Professional Loan for Doctors: How it can Help Advance the Career

With the proper funding, you can tap into growth opportunities and advance your career path. That is exactly where a professional loan comes into play, even for doctors.

These loans help you realise and tap into better opportunities, and let you enjoy the benefits of reliable and collateral-free funding. After all, a doctor with their own practice is also a business person.

So, tools like a loan for doctors help tend to many business-related priorities, be it:

• Upgrading the medical equipment
• Set up new wings in the clinic
• Hiring trained staff

All these undertakings work to ensure your patients get the best care. This is why opting for this professional loan is a smart choice, as it caters to your nuanced requirements. Read on to learn about the importance of doctor loans and how they can help advance the career.

What is the Significance of a Loan for Doctors?

As a medical professional, you require a hefty sum to start an independent practice or expand the existing one. In some cases, you may also require finances to meet operational costs.

So, opting for a loan for doctors lets you avail capital at affordable interest rates. It is a multi-purpose loan, and you can use funds for any purpose, without restrictions. This freedom is key for any business person looking to advance their career.

Here is a quick rundown on how a loan for doctors can be helpful:

• To bolster the working capital reserves of a hospital/clinic
• To renovate the clinic
• To upgrade the medical equipment and other essential devices
• To purchase the latest software and tools
• To enrol in additional courses for career advancement

Another important feature of these professional loans is that you do not need to pledge any business assets as collateral. However, you can pledge assets to get a higher sanction and more favourable loan terms.

With flexible repayment tenure options and minimum documentation requirements, getting a loan for doctors is hassle free and quick. Submit your KYC documents and medical licence to the lender, and you are good to go.

Remember that you can get quick loan approval, provided you meet the eligibility terms set by the lender. Once these parameters are met, loan disbursal happens within a few hours.

Essential Parameters to Meet When Opting for a Loan for Doctors

As mentioned, it is crucial to match the criteria set by lenders for easy loan approvals. Note that these parameters may vary from one lender to another. Consider all factors and choose one that best fits your requirements.

After all, getting the required funds at the right time can open up many career advancement opportunities as a doctor. All it takes is choosing the right financial institution.

Here are some common terms set by most financial institutions when offering a loan for doctors:

• You have to be an Indian resident
• Your age bracket must be between 25 and 65 years
• You need to have a CIBIL score of 720 or above
• You have to be a certified medical practitioner with relevant certification and licence

Before applying for a professional loan for doctors, check the eligibility criteria and the minimum work experience. This can help ensure that you get approval and access the loan seamlessly.

Once you meet the required criteria and get loan approval, you can apply for a doctor's loan by submitting the following documents.

• ID Proof: Aadhaar card/PAN card/Passport/Voter ID
• Address Proof: Aadhaar card/Passport/Utility bills/Ration card
• Professional degree certificate and other essential documents supporting your educational qualification
• Bank account statement for the last 6 months

Remember this list is not exhaustive, and lenders may require additional documents to approve an application.

Factors to Consider When Opting for a Loan for Doctors

While the loan helps you tackle financial obligations, it is also an excellent tool to advance your career. However, you need to factor in a lot of points before applying for a loan.

Here are some of them.

Evaluate Your Funding Needs

Before applying for a professional loan for doctors, you need to assess your needs and decide accordingly. This is because the quantum of funds required to start an independent practice or renovate a clinic will vary.

You may have to buy expensive equipment and software when starting your own hospital or clinic as a doctor. So, assess your requirements and plan well before you apply for a loan. This ensures that you borrow just the right amount to help you manage working costs.

Research and Compare Various Loan Offers

This is another crucial point to consider when applying for a doctor's loan. Each lending institution offers varying interest rates based on several parameters. While some lenders offer interest rates starting from 14% per annum, others may approve loans from 20% onwards.

Hence, you must compare various options before zeroing in on a lender. This is because the interest rate significantly impacts your overall borrowing costs. Higher interest rates translate to higher instalments and increase your loan expenses.

Choose a lender offering affordable interest rates that can help reduce your loan repayment amount and decrease borrowing costs.

Check for Processing Fees and Charges

Make sure to compare charges levied by the lender before you select a lender. Processing fees are usually paid once at the time you avail a professional loan for doctors. This fee includes the cost incurred by lenders during loan processing.

This fee varies from one lender to another, and it is best to check these charges before you apply for a loan. Apart from this, check if the lender is levying any foreclosure charges. You need to pay them when you plan to close your loan before the repayment tenure.

Like processing fees, these foreclosure charges also vary across lenders. So, choose a lending institution offering nil or minimal foreclosure charges. Likewise, you need to check the credibility and reliability of the lender.

This provides assurance that you are safe from any legal liabilities during the tenure of your loan. This way, opting for a professional loan for doctors helps you bolster your working capital requirements and provides multiple opportunities to grow in your career.

Disclaimer: The views and opinions expressed in this sponsored article are those of the sponsor/author/agency and do not represent the stand and views of Mid-Day Group.Mid-Day Group disclaims any and all liability to any party, company or product for any direct, indirect, implied, punitive, special, incidental or consequential damages arising directly or indirectly from the use of this content.