When it comes to the growth of a business, finance is a critical aspect. It is vital for the progress and success of any business. Without a regular pumping of money and finance, no business can thrive. With changing times, more professionals are inclined towards borrowing money to expand their scale of operation. Amidst all the popular loan options which are available for various professionals, professional loan for doctors are among the most popular loan options available in the market.
When borrowing a professional loan for doctor, most lenders tend to ask for a personal guarantee. However, there are financial institutions who do not require the same. Traditional lenders often carry out an extensive and tedious process, wherein the process of loan approval is quite lengthy. Thus to make the most out of the current opportunity which seems favourable to you, exercise all the options.
How can you make the most out of the professional loan for doctors?
- Expanding your scale of operation
- Upgrading the equipment or software
- Making ends meet by covering cash flow
Having said that, most of the doctors are not well-versed with how the professional loan works. Firstly, in order to avail a doctor loan, it is essential that you meet the pre-requisites set by the financial institutions. These pre-requisites are also known as the eligibility criteria which a prospective loan seeker needs to fulfil.
Eligibility requirements to avail professional loans for doctors:
For a doctor to avail a professional loan, there are two sets of criteria that he needs to meet. First on a qualification level which focuses on experience and the degree, and second is the documentation process.
Qualification & Experience:
Under the qualification & experience criteria, professional loan for doctors differs from practitioner to practitioner.
- Super Specialist Doctors: This list comprises of doctors who have a specialist honour to their name. It includes MD, DM and MS. If you are one of these, then you do not have to show your minimum years of experience post-qualification.
- Graduate Doctors: For a graduate doctor i.e. MBBS, a minimum of 2 years of post-qualification experience is required in order to avail a professional loan.
- Dentist Doctors: As the name suggests, for a dentist (BDS/MDS), a minimum of 5 years of post-qualification experience is necessary in order to avail a professional loan for the doctor.
- Ayurvedic & Homeopathic Doctors: For practitioners who have completed this qualification, they require to have a minimum of 8 years of post-qualification experience to be eligible for a professional loan.
Documents are essential in any form of loans. With proper documents in hand, the process of the loan becomes less tedious. An arranged document set can help in a great way to ease up the process. To apply for doctor loan, you will need certain documents:
- KYC Document
- Address Proof
- Signature Proof
- Medical Registration Certification
The documents above are few of the essential documents that you need to have to get your loan approved.
An important thing to keep in mind is that when you decide to borrow a professional loan, you should exercise all the options. The biggest option that is often overlooked by professionals is that of approaching a Non-Banking Financial Company (NBFC). NBFCs are a great option when it comes to borrowing professional loans. Financial institutions such as Bajaj Finserv provide flexible options to the doctors which can help them transform their career.