Business Loan for Doctors

As a doctor looking for a loan to purchase medical equipment, set up a clinic, or fund other professional activities, quick and convenient business loans for doctors are available on Bajaj Markets.

You can get up to ₹50 lakhs, with interest rates starting at 14% and a maximum tenure of 96 months to finance both short-term and long-term business needs.

There are two types of eligibility criteria that you need to fulfil to be eligible for a business loan for doctors. First, meet basic eligibility terms, such as:

• Nationality: You must be a citizen of India

• Occupation: You must be a self-employed doctor

• Age: Your age must be between 21 and 60 years

The second set of eligibility criteria includes work experience-related requirements depending upon your specialisation. The following table illustrates these conditions:

Lenders ask for certain documents to verify the information you provide. While this varies across lenders, there are some general documents you will need to submit for a business loan for physicians. These are:

• Identity Proof: 

  • Aadhaar Card 

  • Voter ID Card 

  • PAN Card 

  • Passport 

• Address Proof:

  • Aadhaar Card 

  • Passport 

  • Voter Card 

  • Driving licence 

  • Utility bills 

  • Rent agreement

• Proof of Income: Income tax return certificate

• Qualification Degree: A valid medical degree that authorises you to practise as a doctor in India

Business loans can play a crucial role in helping doctors enhance their practice and improve patient care. Here are some of the ways the funds can be utilised:

• Practice Expansion: Utilise the loan amount to establish new clinics or branches, allowing doctors to serve more patients across different locations

• Equipment Purchase: Finance the acquisition of advanced medical equipment and technology, improving diagnostic and treatment capabilities

• Clinic Renovations: Upgrade or renovate existing facilities to create a more comfortable and modern environment for patients

• Working Capital: Manage day-to-day expenses, including salaries, utilities, and medical supplies, ensuring smooth operations

• Staff Recruitment: Hire qualified medical and administrative staff to enhance patient care and operational efficiency

• Marketing Initiatives: Invest in marketing campaigns, including digital marketing for wider reach

To apply for a business loan tailored for doctors, follow these straightforward steps:

• Click on ‘CHECK OFFER’ on this page

• Complete the form with your personal, professional, and practice-related information

• Select a loan provider from the available options

• Specify the loan amount you wish to borrow along with your preferred repayment term

• Review all the details you've entered and submit your application

Once your application is processed, the lender will disburse the approved amount.

Before applying for a business loan, it’s essential to evaluate your financial needs and repayment capacity. Consider the following:

• Loan Amount: Determine the exact amount you need and how it aligns with your practice goals

• Interest Rates: Compare rates from various lenders to secure the suitable terms

• Repayment Terms: Ensure the loan tenure and EMI fit comfortably within your budget

• Documentation: Prepare all necessary documents, such as financial statements and tax returns, for a smooth application process

• Credit Score: Check your credit score, as it can significantly impact your loan eligibility and interest rates

• Lender Reputation: Research potential lenders to ensure they have a good track record and customer service

After securing the loan, focus on these important aspects:

• Cash Flow Management: Monitor your finances closely to ensure timely repayments

• Utilisation of Funds: Stick to your planned expenditures to maximise growth and efficiency

• Budgeting for Repayments: Create a budget that includes loan repayments alongside other operational costs

• Regular Review: Continuously assess your financial situation and adjust strategies as needed

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.