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Apply Online for Business Loan for Doctors | Easy Process | Minimum Documentation 

Whether you're looking to start your own clinic, buy new surgical equipment or hire new staff, as a practising doctor you might need funds for a number of expenses. A business loan designed especially for doctors, keeping in mind their financial needs and expenses, can help you secure the requisite funds. You can easily avail a business loan tailor-made for doctors at Bajaj MARKETS at affordable interest rates and flexible repayment tenure.

Interest Rates for Doctor Business Loan

The rate of interest applicable on business loans for doctors, along with the processing fee and a few other charges, are as follows:

Interest rate

Starting at 14%

Processing fee

Up to 2% of the loan amount

Bounce charges

₹3000 (Inclusive of applicable taxes)

Penal interest

Any delay in payment of monthly instalment / EMI shall attract penal interest at the rate of 2% per month on the monthly instalment / EMI outstanding, from the date of default until the receipt of monthly instalment / EMI

Outstation collection charges

₹65 + GST

Prepayment/ charges

Term Loan : 4% plus applicable taxes on the outstanding loan amount payable by the borrower on the date of such full prepayment

Flexi Loan: 4% plus Applicable taxes of the Total Withdrawable Amount as per the repayment schedule, on the date of such full Prepayment.

Part payment charge

Term Loan : 2% plus applicable taxes on the amount part- prepaid

Nil incase of flexi Hybrid Loan

Annual Maintenance Charges

Term Loan: Nill

Flexi Hybrid loan: 0.25% plus applicable taxes

 

 

Features and Benefits of Business Loan for Doctors

Some of the features and benefits of availing a business loan for doctors at Bajaj MARKETS are:

  • High Loan Amount: Doctors can avail a business loan of amounts up to ₹45 Lakhs at Bajaj MARKETS.

  • Instant Approval and Disbursal: If you apply for a business loan for doctors at Bajaj MARKETS, your loan is approved almost instantly and in most cases, the amount is disbursed within a few minutes of approval of your application.

  • No Collateral Required: A business loan for doctors is an unsecured loan. You need not pledge any collateral in order to avail a business loan for doctors.

  • Flexible tenure: You can repay the loan amount comfortably over a period of 12 to 60 months.

  • Value-Added Services: If you apply for a business loan for doctors at Bajaj MARKETS, you also get a number of value-added benefits such as easy access to your financial fitness report.

Eligibility Criteria for Business Loan for Doctors

There are two types of eligibility criteria that you need to fulfil to be eligible for a doctors’ business loan. First, there are some basic eligibility conditions such as:

  • Nationality: You must be a citizen of India.

  • Occupation: You must be a self-employed doctor.

  • Age: Your age must be between 25 and 65 years.

Apart from the aforementioned basic eligibility requirements, there are also some work experience related requirements depending upon your specialisation. The following table illustrates the work experience requirements for doctors of different specialisations:

Type of Specialisation

Requirement

Super-specialist doctors (DM/MD/MS)

No minimum experience required.

MBBS (Graduate Doctors)

At least two years of work experience after graduation is required.

Dentists (MDS/BDS)

At least five years of work experience after graduation is required.

Homoeopathic and Ayurvedic Doctors (BAMS/BHMS)

At least six years of work experience after graduation is required. Additionally, such doctors must have a clinic or space of their own.

Homoeopathic Doctors (DHMS)

At least 15 years of work experience after graduation is required. In addition, these doctors must have a clinic or space of their own.

 

Doctors Business Loan EMI Calculator

Before you apply for a loan of any type, you must have an estimate of the amount that you would be paying to the lender every month as EMI. You can use the business loan EMI calculator on Bajaj MARKETS to get an idea of the EMI for your doctors’ business loan. Your loan EMI depends upon the following factors:

  • Loan Amount: The higher the loan amount, the more the EMI.

  • Loan tenure: The monthly instalments payable for a loan with a longer tenure are less than those payable for a loan with a shorter tenure.

  • Rate of Interest: The EMI of your loan is directly proportional to the interest rate levied by your lender.

The formula used for calculating the EMI of a loan is as follows:

E = P*r*(1+r)^n/((1+r)^n-1), where:

  • E is the EMI amount.

  • P is the principal loan amount.

  • r is the rate of interest.

  • n is the tenure or duration of the loan.

How to Apply for Business Loan for Doctors?

Applying for a doctors’ business loan at Bajaj MARKETS is simple and easy. All you need to do is follow the steps mentioned below:

  • Step 1: Visit the Business Loan for Doctors page on the Bajaj MARKETS website.

  • Step 2: Click on “Apply Now”. A new page will open with a form in which you need to fill in a few details.

  • Step 3: Enter some basic details like your income, employment and contact number.

  • Step 4: Enter the loan amount you wish to avail and the desired tenure for the loan.

  • Step 5: You can also customise your loan package by including some additional features such as the Finserv Protection Plan to protect your loan liability.

If your application is approved, the loan amount will be disbursed to your bank account within a few minutes.

Documents Required for Doctor's Business Loan

You need to furnish the following documents to avail a doctors’ business loan:

  • Identity Proof: Aadhaar Card, Voter ID Card, PAN Card, passport etc.

  • Address Proof: Aadhaar Card, passport, Voter Card, driving licence, utility bills, rent agreement, etc.

  • Proof of Income: Income tax return certificate.

  • Qualification Degree: A valid medical degree that authorises you to practise as a doctor in India.

Apply for Business Loan for Doctors at Bajaj MARKETS in few easy steps

FAQs on Business Loan for Doctors

✔️Which loan is best for doctors?

Doctors can easily avail business loans tailor-made for their needs at Bajaj MARKETS at affordable interest rates.

✔️How much business loan can a doctor get?

Doctors can get a business loan of amounts up to ₹45 Lakhs at Bajaj MARKETS.

✔️Who can apply for a Doctors’ Business Loan?

Any self-employed medical practitioner who is authorised to practise as a doctor in India can apply for a doctors’ business loan. The approval of the loan is however subject to fulfilment of the eligibility criteria.

✔️What is the maximum age criterion for a Doctors’ Business Loan?

Doctors of age up to 65 years can avail a doctors’ business loan.

✔️Can homoeopathic or ayurvedic doctors apply for a business loan?

Yes, homoeopathic and ayurvedic doctors can also apply for a business loan. However, the minimum work-experience requirement is different for homoeopathic and ayurvedic doctors.

✔️Do banks charge a processing fee on a business loan for doctors?

Yes, a small processing fee is usually applicable on business loans for doctors. The fee is different for different lenders. If you avail a doctors’ loan at Bajaj MARKETS, a processing fee of around 2% of the loan amount will be charged.