A physician loan, also known as a doctor loan is a great way for medical professionals (doctors) to manage a variety of expenses. A typical physician loan makes allowances for expenses like medical school debt and other expenses in the chronology of a doctor’s medical career. Not just doctors, but even dentists are eligible for some of these loans and financing programs.
In today’s time, numerous lenders ranging from banks to finance corporations offer loans to doctors. This financing option is a great way to fund various expenses of a doctor’s medical career. It may be necessary for setting up a clinic, purchase of medical equipment, medical school debt consolidation and other purposes. It is pretty easy to apply for a doctor loan in today’s time. Let us check out all the details of such financing programs and how you can apply for one.
Who Can Apply For A Doctor Loan?
A typical physician loan can be availed by qualified and certified doctors and dentists with any of the following degrees:
- MBBS
- BAMS
- BHMS
- MD
- BDS
- Super specialist doctors (MD/DM/MS)
- Graduate doctors (MBBS)
- Dentists (BDS/MDS) along with a minimum of 5 years of post-qualification experience.
- Ayurvedic and homeopathic doctors (BHMS/BAMS) along with a minimum of 2 years of post-qualification experience.
While having one of the above degrees is a standard requirement, the eligibility criteria for such loans vary from lender to lender. Although there are some basic requirements common for most lenders in India. Let us take a look at these eligible factors.
- The age of the applicant must be within 24 years to 75 years.
- Most lenders lend to registered medical practitioners with at least 3 years of experience.
- The doctor must have the degree registered with the medical council and must have practiced in an MCI-recognised branch.
- Must be a resident citizen of India.
Generally such loans can be availed in as less as 2-3 days upon the submission of the application with all necessary documents required by the bank or lender.
How To Apply For Doctors’ Loan?
Applying for a doctor’s loan is pretty easy and seamless. With more and more lenders offering such loans, you can easily apply for such a loan. Your purpose needs to be clear when opting for such a loan. For instance, if you need to buy new medical equipment, you can opt for medical equipment financing.
That being said, different lenders have different kinds of terms and conditions for a physician loan. There can be a collateral or security needed for a loan exceeding an amount of ₹10 lakhs while an amount lower than that may or may not need any security. This entirely depends upon the lender and their credit policies.
Although there are some general documents required by most lenders. The first step is to arrange for these documents after you choose a lender. The most common documents required for such physician loans are:
- Proof of Identity: Aadhar Card, PAN Card, Voter’s ID card, Driving License, Passport.
- Proof of qualification
- Address proof
- Passport size photographs
- Last 6 months bank statement
- Last 3 months pay slip (if salaried)
- Filled out loan application form
Once you know the documents needed to apply for such a loan, all you need to do is check out the options of applying. A lot of lenders allow you to apply online for a doctor loan. Visit their website for details or talk to their support executives. You can also visit the branch of a bank or office of a lender to apply in person.
