How to Apply for Doctor Loan Online

If you are a professionally certified doctor looking for instant funds you can easily get it with no collateral. Be it setting up a new practice, expanding your clinic, upgrading equipment/clinic or whatever you think of, you can easily get it at Finserv MARKETS.

So let’s have a closer look at how to apply for a professional loan for doctors.

How to Apply for Doctor Loan

Loan providers take into account a range of factors such as experience, qualifications, applicant’s age, and annual income (among others) when assessing an application for a doctor’s loan. Once you comply with these parameters, you can easily apply for a professional loan for doctors via various options available in the market.

You can easily apply for a professional loan for doctors online on Finserv MARKETS. Here’s a detailed step-by-step process to do so:

Step 1: Check the Eligibility Criteria

It is important that you check the eligibility criteria before applying for a doctor loan. If not, your application may be subject to rejection or you may get a loan sanctioned for a lesser amount.

To be eligible for a doctor loan on Finserv MARKETS, you must be

  • A self-employed doctor

  • An Indian citizen

  • Aged between 25-65 years

Your experience according to your specialization and/or qualifications must be:

  • Homeopathy/Ayurvedic doctors: Minimum 6 years experience after qualifications and must own a clinic

  • Dentists: Post-qualification experience of a minimum of 5 years

  • Graduate doctors: Post qualification experience of a minimum of 2 years

  • Doctors having a super-specialty: No experience is required in this case

In addition to this, doctors should also ensure that they have a good credit score in order to avail of a loan. Having a good credit score always comes handy when you are in an instant need for funds. Based on your repayment history, your loan defaults, loan write-offs, and multiple loan applications, your CIBIL score is calculated. For a doctor loan, it is advised that your CIBIL must be above 700.

Step 2: Documents Required for the Doctor Loan Application

On Finserv MARKETS, you just need to submit:

  • Address Proof like your Aadhar Card, Ration Card, bills or similar

  • Identity Proof like your PAN Card, Driving license, Aadhar Card, or Passport

  • Proof of your Qualification degree

  • A canceled cheque

Step 3: Apply for the loans product of your choice

Your loan provider may give you the option of applying online or offline for a doctor loan. Selecting an online application process helps you save on time and effort. To apply for a professional loan for doctors on Finserv MARKETS, you can simply:

  • Fill the application form online with your employment and other personal details.

  • Support the documents required to verify the personal and professional details.

  • Specify details of your doctor loan, that is, your loan amount and the repayment tenure

Step 4: Sit Back and Relax

Upon verification of the published details, your loan will be approved within just 3 minutes and the loan amount will be disbursed in your bank account within 24 hours!

The Fees and Charges of a Professional Loan for Doctors

In addition to knowing the ins and outs of the application process, you should also be familiar with the various fees and charges involved, so as to avoid undue confusion later on. If you opt for a professional loan for doctors on Finserv MARKETS, here are the fees and charges you will be required to pay:

  • An affordable doctor loan interest rate of 14-16% per annum

  • Processing fees of up to 2% of the total loan amount

  • If your check bounces, you will be charged ₹1000 per bounce along with applicable taxes

  • In the event that you default on your EMI payments, you will be charged 2% per month as penal charges along with applicable taxes

All the above-mentioned fees and charges will be levied upfront and are completely transparent.

If you are planning to kickstart your medical practice or willing to expand your existing one and in need of instant funds, you can easily avail of a Bajaj Finserv Professional loan for Doctors on Finserv MARKETS. On Finserv MARKETS, your professional loan for doctors does not require any collateral or guarantor. You can get professional loans up to ₹30 lakh with minimal documentation. Moreover, you can even choose your own repayment tenure, which can range between 12-60 months, as per your financial convenience. You can also get access to value-added features such as a financial fitness report and insurance to protect you against your loan liability. You could also opt for a Hybrid Flexi Business Loan on Finserv MARKETS that allows unlimited withdrawals and interest-only EMIs. So, apply for your doctor loan on Finserv MARKETS and get these exclusive benefits today!

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