Friday, December 9

Which Doctors Qualify For A Doctor Loan?

A doctor’s career can be full of challenges. To reach a level professionally where you generate a high income, you need to establish a well-equipped clinic and buy the necessary medical equipment. You may need the loan for constructing a new clinic, installing various necessary equipment or upgrading your old ones, employing qualified staff and expanding your clinic’s reach of treatment and facilities, modernising or renovating your clinic, or Buying office equipment, including machines, furniture, computers, fax, AC, etc.

If there is any shortage of facilities, patients may not look at you as a dependable doctor. That’s why so many financial institutes/banks are readily offering numerous kinds of Doctor Loans. 

A Doctor Loan is a type of loan that lenders offer to physicians. If you are a certified doctor looking for instant funds, you can quickly get them without collateral. 

Eligibility Conditions for a Doctor Loan: 

Lenders consider a range of factors such as experience, qualifications, the 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 must check the eligibility criteria before applying for a Doctor’s 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’s Loan, you must be

  • A self-employed doctor
  • An Indian citizen
  • Aged between 22-62 years
  • Your experience, according to your specialisation and/or qualifications, must be:
    – MBBS-For Graduate Doctors
    – BAMS/DHMS/BHMS-for Homoeopathic and Ayurvedic Doctors
    – MD/MS/DM-for Super Specialist Doctors
    – BDS/MDS-for Dentists
  • Documentation Requirements:
    – Address proof—ration card, passport, electricity bills.
    – Identity proof: Aadhaar card, voter ID, driving license, passport.
    – Employment Certificate for salaried individuals, stating a year of continuous employment.
    – Income proof (for self-employed) – Copy of previous six months’ bank statements and salary slip of salaried employees for the past three months.

In addition, doctors should also ensure that they have a good credit score to avail of a loan. Having a good credit score always comes in handy when you have an instant need for funds. Based on your repayment history, 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. 

How is EMI calculated for Doctor Loans?

The principal part of the loan, as well as the interest, are included in the EMI. A Professional Loan EMI is the fixed monthly amount you must pay on a specific date until the entire loan is repaid. You can use the EMI calculator to plan your loan amount if you seek a professional loan for chartered accountants, doctors, or other professionals. A loan EMI calculator is a web tool that helps you determine how much your EMI would be based on various scenarios. This is a free-to-use digital tool that makes borrowing wisely a lot easier. 

EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]


‘P’ denotes the principal amount

‘N’ denotes the tenure in months

‘R’ denotes the interest rate applicable every month.

Doctor Loans are of immense benefit. Whether you want to grow your practice, expand your office space or keep funds for emergencies, Doctor Loans can come to your aid.