for your medical clinic
- You want to renovate/improve your clinic
Professional Loans to Doctors are collateral-free and help doctors to facilitate the needs such as expansion of business, upgrade equipment, set-up/upgrade clinic and much more. This facility comes with the advantages of a speedy disbursal process, flexible repayment schedules and competitive interest rates. This exclusive doctor loan is designed for medical professionals who require instant access to finance.
The loan is available for following purposes:
- Any personal purpose including purposes for meeting expenses of professional requirement.
- Development of Clinic / Clinic-cum-residence, Nursing Home, Pathological Laboratory.
- Purchase of medical / diagnostic equipment, setting up of operation theatre etc.
- Purchase of office equipment viz. computers, fax, air-conditioners and furniture etc.
- Purchase of assets like ambulance, etc.
- Expansion/ renovation/ modernization of existing premises/ Clinic/ Nursing Home.
- Working Capital requirement including stock of medicines.
Benefits of Doctor Loan
- No requirement of guarantors or collateral
- Fast turnaround with loan approval in as quick as a few hours
- Low interest rates compared to rates offered to other self-employed professionals
- Loan tenure can be as long as 5 years
- Option of fixed and floating interest rate
- Flexible repayment tenure options available
- Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score and income proofs
Individuals/Partnerships/ Corporate/Trusts (with powers to borrow)
Promoters should be registered practitioners and should possess minimum qualification to practice in allopathic discipline such as MBBS, BDS, etc.
No need to go document-hunting! Simply upload the digital versions of these documents at the time of application:
- KYC (Individual & Business)
- IMA registration certificate
- Bank account statements for the last 6 months where consulting and medical practice incomes are credited. All the active loan EMIs need to be reflected in the bank statements
- ITR and statement of computation of income for the last 2 years. It should be accompanied with latest tax audit report, if applicable
- Form 16A for the last 2 years (in case of consultant doctors)
- Sanction letters for active working capital loans/lines and repayment schedules for other active loans
The following set of degrees are required to apply for loan for doctors
- Super Specialist Doctors (MD/DM/MS) for Super Specialist Doctors
- Graduate doctors (MBBS) for Graduate Doctors
- (BDS/MDS) for Dentist Doctors
- (BHMS/BAMS) for Ayurvedic and Homeopathic Doctors
- (DHMS) for Homeopathic Doctors
Nowadays, almost all banks offer attractive schemes on Doctor Loan at competitive rates with many customer friendly features. We have also successfully disbursed so many doctors’ loans with a very less time. You can do rates comparison, check your eligibility, calculate EMI, apply online and get the best Doctor Loan rates. FundsTiger helps you throughout the loan process from the day you apply to the time you get disbursement. You can register with us, track your loan status on a regular basis and get an option to earn attractive cashbacks and refer and earn benefits.