The Union Budget 2021 announced an increase in the budget outlay of almost 137% for the healthcare and wellbeing sector. Even so, it falls short, considering the prevailing healthcare system in India. For instance, India ranked 145 out of 180 countries in terms of quality and access to healthcare.
The situation calls the need for setting up private clinics or chambers in large numbers to reach more patients and provide medical consultancy with ease.
However, owing to the rising cost of medical equipment and other expenses related to this cause, doctors often fail to finance such big-ticket expenses. In such cases, a doctor loan plays a vital role in providing necessary funding at the right time.
This particular loan is curated for medical professionals and proffers a range of benefits that intending borrowers should know.
Benefits of opting for a doctor loan
Like other professionals, a financial emergency can also creep up for doctors. Thus, it is viable to opt for a professional loan for doctors than to deplete the savings in such a scenario. Following are some key benefits of a doctor loan that individuals can consider while managing such financial emergencies.
- Easy-to-meet eligibility
Regardless of the credit type, secured or unsecured, doctor loans accompany simple eligibility criteria. Besides a spotless credit history, intending borrowers only need to fulfill certain requisites like
- MBBS degree registered with Medical Council for Super-Specialists, Post-Graduates, specialized diploma, and PG diploma
- MBBS doctors must have post-registration with the medical council
- BHMS/BAMS must have a minimum of 2 years of experience post-registration
- MDS/Dentists should have at least 5 years of experience after registration
Besides, applicants may have to fulfill other lender-specific eligibility to qualify for a loan for the doctor.
- Hassle-free application and documentation
The profession of doctors requires round-the-clock availability. Therefore, in most times, a lengthy application process is not ideal for them. However, with financial institutions like Bajaj Finserv, prospective borrowers need to only complete a simple application process, even for a high loan corpus.
Also Read: 5 Methods To Get Funds For Your Business Or Start-Up
All they have to do is visit the online website and fill up the loan application and submit it alongside necessary documents. Applicants need to submit some basic documents such as
- KYC papers
- Financial documents and proof of income
- Medical Registration Certificate
Moreover, this NBFC also provides pre-approved offers to expedite and simplify loan processing. Such offers are available on a range of financial products such as business loans, personal loans, and many more. Check your pre-approved offer online by entering your name and contact number.
- Instant disbursal
With pre-approved offers and comprehensive paperwork, medical professionals can avail of a doctor loan during any financial emergency, without any delay. Usually, lenders approve a loan application almost instantly. After the loan approval, it takes only a few hours to sanction and credit the loan amount.
- Collateral-free financing
A loan for medical professionals does not always require any collateral. It allows individuals to raise substantial funds without pledging any assets. Moreover, it deems suitable for those who do not possess a high-stake property to leverage. Nevertheless, it also prevents any chance of asset loss due to non-repayment.
Note that although a collateral-free loan eliminates the chance of asset loss, it badly hurts the credit score in case of non-repayment.
- High-value loan
Owing to the costs involved in setting up a medical practice or expanding it, doctors need a high loan corpus. With such credit instruments, they can avail of substantial loan amounts by meeting simple eligibility. They can utilise the fund for various purposes such as incorporating telemedicine, buying high-end medical equipment, hiring talented assistants and many more.
- Flexible repayment options
Regardless of the loan size, repaying a loan within the tenor is crucial to maintain a sound credit profile. Depending on the loan type, the doctor loan accompanies a different tenor. For instance, a business loan for doctors comes with a tenor of up to 96 months.
On the other hand, secured loans usually come with a tenor of up to 144 months. However, you can always use a doctor loan calculator to select a suitable tenor as per your repayment capacity.
- Lucrative interest rates
Selected financiers offer a loan for doctors at affordable interest rates. With competitive doctor loan rates, the interest outgo and EMI burden reduce significantly. However, for more savings on interest, individuals can also opt for a Flexi loan facility.
It allows borrowers to withdraw money from a pre-sanctioned credit limit whenever they want and the interest charged only on the funds utilized. The Flexi loan helps doctors take their medical practice to the next level without a significant financial burden.
These are some top benefits of availing of a doctor loan, be it for a financial emergency or planned expenses. However, it is equally important to choose a credible lender to leverage optimum benefits.