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Doctor Loan Can Be Used For Many Purposes Like Below

For a New Clinic

Buying New Equipment

For starting a new Specialization

Improvise clinical Laboratory

Increase the bed Capacity

Regular Hospital Maintenance

Setting up a new Pharmacy

Renovation of Clinic

Doctor Loan Features

  • Age Limits – 24-55 Years
  • Flexible Loan Tenure From 3 Years To 5 Years
  • Min Loan Starts From 5,00,000
  • Max Loan Upto 1,50,00,000
  • Compare And Analyze The Best Loan suitable For Your Needs
  • Nil Charges For Pre-Closure Of Loan Amount*
  • Expert Advise On Loan Documentation
  • Repayment Through ECS/Auto-Debits/PDC
  • Various EMI Calculators And Amortization Tables To Understand Your Loan Repayment Amount.
  • We Support Until The Loan Closure

Documentation For Doctor Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Qualification Proof
  • Address Proof
  • Own House Proof
  • Latest 3 months Pay-slips
  • 2 Passport Size color Photographs
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Qualification Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size color Photographs
  • 6 months Bank Statements
  • Filled Application form
  • 3 Post Dated Cheques/ECS Mandate
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Form 16 (For Individuals)
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Graduate or Post Graduate qualification certificate
  • IMA (Indian Medical Association) membership number
  • Any other registrations allowed by Indian Government.
  • Sale deed of Property with own name
  • Property Tax receipt with own name
  • Electricity bill with own name

Doctor Loan FAQs

Doctor Loan also referred to as a Physician Loan is a special Loan for professional doctors with a self-owned clinic or those working in a government or private clinic, hospitals and Consultants. A Doctor Loan is taken to serve the financial requirements of doctors looking to expand the scale of operations.

professional loan for doctors is given depending on factors such as qualification, experience, annual income, profit making and age of applicant. Once you meet these parameters, you can apply for a doctor loan in India via different channels such as phone calls, SMS or by visiting the branch. However, the easiest of the lot is to apply for a doctor loan online by simply filling an online application form. The representatives then get in touch and help you with the rest of the process.

Whether you are looking to expand your infrastructure or scale of operations to provide better service and treatment facilities, Doctor Loans by Bajaj Finserv would be the smartest option. With a loan tenor of up to 60 months our Doctor Loan interest rates are amongst the lowest in India. Other charges such as Processing Fees, Secure Fee and EMI bounce charges would be applicable.

Who are Eligible For Doctor Loans?

1) What is Doctor Loan?:-

The Doctor Loan Program is a specific loan with special underwriting developed specifically for medical physicians and dentists, optometrists, podiatrists, and veterinarians. Most doctors are looking for loans with low interest rates that enable them to move on to the growth. This scenario poses many challenges for most lenders because most physicians would be qualifying for the best rates given the type of loan they need. Banks try to do these loans with competitive rates and with less time.

Physicians with high credit scores have a very low risk of default on loans, even if they have high debt. Hence, the doctor loan program was started to give physicians access to improve his service levels.

Following are eligible for Doctor Loans:

MBBS, BDS Graduate Doctors - Minimum 5 years of experience (Post qualification)

MD, DM, MS, MCH, MDS Post Graduate Doctors having Minimum 4 years of Experience (Post qualification)

Individual doctors employed with reputed Government or Private Hospitals in India

Self employed doctors who own a hospital, a nursing home, a Clinic in India.

Consulting doctors with leading hospitals in metro cities in India.

Hospitals in form of Proprietorship/Partnership and Private Limited companies

Eligibility and Documentation For Doctor Loan

Vintage of Residence: Residence should be owned in the City or Hospital should be owned in the City for Min of 1 year.

Interest rates: Rate of interest will be floating rate of Interest, generally linked with the base rate of the banks, Present Scenario the Rate of Interest will be 15 % to 21.0 %.

Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolved for Doctor Loans.

Limit: Doctor Loans can be availed from Rs. 5 Lakhs to Rs. 75.0 Lakhs

Age: Minimum of 26 years and Maximum of 60 year on maturity of the Loan amount.

Tenure: 12 - 48 months

Doctor Loan Pros

Easy availability: A lot of banks offer Doctor Loans of various amounts and max duration for 4 years. You can pick and choose between them.

No collateral: Doctor Loans are not very large amounts. So there is no need to put up security or collateral against personal loan.

Quickly available:If you have a relationship with a bank you can get a personal loansanctioned within 24 hours. Personal loans also require very little paperwork.

