Loans for Doctors: What You Need to Know

A doctor’s life is full of challenges and hardships. In order to start your own practice or expand the current one, one of the top things required is funds. After being in the profession for over a decade now, I recently decided to start my practice. Now, as I’m an ENT specialist, it is factually right to say that all the equipment involved in it pushed me to go for a doctor loan.

Doctors cannot lack anywhere, especially when it comes to offering facilities to patients. This is because if there is any, they may not look upon you as a dependable professional, which will ultimately harm your business.

Now, many don’t know that when you opt for this loan, the lender first looks at your educational qualifications. This is because only a standard amount is approved if you have passed your MBBS successfully. But, if you have specialized knowledge and have been practicing in the same field for longer, keep in mind a higher loan amount will be approved.

What is a doctor loan?

This type of loan specifically caters to doctors, healthcare professionals, dentists and other professionals in the medical field. Offered by financial institutions, it has certain terms and conditions and offers lower interest rates, flexible credit criteria and even higher limits.

What are the pros?

● Low-interest rate

The interest rate for this type of loan is relatively low and lucrative. This ultimately helps healthcare professionals expand their operation scale and improve their overall infrastructure. .

● Online fund management

In this current digital era, there’s no point in running for loan statements, as having information handy in real time is crucial. So, pick a lender that allows you to access these details. In my personal experience, with just a few taps, I efficiently manage my doctor loan funds via my smartphone only.

● Flexi loan

It helps you make multiple withdrawals and deposits against the credit limit and charges interest only on the used amount. Moreover, you can also choose to have your monthly EMIs (Equated Monthly Instalments) constitute only the interest, with the principal amount to be repaid when the tenure ends.

● Minimal documentation

Professional doctors have little to no time on their hands for other work. So, keeping this factor in mind, financial institutions like Bajaj Finserv have ensured to keep the entire process smooth and quick with the requirement of minimum documents

How to get one?

Now, there are many organizations out there offering doctor loan for professionals. Honestly, I’ve availed of this facility via the Bajaj Finserv app, and their service is exceptionally smooth. However, a few years back, I took a loan from some other company, and the overall experience wasn’t satisfying.

  1. Download the Bajaj Finserv applicationfrom the App Store/Play Store.
  2. Sign up using your contact number
  3. On the home page, tap on the ‘Loans’ section below the search bar
  4. Go to ‘Loan for Doctors’
  5. Select as per your requirement

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