As a practising doctor, you need funds to manage several expenses. One financing solution that you can rely on for these expenses is a business loan designed especially for doctors. With a business loan for doctors, you can:
Start your own clinic
Buy new surgical/other equipment
Hire new staff
Expand your practice
Invest in patient management software
You can easily apply for a business loan tailor-made for doctors at Bajaj Markets. With affordable interest rates and flexible repayment tenures, you can meet your requirements without any hassles.
To make informed decisions about small business loans for doctors, take a look at their charges, features, eligibility criteria and more.
The interest rate on medical practice business loans, 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 |
₹3,000 (Inclusive of applicable taxes) |
Penal Interest |
2% per month on the outstanding amount from the date of default until the date of receipt |
Outstation Collection Charges |
₹65 + GST |
Prepayment Charges |
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Part-payment Charges |
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Annual Maintenance Charges |
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Disclaimer: The above rates and charges are subject to change as per the terms and policies of the financial institution
There are two types of eligibility criteria that you need to fulfil to be eligible for a business loan for doctors. First, meet basic eligibility terms, 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
The second set of eligibility criteria includes work experience-related requirements depending upon your specialisation. The following table illustrates these conditions:
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 |
Dentists (MDS/BDS) |
At least five years of work experience after graduation |
Homoeopathic and Ayurvedic Doctors (BAMS/BHMS) |
At least six years of work experience after graduation; additionally, such doctors must have a clinic or space of their own |
Homoeopathic Doctors (DHMS) |
At least 15 years of work experience after graduation; in addition, these doctors must have a clinic or space of their own |
Keep in mind that the above eligibility criteria for a business loan for doctors may vary depending on the lender you choose. So, check the specific requirements before applying to boost your chances of approval.
Applying for a business loan for doctors on Bajaj Markets is simple and easy. All you need to do is follow the steps mentioned below:
Step 1: Click on ‘APPLY NOW’ on this page
Step 2: Enter the required details (profession, name, PAN, etc.)
Step 3: Click on ‘CHECK YOUR OFFER’
Step 4: Choose an offer that works for you
Step 5: Complete and submit the application
On approval, you will get the sanctioned amount in your account within 24 hours. Remember that you will need to schedule an appointment with the lender’s representative to collect the documents. After this, the lender will process your application.
Doctors can easily apply for business loans tailor-made for their needs at Bajaj Markets at affordable interest rates.
Doctors can get a business loan of up to ₹50 Lakhs at Bajaj Markets.
Any self-employed medical practitioner authorised to practise as a doctor in India can apply for a business loan for physicians. The approval of the loan, however, is subject to fulfilment of the eligibility criteria and the lender’s policy.
On Bajaj Markets, doctors who will be 65 years at the end of tenure can apply for a business loan. For example, if you are 60 years old and want to take a loan for 5 years, you are eligible. But, if you are 61, you may not get a tenure of 5 years. Also, remember that the approval is at the lender’s sole discretion.
Yes, homoeopathic and ayurvedic doctors can also apply for a business loan.
Yes, a small processing fee is usually applicable on business loans for doctors. The fee is different for different lenders. If you apply for a doctor’s loan on Bajaj Markets, there will be a processing fee of around 2% of the loan amount.