Doctor Loan Cons

High interest rates:  After credit cards, personal loans have the highest interest rates among credit products. Sometimes personal loans have higher rates than credit cards also.

High pre-payment penalty:  If you pre-pay your personal loans, banks often charge a high penalty.

Need good credit history: Today, most banks give personal loans only to people with a good credit history. If someone regularly takes personal loans, he may be seen as someone who is not careful with his finances.

Affects credit report: If you default on your Doctor Loan your CIBIL credit report reflects it and your credit rating and credit score are affected.

Expert Advice

Best Practices for Doctor Loan

Clear Identification of purpose and planned Budget.
Cost - benefit analysis.
Peer comparison- ROI, PF and other charges and repayment Tenure.
Know your credit history score and eligibility.
Plan the repayment from the regular incomes than from futuristic/speculative income.
Check various other alternatives before availing a loan.
Be clear on payment date and mode of payment like ECS, Online payments, Post dated cheque.
Terms and conditions to be clearly understood before signing up the agreement.
Take payment protection insurance.
Ensure proper updation of contact details.

Things not to do for Doctor Loan

Do not jump to apply a loan with our proper homework.
Do not borrow more than what is required.
Do not apply loan at too many places at a time.
Do not sign the terms and conditions without reading.
Do not rush with the process.

Important points to be remember for Doctor Loans

As a experienced individual doctor, you need to avail a doctor loan funds so as to open a clinic and begin practicing. There are certain eligibility situations that need to be noted while avail the Doctor Loans.

1) Eligibility Criteria:
All medical professionals whether technicians or medical doctors, who completes 5 years of experience stand eligible for receiving doctor loans. An individual working in a medical occasion administration division can even apply.
2) Functionality:
The aim of this facility is to meet the working capital requirement of medical doctors to run a clinic. It is usually meant to buy premises for opening a health center. The loan can also be largely useful for the acquisition of equipments, furniture, fixtures and doing repairs and renovation of business premises. This fund is most often used for launching new business and to make enhancements of an existing health center.
3) Loan Amount:
The amount acquired as loan will be large or small relying on the business needs. The loan officer has to tell concerning the loan amount to medical doctors and relying on the business sort, awards are made to entrepreneurs. The fund acquired clearly defines the enlargement alternatives doctor loan.
4) Tenure:
“The term for this sort of small business loans isn’t kept greater than four years. So, professionals receiving this award must return it in time. There is no procrastination of the term. So, all the pieces must be done throughout the stated time period. There is no need to wait for the final moment and repayments of the borrowed cash should be done on the earliest.
4) Pricing:
“Interest is linked to the bottom rate. So, usually a typical interest is charged and not a very high interest levied on borrowers. This type of interest is basically vital and it seals the loan pricing. So, the lender can’t fluctuate the value and it stays the same for everyone. Thus, you will need to verify the bottom fee of a lender as relying on it, the interest rate will be determined.

Purpose of Doctor Loans

Doctor loans can be avail for the following reason from the Banks and Financial Institutions.

1) Setting up a Clinic:
Large clinics can be established with doctor loans. It is necessary for entrepreneurs to stay up-to date and use fund support to establish an affluent clinic. By setting up such a clinic, it becomes easy for professionals to offer good treatment to visiting patients and do general good to the society at large. Physicians can also open a health centre at any location and use the place for offering service to the sick. Such centers then become the source of income for a doctor and other employees who work in the centre. So, new clinics can also become employment generators.
2) Buying New Equipments:
 In medical practice, equipments are quite essential, so doctors who are in practice, need to buy the best equipments to run their clinic. For this very reason, physician financing becomes essential. The reward received can be good enough to buy new equipments and so a health centre can do well. It is really important to buy the best equipments and the ones that are mostly required for clinical operations. They come expensive and so funds are inevitable to buy the equipments needed to run a health centre.
3) Working Capital requirement including stock of medicine/disposables::-
A medicine store is also required in a health centre. There are expenses involved in maintaining such a store also. The reason is medicines should be purchased and all other requirements should be fulfilled. That is to say the store should be kept up to date all the time and it is possible only with fund release. Physicians should apply for Doctor Loans to keep their health centre well equipped and its drug store stacked with all medicines. So, to apply for funds is very much needed and an enterprise can really do well with the support it finds.
4) Setting X-ray lab::-
A health centre also requires an X-ray lab because X-ray is something that needs to be done frequently. Visiting patients have a need to get their X-rays done in the health centre itself without having to go to some other place. That is why X-ray lab becomes so important for a clinic owner. Doctor loans should be procured for setting up of such a lab in the health centre itself.
5) Expansion/Renovation/Modernization of Premises: -
Looks have got a lot to do with clinics. Professionals should strive to give a better look of the clinic that one is in possession of. Only then patients will get attracted and would love to visit the centre for their treatment. Everyone wants to be in a clean place and in case of clinics this factor is of prime importance. Professionals should focus on modernizing their clinics.

