Bangalore-based Dr. Piyush Shetty was a pediatrician working with one of the biggest hospitals in the city. He wanted to start a part-time practice from his home as he only visited the hospital in the morning. So, he applied for a Doctor Loan from Bajaj Finserv and promptly converted his garage into a clinic for children.
So, if you are a doctor who wants to start or expand a private medical practice, you could opt for a Doctor Loan. But before you apply, ensure you know about these five facts regarding Doctor Loans: –
Five interesting facts about Doctor Loans
- Collateral Free – The loans for doctors are unsecured loans. This means that you don’t have to pledge an asset like a property or a bond to get the loan. You can apply for the loan if you meet the basic eligibility criteria (mentioned below) and have a strong financial standing. The loan is like a personal loan and you can use it in any way to enhance your career. You can start a clinic, expand a practice, use it for your higher studies in medicine or buy medical equipment with it. The lender won’t quiz you on it as long as you repay the loan diligently.
- Credit Line Available – When taking a Doctor Loan, you can opt for the line of credit. Under this scheme, you may get a pre-approved loan amount from which you can make small withdrawals from time to time. You will be asked to pay the interest only on the amount you utilize and not the entire loan principal. For repayment, you can clear the interest payments initially and clear the principal in one go when the loan term ends. This is an extremely good benefit of the Doctor Loans as it helps you save money and stay financially organized too.
- Principal Limit – Medical expenses tend to cost a lot. The equipment and other costs can blow up your savings. Hence, Doctor Loan comes with a large principal amount limit. Bajaj Finserv disburses a maximum of Rs 30 lakhs as the loan principal. This is a very high amount and you can comfortably use it to start or expand your practice. The loan can be repaid under flexible terms and conditions and so it makes it easier for you to take and manage a large Doctor Loan.
- Online Application – Did you know that Doctor Loans can be found online? Yes, that’s right. You can sit at home and apply for a Doctor Loan. The application, approval and disbursal, everything happens online. This makes the Doctor Loans one of the quickest and the easiest loans to opt for.
- Eligibility and Documentation – Ensure you know these eligibility and documents required for Doctor Loan so you can avoid any delay or rejection later.
- You have to be a graduate or a post graduate doctor with a valid degree. You will have to submit the educational certificates to the lender when applying for the loan.
- You must have a minimum work experience of 8 years if you are a graduate doctor and 5 years if you are a postgraduate doctor.
- You must have a minimum salary of Rs.75,000 per month if you reside in a tier 1 city and Rs.40,000 per month if you reside in a tier 2 city. You have to submit the proof of your income by providing the salary slips of the last 3 months, the bank statements of the last 3 months and your Form 16.
- You must own a property in your name. You have to submit a certificate stating your ownership when applying for the Doctor Loan.
- You have to submit your identity and address proof and a set of passport size photographs.
To sum it up
You can use the Doctor Loan for various purposes and take your career ahead. Ensure you meet the eligibility criteria and submit all the right documents for an easier and faster processing of your application. You can log on to the official website of Bajaj Finserv and apply for a Doctor Loan too.