The medical devices industry in India is expected to grow at a CAGR of 28% to attain a value of Rs. 3,556 billion by the end of 2025. The prices of medical equipment are also expected to rise gradually owing to the same. Hence, to meet the financial requirements, you can avail of financial aid from such a source that will offer you various benefits.
To address this situation, financial institutions have introduced physician loans to aid individuals in availing credits on favourable terms.
Here is all you are required to know about such credits –
Online application procedure
To apply for a loan for doctors online, you are required to visit the official website of a lender that you want to avail of such credits from. You have to submit an application form along with a set of necessary documents. After successful verification of the documents, a loan will be sanctioned and disbursed to your personal account.
Eligibility criteria
Individuals are required to fulfill the criteria mentioned below to be eligible to avail a doctor loan –
- Be an Indian citizen.
- Be a self-employed doctor who holds a registration certificate with the concerned authorities.
- Aged between 25 and 65 years.
Required Documents
Doctors who are looking for a medical equipment loan are required to submit the documents mentioned below –
- Identification proof
- Certificate of a medical degree
- Income proof including account statements for the previous 6 months and IT returns for the past 2 years.
- Address proof
Benefits of physician loans
The benefits of availing a loan for doctors are mentioned below –
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High loan amount
Every doctor requires access to essential devices like a thermometer, stethoscope etc. However, based on the speciality the requirements can be diverse. For instance, a cardiologist requires an EKG machine and an ENT specialist requires spirometers. Hence availing a credit that offers a high loan amount becomes crucial.
Hence, in case of loans for doctors, you can avail an amount of Rs. 37 Lakh. It ensures that you have sufficient funds for buying the right medical equipment.
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Extensive range of tenor options
Financial institutions offer a loan tenor of up to 96 months in case of physician loans. It ensures that you can repay your debt conveniently by opting for a tenor suitable to your repayment capacity.
Also, you will not be required to stretch your working capital as you will be able to pay your EMI’s gradually as your business gains profit. It is one of the main reasons to avail of a business loan for doctors to finance the equipment costs.
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Convenient repayment terms
There can be an instance where you are looking to expand your clinic and require financial aid for that. However, you want the expansion to be slow and do not need all the sanctioned funds at once. To address this scenario, financial institutions like Bajaj Finserv introduced the Flexi Loan facility against physician loans.
It ensures that you withdraw the total sanctioned amount in parts according to your convenience. Interest will be charged only on the amount you utilise. Also, this facility entitles you to repay the debt according to your convenience. You can pay only the interest as EMIs and repay the principal part at the end of the tenor. You can repay and re-withdraw funds from the sanctioned amount as many times you required during a loan tenor.
They also provide-pre-approved offers against such credits to reduce the time required to avail them and to ensure that the process is convenient. These pre-approved offers are valid on a plethora of financial products and services, including home loans, personal loans, and business loans. You can check your pre-approved offer by providing a few essential details like your name and phone number.
Loans for doctors have emerged as an exceptional financing option for medical professionals. Make sure that you opt for a credit from a lender who offers affordable medical equipment financing rates to help you repay the loan amount easily.