About Mumbai

Mumbai, which was previously known as Bombay is a major metropolitan city of India. It is the state capital of Maharashtra . Mumbai city is known as the business capital of India, it being the country's principal financial and communications centre. The city has the largest and the busiest port handling India's foreign trade and a major Interntional airport. India's largest Stock Exchange which ranks as the third largest in the world, is situated in Mumbai. Here, trading of stocks is carried out in billions of rupees everyday.

Historic All India Congress Committee session was started on 7th of August 1942 at Gowala Tank Maidan. Mahatma Gandhi gave 'Quit India' call at this session. British arrested the Indian leaders soon afterwards but the momentum of the Quit India movement could not be stopped and led to the final withdrawal of the British on 15 August 1947.After independence, the state of Bombay was split into Maharashtra and Gujarat states in 1960 on linguistic basis, while the former retaining Bombay city as its capital.

Places To Be Visited In Mumbai

Gateway of India

    Mumbai's most recognized monument, the Gateway of India, was constructed to commemorate the visit of King George V and Queen Mary to the city. It's also a popular place to start exploring Mumbai. These days the atmosphere around the monument resembles a circus at times, with numerous vendors peddling everything from balloons to Indian tea.

Heritage Buildings

    Mumbai has some captivating heritage buildings where you can marvel over staggering examples of intricate colonial architecture. Some of the best are the Gothic looking Prince of Wales Museumin the Kala Ghoda art precinct, Victoria Terminus (CST) railway station, the Bombay High Court and the buildings of Horniman Circle in the Fort area. The feature of Horniman Circle is its huge gardens, which provide a welcome respite from the hustle and bustle of the city. Also have a wander past the historic 18th century homes in Khotachiwadi village.

Haji Ali

    The imposing Haji Ali is both a mosque and tomb. It was built in 1431 by wealthy Muslim merchant and Sufi saint Pir Haji Ali Shah Bukhari, who was inspired to change the course of his life after going to Mecca. It also contains his body. Situated in the middle of the ocean, Haji Ali is only accessible during low tide from a narrow, 500 yard long walkway.

Caves and National Park

    In contrast to its millions of inhabitants and sprawling development, Mumbai surprisingly also has a national parklocated within its limits and the many ancient Buddhist caves, which have been hand carved into volcanic rock there. More caves, dedicated to the Hindu Lord Shiva, can also be found on Elephanta Island.

Juhu and Marine Drive Chowpatty Beaches

    The Juhu Beach in Mumbai is one of the most famous Indian beaches.It is located approximately 18 km from the city center and is a desired location for most film shootings.

Kala Ghoda Art Precinct

    Kala Ghoda, meaning "Black Horse" in reference to a statue that was once located there, is Mumbai's cultural center. This crescent-shaped stretch is home to Mumbai's best art galleries and museums. It's also filled with cultural spaces, including some wonderful pavement galleries.

Total Number Of Branches In Mumbai (2316)

