How to Get a Loan for Medical Professionals in India Approved?
As statistics show, India has a doctor-patient ratio of 1:921. So, with the competition rising, running a successful practice is highly essential for doctors from a commercial standpoint. Whether you want to open a new clinic, upgrade the existing setup with advanced equipment or renovate it, a steady source of finance is crucial to nurture your venture.
Here’s when you can opt for medical professional loans from financial companies in India and plan your finances strategically.
More about loans for medical professionals
A loan for doctors is unsecured credit customised to meet diverse financial requirements of a medical professional. Leading NBCFs in India like usually offer funds up to Rs. 30 Lakh with no end-usage restriction.
Additionally, you can enjoy exclusive benefits like quick approval and disbursal, attractive interest rates, nominal processing fees, convenient repayment tenures, etc.
Advances like a Bajaj Finserv Loan for Doctors cater to the instant financing needs of healthcare professionals. However, you need to fulfil the eligibility criteria to avail these loans for medical professionals. Failing in any of those can lead to the rejection of your loan application.
How can a medical professional avail a loan successfully?
Step 1: Meet all the eligibility criteria
Being a medical professional, you must fulfil the following requirements for quick approval of your loan application.
- Consider your medical credentials
- Graduate doctors should have at least two years of experience post-qualification.
- Super-specialist doctors don’t need any minimum experience after qualifying.
- Dentists, however, need to have minimum post-qualification expertise of 5 years.
- Homoeopathic and Ayurvedic practitioners must possess a minimum of 6 years of post-qualification expertise and also own a clinic or a house.
Before you apply for these loans, ensure to check whether you match the minimum requirements as per your medical credentials.
- What’s your age?
Besides being an Indian citizen, your age has to be within 25 – 58 years to qualify for these medical professional loans.
- Consider your CIBIL score and credit history
The CIBIL score is a 3-digit rating on the scale of 300 to 900 which reflects your financial history. The score depicts how responsibly you have handled all your previous loans, hence, establishing your financial credibility. Having a minimum score of 750 makes you creditworthy for the lender. Similarly, your credit history comprises the number of credits you have availed so far. It also records your debt repayment habit, the number of credit enquiries among other points of information.
According to TransUnion CIBIL Limited, around 79% of credits are sanctioned to applicants with CIBIL scores above 750.
So, make sure you have a healthy credit history and an excellent CIBIL score; these two factors alone can enhance your eligibility for medical professional loans.
Step 2: Submit all the documents correctly
Once you meet the eligibility criteria, next, submit all the required documents correctly. Reputed NBFCs only need the essential documents such as –
- Medical registration certification
- Your KYC papers
You should ensure against errors or incomplete documents; or else, it may lead to the rejection of your application.
Step 3: Apply for the loan
Nowadays, financial companies have made the process of loan application convenient and hassle-free. To apply offline, most lenders ask for a missed call, SMS or an email. To apply online, you need to follow 2 – 3 simple steps.
- Visit the lender’s official website and fill up the online form appropriately.
- Receive confirmation from the lender regarding approval.
- Recheck and submit all the documents.
- Get the loan in your account.
It’s that simple. Only ensure to avoid common mistakes when availing a loan for doctors.
Additionally, you can also look out for the exclusive pre-approved offers if you need instant financing. Hence, fulfil all the requirements for medical professional loans first and then apply for one online. Financial institutions usually disburse funds within 24 hours of approval. So, avail the best financing deal to expand your medical practice successfully.