In India, several financial institutions offer comprehensive loans for physicians to help them meet big-ticket expenses required to set up new clinics, buy equipment, and bear other operational costs conveniently. These loans come with attractive features and benefits, which are highly advantageous, especially for new doctors who require funding to start up their business or any other professional or personal requirements.
Medical professionals looking forward to availing loans tailor-made to suit their needs must learn about the various credit schemes offered to choose the most viable option.
The following sections elucidate the 5 types of loans for physicians that are exclusively curated by financial institutions keeping in mind the requirements of individuals belonging to the medical profession.
Best loan for physicians available in India
- Personal loan for doctors
Personal loans for doctors have emerged as an extremely beneficial credit option that can help them meet any personal financial need conveniently. These loans allow a medical professional to borrow up to Rs.35 lakh without the hassle of fulfilling elaborated eligibility criteria and lengthy documentation. Furthermore, physicians do not require pledging any collateral to avail of this loan and can enjoy a flexible repayment tenor ranging from 12 to 96 months.
Without end-use restrictions, these funds can be utilised to meet any number of financial requirements.
- Business loan for doctors
A business loan for doctors is another beneficial healthcare finance professionals option that can help eligible individuals to meet all the expenditures incurred to set up and run a clinic. This doctor loan can help you in buying the best medical tools and equipment, buying or leasing a property, hiring skilled staff, maintaining regular operational costs etc.
- Loan against property for doctors
Several financial institutions offer exclusive secured loans for doctors of up to Rs.50 lakh with the benefit of approval within 24 hours. These loans against property for medical practitioners also feature a flexible repayment tenor to make repayments simpler.
Being secured in nature, these are available against easy to meet eligibility requirements and competitive interest rates.
- Credit card for doctors
Packed with extensive benefits, financial institutions in India also offer exclusive credit cards for doctors. This card offers the benefit of interest-free cash-withdrawal from ATMs and allows funding any immediate cash requirement with the facility of loan against the credit card limit.
Even though credit cards act as the most viable financing options, they also levy a high interest if the users fail to settle the bills on time.
- Gold loan for doctors
Gold loan is another lucrative professional health care finance that offers easy and secure funds. Gold loan is available against the value of the asset pledged by the borrower. The amount availed comes with no end-use restrictions, thus, effectively allowing borrowers to utilise them to settle any number of professional or personal requirements.
Each of these financial products come with their own set of features, which borrowers must be aware of to maximise their benefits.
In this regard, one must also look through the pre-approved offers provided by financial institutions like Bajaj Finserv on these loan products. These pre-approved offers can help to cut down the documentation process and ensure quick loan disbursement. These offers are available on business loans, personal loans, etc. You can check the pre-approved offer by providing your name and number details.
Apart from learning about the various loans for physicians available in the market, it is also essential to check how to be eligible for a doctor loan and choose the right lender to enjoy the best interest rates and avoid expenditures on hidden charges.