Key Reasons to Take a Personal Loan for Doctors

The healthcare industry in India has witnessed rapid growth in the past few years, owing to the rising demand for quality medical care and increasing cases of lifestyle diseases. According to a recent study, the healthcare industry in India is expected to reach approximately $372 billion by 2022.

Consequently, doctors can tap into this growing demand by opting for additional financing and upgrading their existing healthcare facilities. Since personal loans for healthcare professionals come with no restriction to end-use, they are suitable to finance personal as well as practice funding needs equally. Some reasons to avail of a personal loan for doctors include the following.

To fulfill diverse personal financing needs

A personal advance for doctors is available as a high-value loan and is suitable to fulfill diverse financing needs likes –

• Child’s higher education
• Home Renovation
• Marriage expenses
• Overseas travel
• Medical emergency

The list is exhaustive; hence, the funding can be utilized as per one’s requirement. Apart from these requirements, the loan amount can be put to multiple financing needs involving practice improvement and expansion.

Set up or expand the clinic

Doctors can also opt for a personal loan to set up or renovate their existing clinic or chamber. They can use the amount to purchase or rent a bigger space to accommodate more patients. Expansive clinical spaces will also allow doctors to install diverse medical equipment that will help them to provide quality health care to their patients.

Hire trained staff

Trained and experienced medical staff is very crucial when it comes to providing quality medical care. They will be able to aid doctors in diagnosing patients quickly and efficiently. Furthermore, the trained nursing staff will be more adept at delivering better quality medical care to sick patients.

However, hiring skilled staff can increase one’s overall working capital expenses. In such a situation, one can apply for a loan for a doctor to provide for such expenses.

Upgrade or purchase medical equipment

Doctors should purchase or upgrade their medical equipment which will help them to diagnose their patients efficiently and accurately at reduced costs. Additionally, other technology inclusions like electronic health records, telemedicine, health, etc. will also facilitate doctors to reach out and treat a large number of patients.

However, the cost of upgrading to the latest medical equipment or software can be quite substantial. In such a case, one can avail the necessary funds by applying for a personal loan for doctors. Additionally, they should also know the ways in which technology can make their medical practice more profitable.

However, borrowers need to keep in mind some crucial aspects before applying for a personal loan for doctors. These aspects have been mentioned below –

Loan application procedure

Borrowers can follow the steps listed below to apply online for a loan for doctors.

Step 1: Visit the lending institution’s official website.

Step 2: Go to the professional loan section and select the online loan application form.

Step 3: Enter all the relevant details in the application form.

Step 4: Submit the form after verification.

Documentation

Along with the application form, borrowers need to submit several documents to complete the application process for a personal loan for doctors. The documents are given below –

• Medical registration certificate
• KYC documents like Voter ID cards, Aadhaar cards, PAN, passports, driving licenses or any other official documents.

Lenders keep document requirements for a personal loan for doctors to minimal for simplified loan processing.

They also provide pre-approved to borrowers for a convenient and time-saving loan application procedure. These offers can be availed on other financial products too, such as business loans, personal loans, etc. One can check their pre-approved offer by entering only their name and contact information.

Eligibility criteria

It is also imperative that applicants know how to be eligible for a doctor loan before applying. The essential criteria include –

• Super specialist doctors – They do not require any minimum post-qualification experience to apply for a professional loan.
• Graduate doctors – Doctors with an MBBS degree require at least two years of post-qualification experience to be eligible for a loan.
• Dentists – Individuals with BDS/MDS degrees require at least five years of experience.
• Ayurvedic and homeopathic doctors – They must have a minimum of 6 years of post-qualification experience. Additionally, they must also own property like a house or office.
• Homeopathic doctors – Doctors who have a DHMS degree should hold a minimum of 15 years of experience. They also need to be property owners to be eligible for a professional loan.

However, before applying for a personal loan, individuals must also compare different lending institutions to check out the features and benefits. They must also consider the applicable doctor loan interest rates in India offered by them on professional loans. Due to rising lifestyle diseases, there is an increasing demand for quality healthcare in India.