Some of the basic purposes for which bank grants this loan are mentioned below:

• Loans for hospital and nursing homes: There are special schemes for hospital loans that are designed to provide funds for medical practitioners who want to set up a new medical clinic/hospital/ nursing homes or want to renovate their existing hospital premise.
• Loans for Diagnostic centres and Pathological laboratories: These loans are sanctioned to those who want to set up their diagnostic centres and pathological laboratories.
• Loans for Specialised clinics: These loans are taken by the practising doctors to set up specialised clinics which includes the following
  • Skin Clinics
  • Dental Clinics
  • Eye Centres

Documents required to avail a loan for doctors are listed as follows:

• 2 Passport Size color Photographs
• Filled Application form
• Identity Proof such as PAN card, Aadhar card, Driving License.
• Address Proof such as Aadhar card, voter ID or utility bills like water, gas or electricity bills.
• Qualification Proof such as degree certificates, passing certificates , marksheets.
• Last 3 months Pay-slips in case of salaried and last 2 years income tax returns for self employed
• 6 months Bank Statements
• Proof of ownership in case of self owned clinic or hospital

You may be eligible for physician loan in India from top banks if you meet the following doctor loan eligibility criteria:

The following set of degrees are required to apply for loan for doctors

• MD/DM/MS for Super Specialist Doctors
• MBBS for Graduate Doctors
• BDS/MDS for Dentist Doctors
• BHMS/BAMS for Ayurvedic and Homeopathic Doctors
• DHMS for Homeopathic Doctors

While you can apply for a doctor loan by visiting the nearest bank branch or the bank's online website. However, to get the best offers on a doctor loan, you must apply for a loan with an online marketplace like MyLoanCare. Below mentioned are the steps to apply for the same.

• Visit the official website of MyLoanCare.
• Go to the Doctor loan tab.
• Provide all required details like Name, mobile number, place of residence, educational degrees, etc
• Now, enter the OTP (One Time Password) received on the provided mobile number.
• Now, fill the further details such as specialization, date of birth, gender, current EMIs, etc
• Click on ‘Submit’
• Now select the best offer for you
• Click on ‘Apply’
• Our Sales Executive will call you to help with the procedure ahead

Banks and finance companies offer this loan to multiple categories of doctors which includes the following:

• Loan for Salaried Doctors: The loans are taken by those medical practitioners who work with hospitals or clinics and have a regular source of income. They need to have obtained their medical degrees at least 1 year before the date of applying for a loan to be eligible to get this loan.
• Loan for Self Employed Doctors: These loans are designed for doctors who have their own practice, want to set up their own clinic, nursing home or hospital or those who intend to expand their medical clinic or hospital. The self-employed doctors can also use the loan to buy medical equipment and build other medical facilities in their clinics or nursing homes.

Banks and financial institutions offer secured doctor loans when you pledge a residential or commercial property to set up a medical clinic, nursing home or to buy medical equipment. Medical Equipment loans are also available against the hypothecation of equipment purchased. In addition, secured loans are also available to purchase ambulances, which have to be registered with RTA (Road Transport Operator) and hypothecated in the name of the bank. Financial institutions decide the loan amount by assessing the type of property and the market value of the property. The interest on secured loan is comparatively lower in comparison to unsecured loans for doctors. Also, secured doctor personal loan are offered with a higher loan amount.

Medical Equipment that can be financed

Some of the medical equipment for which loans can be availed include

• CT Scanners
• Sonography Machines
• MRI Machines
• X-Ray Machines

Unsecured doctor loans are the loans which can be availed without pledging any collateral security. These loans are quick loans and can be availed for a shorter tenure. Beside enhancing your business, you can also take this loan to upgrade your medical equipment or instruments to offer the best possible diagnosis and treatment to the patients. Many banks and finance companies in India offer specially designed and customised unsecured business loan for doctors on the basis of their financial statements, work experience and CIBIL score. Key features of these loans are:

• Loans can be taken without pledging any property as a collateral security.
• Loan amount of ₹ 1 Cr and above can be availed.
• The tenure of doctor loan ranges between 12 months to 60 months.
• Interest rates starting from 10.50%.

Here are a few tips which will help you to improve your chances of getting your loan application improved.

Improve Credit Score – It is very important to have a good credit score because having a lower credit score may increase the chances of getting your loan application rejected by the lender. Whereas, a higher credit score above 750 increases the chances of getting your loan approval with a lower interest rate.

Avoid multiple loan applications – Applying for multiple loan applications increases the probability of the loan being rejected as each query gets captured in your credit report and multiple queries can make you seem credit hungry.

Choose your Bank wisely – Before taking this loan, you are advised to do a thorough research on Banks that offer best rates on doctor loans. You should strive to identify the bank which offers fast service with a low interest rate. Negotiate and apply for a loan through online marketplaces like MyLoanCare to get best deals on rates and processing fees.

Business Existence – Banks will consider giving a loan to doctors with minimum 3 years of practising experience either as a salaried or a self practitioner .

Apply for a loan amount based on your repayment capacity – Determine the loan amount that you can easily repay in future. If you apply for a loan amount which is higher than your eligibility, it can create doubt in the mind of the lender and lead to rejection of your application.

Maintain proper accounts and financial information- It is extremely critical that you have your GST registration in place. Also, it is advisable to keep an audited record of your financial statements. Ensure that you receive and deposit your fees into your bank account as it allows the lenders to get a real understanding of your monthly inflow and outflows.