Eligibility for Doctor Loans in India

A Doctor’s life is undoubtedly full of challenges. In order to reach a level where such professionals can generate a generous income, it is vital to establish a well-equipped facility and purchase the necessary equipment. I’m talking about my journey here, as after serving for around a decade in a private firm, I finally decided to start my practice. 

Now, if you are an entrepreneur, you know that this entire process is quite costly. So, this is where I took the help of a loan after checking my doctor loan eligibility. Setting up the whole thing with state-of-the-art facilities and technology is essential. If there is a lack, the potential patients may not look upon you as a dependable professional.

What is a doctor loan?

Also known as a physician loan, it is a type of loan that is particularly designed for professionals that, includes doctors, dentists, and veterinarians. These loans offer various kinds of benefits and features tailored to the unique financial needs of such professionals. 

Compared to the traditional loans offered in the market, this type of loan generally has more relaxed lending requirements, including lower down payments and credit score requirements, higher loan amounts, competitive rate of interest etc.

What are its advantages?

  • Hassle-Free

With just a few taps on your smartphone, you are good to go. The complete process of the online application is pretty easy and can be completed from your comfort zone. Moreover, it is environmentally friendly as it is done digitally and requires much less paperwork. 

  • Competitive Rate of Interest

The doctor loan interest rate is quite lucrative and offers a good deal to the physicians. This ultimately helps the professionals to save a lot of money over the life of their loan. 

  • Education Importance

While applying for this type of loan, the lender first considers your educational qualification. Therefore, a standard amount is approved for the individual who has completed their MBBS. However, if an individual has specialised knowledge and has been practising in the field for a long time, a higher loan amount is approved. 

What are the eligibility criteria for this loan?

Nationality – Indian

Age – 22-72 years

CIBIL Score – 685 or higher

The degree should be registered with the medical council.

Identity proof, such as an Aadhaar Card, PAN card, Passport or Pan Card, is also required. Further, a medical registration certificate is also required. 

How to avail a doctor loan? 

Availing this type of loan has become relatively easy nowadays. You just need an internet-enabled smartphone and the right application on it. Around six and a half months ago, I was looking for the same, and one of my colleagues told me about the Bajaj Finser application. Believe it, this application is super easy to use and provides loan funds instantly.

  1. Download the official Bajaj Finserv application 
  2. Sign up after entering your mobile number
  3. You’ll see the ‘Loans’ section on the home page below the search bar.
  4. Tap on it and go to ‘Loan for Doctors’
  5. Choose as per your requirement 

So, if you are looking for this type of loan, ensure that you first check the doctor loan eligibility. This is a very significant step that many tend to ignore and face issues later on. 

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