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5 Benefits of Professional Loans for Doctors

Personalised professional loan for doctors is a saviour, helping medical practitioners manage expenses without draining their savings. Such credit option comes with zero collateral, substantial loan amount and zero foreclosure charges. Furthermore, such loan products are tailor-made so that doctors can conveniently meet personal and professional goals. Top 5 Benefits of Professional Loan for Doctors […]

Edited By : Prateek Gautam | Updated: Oct 20, 2022 11:45 IST
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Personalised professional loan for doctors is a saviour, helping medical practitioners manage expenses without draining their savings.

Such credit option comes with zero collateral, substantial loan amount and zero foreclosure charges. Furthermore, such loan products are tailor-made so that doctors can conveniently meet personal and professional goals.

Top 5 Benefits of Professional Loan for Doctors

Personalised loan products are designed to serve the requirements of progressing customer base. Moreover, online lending platforms ensure that customers get exposure to a wide range of tailored financial products to meet their requirements. One such financial product is a professional loan.

Nonetheless, here are some of the significant benefits of a doctor loan:

  • Customised offering

Compared to other financial products, loan for doctors is customised to fulfil certain demands and requirements of medical professionals. With the help of funds, they can serve the needs of setting up a new clinic, purchasing equipment, hiring staff, etc. Moreover, one can utilise the fund for marketing and business trips associated with medical profession.

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  • Affordable interest rate

Professional loan for doctors from leading financial institutions come with affordable interest rates and flexible loan terms. By availing of such loan products, medical professionals can enlarge their operations and develop the infrastructure of medical facilities.

  • Substantial loan amount

Medical practice comes with considerable expenses, and doctor loan considers this factor. Therefore, when you apply for a doctor’s loan, one of the primary things that lender considers is your educational qualification. A standard loan amount is approved if you have successfully passed your MBBS. But if you possess specialised knowledge and have been practising in this sector for considerable years, a substantial loan amount will be approved.

  • Minimal documentation

Leading financial institutions keep documentations simple for doctor’s loan application and approval. This way, doctors can apply for such loan products without hassle and ensure prompt approval.

  • Doorstep service and quick approval

This particular service is exclusively available for medical professionals. Most lenders extend doorstep services on doctor loan. This means that a lender’s representative will either visit your clinic or workplace to fill out documents, proceed with formalities and collect necessary documents, thereby ensuring loan approval on time.

Moreover, a doctor’s loan comes with a minimum turnaround time if you plan to expand your clinic. Your loan amount will be approved within a few days based on your eligibility and documentation. After successful document verifications, the amount will be directly credited to your account.

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Reasons to Choose a Professional Loan for Doctors

Here are some of the significant reasons to opt for a professional loan for doctors:

  • Setting up a new clinic

If you wish to start your private clinic, there is no better option than a professional loan for doctors to fund expenses. The initial setting up would involve substantial capital, such as purchasing or renting a new space, providing a waiting area, reception area, etc. Moreover, interior décor, medical equipment, housekeeping also involve considerable expenses. In this regard, a professional loan for doctors would financially assist you in meeting the necessary expenses.

  • Purchasing medical equipment and supplies

To provide quality healthcare services to patients, doctors need to invest significantly in medical equipment at clinics. These could be basic or advanced equipment. Moreover, the cost would depend on the clinic’s scale and doctor’s specialisation. In this regard, professional loan for doctors is an effective financing solution to meet the cost of medical equipment and supplies.

  • Recruiting staff

A private clinic requires housekeeping staff, assistants and receptionists. The number of staff requirements will depend on the scale of the clinic. In this scenario, a doctor loan can help you meet the expenses of recruiting and on boarding staff. However, doctors must also ensure they have substantial working capital to pay staff salaries. This is essential if you proceed with your clinic’s expansion.

  • Covering costs of operations

Running a clinic involves multiple expenses required to maintain the premise, equipment, repairs or replacement cost, etc. There can be emergency expenses too. This is why professionals need to keep operational costs handy. Therefore, opting for a professional loan for doctors will ensure sufficient liquidity.

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Eligibility and Documentation of Doctor’s Loan

Like every other loan product, professional loan for doctors come with certain eligibility parameters and documentation. So, let’s take a look at the qualifying parameters of doctor’s loan:

  • Super specialist doctors (MD / DM / MS) – degree must be authorised by medical council
  • Ayurvedic and homeopathic doctors (BHMS/ BAMS) – Post-qualification experience of minimum 2 years
  • Graduate doctors (MBBS)- Degree must be verified by the medical council
  • Dentists (BDS / MDS) – Post-qualification experience of minimum 5 years

Apart from meeting the eligibility parameters, medical professionals need to submit the following documents:

  • KYC documents
  • Address proof
  • Income proof
  • Medical registration certificate

Availing of professional loans for doctors from leading financial institutions will ensure flexible eligibility parameters and nominal documentation. To qualify for the fund, you need an eligible degree and required amount of experience.

Alternatively, doctors can also apply for a business loan for doctors that ensure quick approval. Moreover, it comes with a flexible repayment to keep your monthly outgo affordable.

A professional loan for doctors comes in handy for varied reasons. To grow your medical practice and meet unique professional requirements, such loan products become an effective financing option. Moreover, such loans come at a competitive interest rate and low EMIs.

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First published on: Oct 19, 2022 03:57 PM IST

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