Business Loan for Doctors

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.

Business Loan for Doctor - Interest Rates & Charges

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

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 ₹50 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.

Business Loan for Doctors - Eligibility Criteria

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:

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.