Doctor Loan

Personal loans tailored for doctors offer financing up to Rs. 5 crores with a tenure flexibility of 12 to 96 months. Starting with an 8% interest rate per annum, the processing fee can reach up to 3% of the loan amount. These loans are crafted to support the business demands of medical professionals.

Loan Details for Doctors

• Loan Amount: Rs. 2 Lakhs - Rs. 5 Crores
• Tenure: 1 year - 8 years
• Interest Rate: 8% - 36% p.a.
• Processing Fee: Up to 3%
• Prepayment Charges: 0% - 7%

Understanding Doctor Loans

A Doctor Loan is a specialized financial product aimed at professional doctors, supporting those operating private clinics or working in hospitals. It helps them enhance their operational capabilities.

Benefits of Doctor Loans

• Competitive interest rates compared to other self-employed loans.
• Quick loan approvals, sometimes within hours.
• No need for guarantors.
• Funds applicable for multiple purposes, such as clinic enhancements or equipment purchases.
• Flexible repayment terms from 12 to 96 months.
• Option for part-prepayment.
• Minimal documentation requirement with quick approval.
• Pre-approved options available for select professionals.

Eligibility Criteria

• Salaried Doctors are eligible.
• Registered practitioners aged 25-65 with 2-5 years of experience.
• Partnership firms need 50% partners to be doctors.
• Companies must have doctors holding 50% shares.
• Institutions like Trusts running hospitals are eligible.
• Managers of diagnostic centers and labs qualify.
• Close family members can co-apply for amounts up to 10 Lakhs.
• Must have IMA membership or government-registered.
• Business must be profitable for two years with minimum annual income of 1 Lakh as per ITR.
• Credit score should exceed 700.

Documents Required

• KYC: Aadhar, Voter ID, Passport, Driving License
• Medical registration and educational certificates
• Income proof: Last 2 years' ITR, salary slips
• Recent bank account statements
• Proof of permanent address
• Office/residential property proof
• PAN Card

Degrees Necessary for Doctor Loan

• MD/DM/MS for Super Specialists
• MBBS for Graduates
• BDS/MDS for Dentists
• BHMS/BAMS for Ayurvedic/Homeopathic Doctors
• DHMS for Homeopathic Doctors

Eligible Entities for Doctor Loan

• Salaried Doctors with a steady income and 5 years of experience
• Self-employed Doctors in proprietorship or partnership
• Loans for setting up or renovating hospitals and nursing homes
• Diagnostic center loans
• Loans for specialized clinics like Dermatology or Ophthalmic clinics

Utilization of Doctor Loan

• Equipment purchase for dental implants or orthopedic needs
• Set up or expand clinics, hospitals, or labs
• Finance for land and construction, adhering to project cost limits
• Purchases such as computers, ambulances, or fixtures
• Renovating existing facilities or integrating new tech

Secured Doctor Loans

Secured loans offer collateral-backed financing for clinic advancements, available for both salaried and self-employed doctors. Equipment financing examples include sonography, CT, MRI, and X-ray machines.

Applying for Doctor Loan

Steps to apply via MyMoneyMantra:

• Visit the website and navigate to "Personal Loan."
• Log in and verify OTP.
• Provide employment, income, and personal details.
• Submit and view offers to proceed with application.

Considerations for Doctor Loan Application

• Maintain a high credit score, essential for approval.
• Research various loan providers for optimal deals.
• Avoid multiple applications to prevent credit score impact.
• Ensure business viability with a profitable track record.
• Properly prepare financial documents to demonstrate repayment ability.