Scope, Eligibility Criteria and Document Checklist for a Doctor Loan
The Indian healthcare industry is expected to reach a market value of $372 billion by the year 2022. It has been possible because of increasing healthcare accessibility and availability of healthcare professionals. However, there remains a need for better diagnostic and care facilities. Doctors may thus bridge this gap of service demand and requirements to extend their treatments with better diagnostic and healthcare facilities with the help of a start up loans or medical professional loans available.
Scope of loans for doctors
The scope of doctor loan covers both personal and professional funding requirements. With the available loan amount, you can meet significant funding requirements in your profession. Meeting personal financing needs may extend to funding your child’s education, wedding expenses, and many more.
On the professional front, you can use the finance for multiple requirements, including the purchase of advanced equipment, medical tourism, etc.
A doctor’s guide on medical tourism will tell you that the nation is currently witnessing an influx of medical tourists. It has been a crucial contributing factor in increasing the demand for healthcare in the country.
Doctors can thus avail credit options like Doctor Loan to start their health care services and extend facilities to meet the demand for medical tourism.
However, there are certain criteria that doctors must fulfil to avail a doctors loan.
Eligibility criteria for a doctor loan
- Minimum Qualifications:
- Ayurvedic doctors: The applicant must have a BHMS or BUMS degree and a minimum of 2 years’ practice experience for unsecured loans. For secured loans like home loans and loan against property, the experience required is a minimum of six years
- Homoeopathic doctors: DHMS degree is a must with two years’ experience for unsecured loans. It is six years for secured loans.
- Dentists: BDS degree is a must along with two years’ experience for unsecured loans. In case of secured loans, the post-qualification experience requirement is 5 years.
- Graduate doctors: MBBS degree is required. A 3-year experience is required in this case when availing a secured loan.
- Super specialist doctors: They need to hold an MD degree to avail this unsecured professional loan. For secured loans like Doctor Loan, they need at least three years of post-qualification experience.
- Credit score: Lenders generally look for a minimum credit score of 750 and above. If you have a low score, it is essential to know how doctors can increase their CIBIL score.
- Age: Doctors loan applicants must be within the age bracket of 21-68 years.
Documents required to loan for doctors
Once you fulfill the above-mentioned criteria of credit score and qualifications, you will have to provide your lender with the following documents to complete the documentation process.
- Identification details- PAN card, Aadhaar card details or other government ID or address proof as required by the lender.
- Education qualification proof- The certificate of your medical degree along with experience certificate, in case experience, is required.
- Income proof- Bank statement of last six months and Income tax returns of the last two years.
With these documents, you may avail a loan for doctors to meet your personal or professional requirements. Lenders offer attractive features and benefits on their credits along with affordable interest rates.
With the right eligibility, required documents and appropriate credit score, you can opt for a doctor loan from reputed lenders. Secure the necessary funds to expand your medical practice or meet personal funding goals.