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ICICI Bank Limited (the Bank) is a banking company. The Bank is a diversified financial services group offering a range of banking and financial services to corporate and retail customers through a variety of delivery channels. The Bank operates in the segments: retail banking, wholesale banking, treasury, other banking, life insurance, general insurance and others. The Bank provides a range of commercial banking and project finance products and services, including loan products, fee and commission-based products and services, deposit products and foreign exchange and derivatives products to corporations, middle market companies and small and medium enterprises in India. Its commercial banking operations for retail customers consist of retail lending and deposit taking and distribution of third party investment products. It also offers agricultural and rural banking products.
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
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
Vintage of Residence: Residence should be owned in the City or Hospital should be owned in the City for Min of 1 year.
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
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.
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.
Doctor loans can be avail for the following reason from the Banks and Financial Institutions.
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.