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A Guide to Loan against Property for Doctors

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  • Highlights

  • What Is a Doctor Loan?

  • How to Apply For a Loan for a Doctor?

  • Documents Required For Doctors Loan

  • The Doctor Loan Eligibility Criteria

  • Top Three Features and Benefits of Doctors Loan

Doctors in India are entitled to avail of loans specially designed to fulfill their financial requirements. This article will serve as a guide for a doctors’ loan. First, let’s take a look at: 

What Is a Doctors’ Loan

It is a special loan for doctors employed in a private or government establishments. It can also be availed of by those employed as consultants. A loan against property for doctors is a secured type of loan to satisfy the financial needs of doctors who are looking to expand their operations.

How to Apply for a Loan for Doctors

Loans for doctors are granted on aspects like experience, qualification, annual income, and profit incurred. Once a doctor meets the parameters, they can apply for loans for doctors in India via channels like SMS, phone calls, or by physically visiting the branch. The easiest way, however, is to apply online. Once the application form is submitted, the representatives from the lending institutions then get in touch with the borrower and help complete the process.

Documents Required for Doctors Loan

The documents required to apply for a doctors’ loan are as follows:

  1. KYC documents
  2. Medical registration certificates

Most lending institutions specifically ask for:

  • Income tax returns
  • Balance sheets
  • Two years' profit and loss account statements
  • Copy of ownership documents for the property that will be pledged

How Can a Borrower Improve Their Doctor Loan Eligibility

Some of the essential factors a doctor must keep in mind when applying for a loan are as follows:

  • They must make sure they have a consistently high credit score
  • They must choose the lender wisely from whom they wish to avail of the loan irrespective of the purpose (whether it is a loan for dental clinic in India or other kinds of doctors’ loan) 
  • They must not apply for multiple doctors’ loans
  • If a doctor has any existing loans, they must clear EMIs before applying for a new loan
  • They must only apply for a loan amount which they can repay on time without ever defaulting
  • They must maintain an audited record of financial statements
  • They must ensure that they check their credit scores regularly 

The Doctor Loan Eligibility Criteria

Doctors loan eligibility is easy to meet. The doctor loan eligibility criteria are as follows: 

  • Super Specialists (MD/DM/MS degree holders): At least two years of post-qualification experience
  • Graduate Doctors (MBBS degree holders): Minimum two years of post-qualification experience
  • Dentists (BDS/MDS degree holders): Minimum two years of post-qualification experience
  • Homeopathic and Ayurvedic Doctors (BHMS/BAMS degree holders): Minimum two years of post-qualification experience  Some lenders may mandate owning a house or a clinic where the lending institution operates.

Top Three Features and Benefits of Doctors Loan

  1. Significant loan amount sanction

    A doctor can avail of Rs.5 crore of more for their financial needs.

  2. Quick and hassle-free doctors loan processing

    The doctors' loan online application process requires minimal documentation. It usually takes 24 hours* to get approval. This helps save time and meets urgent expense requirements on priority.

  3. Flexible Loan Repayment Tenors

    A doctor can withdraw the entire loan amount in parts per their convenience. They can pay their EMI and part-prepay during the loan tenor.

    Loans for doctors in India offer other benefits like pre-approved medical equipment loan, doctors' loan for clinic. Besides, they can access property search services, online account management facilities, and other exciting pre-approved offers.

Concluding Thoughts

If a doctor is an ideal match for a doctors’ loan, they may be able to get a higher loan amount sanctioned. Hence, it is essential to be thorough with the eligibility criteria before applying for a loan.

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