A Step-by-step Guide on How to Apply for a Doctor Loan
23 Dec 2019
Designed for medical practitioners, a doctor loan is an excellent financing option to help you meet different kinds of fund requirements. These loans are available for professional or personal fund requirements. A doctor loan is an alternative against unsecured loans like a personal loan or secured loans like loan against property.
What is a doctor loan?
To avail this kind of a loan, it is important to understand its exact meaning. A doctor loan, also known as a physician loan is a special facility offered to professional medical practitioners who own their clinic. The loan is available for doctors working in public or private medical facilities or who are consultants. Generally, this type of loan is availed to meet the financial requirements of medical practitioners looking to expand their scale of operations.
Now that you know what a doctor loan is, it is recommended you learn the procedure to avail the same. Here is a stepwise guide that will help you understand a doctor loan.
Choose the right institution
Several institutions provide a doctor loan and choosing the right lender is important to make the procedure easy and hassle-free. Compare different products offered by various institutions and choose a loan that is not only affordable but also provides excellent customer service. You may compare the features, interest rates, and other terms and conditions of different lenders online to choose the right lender. The right kind of loan ensures your equated monthly installments (EMIs) are the lowest and do not create a liquidity crisis.
Ensure you qualify for the loan
After choosing the right financial institution, you need to check the eligibility criteria to qualify for the loan. Most lenders consider your qualifications and work experience to sanction the loan and usually it is a quick and simple procedure.
Before applying for the loan, checking the eligibility criteria will help you save time and effort. If you do not take the time to check your eligibility, there is a possibility that your loan application may get rejected as you do not meet the necessary qualification criteria. Alternatively, the sanction may be received for a lesser amount if you do not meet all the eligibility requirements as listed below:
For super speciality doctors: No experience required
For graduate doctors: Minimum two years post-qualification experience
Dentists: At least five years of post-qualification experience
Ayurvedic and Homeopathy doctors: Minimum six years post-qualification experience and should own a home or a clinic
To determine your eligibility, the lender may require submitting documents, such as your medical registration, bank statements, and income tax returns, along with the know-your-customer (KYC) documents like address and identity proof. In case you apply for a secured loan, you may need to submit the asset-related documents like property papers.
Opt for either the online or the offline procedure
The lender may give you the option of either applying online or offline for a loan. If you choose the online option, it saves you the trouble to travel to the branch to apply for the loan. You may complete the application online and submit all the necessary documents. The lender will then do the verification before providing approval and disbursal of the loan.
If you are not comfortable with the online application, you may opt for the offline procedure. An executive will guide you through the entire procedure and provides a personal touch to the process.
Submit the forms and required documents
Whether you choose the online or the offline option, you need to fill out an application form with complete details like your name, address, birth date, qualifications, total professional experience, loan amount, and tenure.
To ensure the procedure is done quickly, it is recommended you have all your details and documents ready especially if you opt for the online application procedure. Once the form and documents are verified, your loan application is approved and the loan amount is directly credited to your bank account. This saves you the trouble of collecting a cheque and depositing it in your bank.
Advantages of a doctor loan
A doctor loan is a special credit facility provided to medical professionals to assist them in meeting their personal or professional fund requirements
Compared to other kinds of loans, these facilities consider your educational qualification and allow you to borrow a higher amount of money with minimal documentation at a competitive rate of interest
Lenders also offer doorstep services to make the procedure less cumbersome. The entire procedure is quick and approval and disbursal happens within a short period of time
Financial institutions customize these loans to suit your personal requirements
There is no limitation on how to use the funds; you may use it to buy new medical equipment, integrate the latest technology, or renovate or expand your clinic making a doctor loan flexible and versatile
Repayment of the borrowed amount is also offered at convenient terms with longer loan duration to ensure you do not have any financial difficulties to service the same in a timely manner
You may easily manage your loan account through the online facilities offered by the lenders ensuring easy monitoring and quick access to all loan-related information
Contrary to perception, a doctor loan is available at an affordable rate of interest with a repayment tenure as per your convenience
Having understood the meaning of a physician loan and its advantages, apply for a doctor loan at Finserv MARKETS. You can avail a loan at Finserv MARKETS from the comfort of your home in a hassle-free manner. Simple eligibility criteria, flexible repayment options, long tenure, less processing fee are some of the major advantages of availing loan at Finserv MARKETS. Loans available at Finserv MARKETS are approved instantly and the loan amount will be disbursed in your bank account within a short span of time. Moreover, you can also customize your loan to best suit your needs.
So, apply for a doctor loan today and meet all your fund requirements with the click of a button.
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