STATE BANK OF INDIA (337 Branches)UNION BANK OF INDIA (168 Branches)SARASWAT CO-OP BANK LTD (154 Branches)THE SHAMRAO VITHAL CO-OP BANK (114 Branches)BANK OF MAHARASHTRA (103 Branches)PUNJAB NATIONAL BANK (91 Branches)YES BANK (89 Branches)SYNDICATE BANK (73 Branches)ORIENTAL BANK OF COMMERCE (68 Branches)VIJAYA BANK (61 Branches)KOTAK MAHINDRA BANK LTD (58 Branches)ABHYUDAYA CO-OP BANK LTD (57 Branches)BHARAT CO-OP BANK MUMBAI LTD (55 Branches)UCO BANK (51 Branches)ALLAHABAD BANK (46 Branches)ANDHRA BANK (42 Branches)PUNJAB & MAHARSHTRA CO-OP BANK (34 Branches)STATE BANK OF HYDERABAD (33 Branches)HDFC BANK (30 Branches)FEDERAL BANK (29 Branches)BANDHAN BANK LTD (29 Branches)IDBI BANK (28 Branches)INDUSIND BANK (28 Branches)STATE BANK OF PATIALA (26 Branches)UNITED BANK OF INDIA (24 Branches)AXIS BANK (24 Branches)ICICI BANK LTD (22 Branches)THE MUNICIPAL CO-OP BANK LTD (22 Branches)STATE BANK OF TRAVANCORE (21 Branches)STATE BANK OF MYSORE (21 Branches)PUNJAB & SIND BANK (19 Branches)TJSB SAHAKARI BANK LTD (19 Branches)RBL BANK LTD (18 Branches)STANDARD CHARTERED BANK (18 Branches)STATE BANK OF BIKANER & JAIPUR (17 Branches)SOUTH INDIAN BANK (17 Branches)LAKSHMI VILAS BANK (16 Branches)KAPOL CO-OP BANK LTD (15 Branches)CANARA BANK (15 Branches)JAMMU & KASHMIR BANK LTD (13 Branches)THE ZOROASTRIAN CO-OP BANK LTD (13 Branches)NKGSB CO-OP BANK LTD (12 Branches)APNA SAHAKARI BANK LTD (12 Branches)CORPORATION BANK (10 Branches)TAMILNAD MERCANTILE BANK LTD (10 Branches)CITIZEN CREDIT CO-OP BANK LTD (9 Branches)BANK OF BARODA (9 Branches)G P PARSIK BANK (8 Branches)MAHANAGAR CO-OP BANK (7 Branches)STATE BANK OF INDIA (6 Branches)DENA BANK (6 Branches)DEUSTCHE BANK (6 Branches)CENTRAL BANK OF INDIA (6 Branches)THE ROYAL BANK OF SCOTLAND N V (6 Branches)BANK OF INDIA (5 Branches)NEW INDIA CO-OP BANK LTD (5 Branches)IDFC BANK LTD (5 Branches)INDIAN BANK (5 Branches)ING VYSYA BANK (4 Branches)KARNATAKA BANK LTD (3 Branches)KALYAN JANATA SAHAKARI BANK (3 Branches)BASSEIN CATHOLIC CO-OP BANK LTD (3 Branches)BARCLAYS BANK (2 Branches)CITY UNION BANK LTD (2 Branches)AHMEDABAD MERCANTILE CO-OP BANK (2 Branches)MIZUHO CORPORATE BANK LTD (2 Branches)JANASEVA SAHAKARI BANK LTD (2 Branches)JANATA SAHAKARI BANK LTD (2 Branches)KALUPUR COMMERCIAL CO-OP BANK (2 Branches)INDIAN OVERSEAS BANK (2 Branches)EXPORT IMPORT BANK OF INDIA (2 Branches)DCB BANK LTD (2 Branches)DOHA BANK QSC (2 Branches)HSBC BANK (2 Branches)THE NASIK MER CO-OP BANK LTD (2 Branches)THE KARAD CO-OP BANK LTD (2 Branches)SHINHAN BANK (2 Branches)SOCIETE GENERALE (1 Branches)RESERVE BANK OF INDIA (1 Branches)RESERVE BANK OF INDIA, PAD (1 Branches)SBM BANK MAURITIUS LTD (1 Branches)RABOBANK INTERNATIONAL (1 Branches)THE MEHSANA CO-OP BANK (1 Branches)THE AP MAHESH CO-OP BANK LTD (1 Branches)THE BANK OF NOVA SCOTIA (1 Branches)WESTPAC BANKING CORPORATION (1 Branches)UNITED OVERSEAS BANK LTD (1 Branches)VASAI VIKAS SAHAKARI BANK LTD (1 Branches)STATE BANK OF INDIA (1 Branches)STATE BANK OF INDIA (1 Branches)STATE BANK OF INDIA (1 Branches)FIRSTRAND BANK LTD (1 Branches)NATIONAL AUSTRALIA BANK LTD (1 Branches)NATIONAL BANK OF ABU DHABI PJSC (1 Branches)NUTAN NAGARIK SAHAKARI BANK LTD (1 Branches)B N P PARIBAS (1 Branches)BANK INTERNASIONAL INDONESIA (1 Branches)SHINHAN BANK (1 Branches)ABU DHABI COMMERCIAL BANK (1 Branches)COMMONWEALTH BANK OF AUSTRALIA (1 Branches)CREDIT SUISEE AG (1 Branches)DHANALAXMI BANK (1 Branches)BANK OF TOKYO MITSUBISHI LTD (1 Branches)CITI BANK (1 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)
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