Doctor Loan

A doctor loan is a tailored financial product designed to help medical professionals with various financial needs. These include setting up a clinic, purchasing equipment, and managing working capital. You can get a doctor loan on Bajaj Markets at affordable interest rates starting from 12% p.a. Choose a flexible repayment tenure of up to 96 months and repay the loan in a hassle-free manner. Also, benefit from quick approvals and minimal documentation, for quick access to the required funds.

Some important information about the doctor loan available on Bajaj Markets is as follows:

*Disclaimer: The mentioned details are subject to change at the lender’s discretion.

Understanding the eligibility criteria set by lenders on Bajaj Markets can help you opt for a suitable loan for doctors to open a clinic or purchase the latest equipment. This helps you apply seamlessly and increases your chances of approval. Some common doctor loan eligibility requirements are as follows:

• Indian citizen

• Age between 21 and 70 years

• Certified medical practitioner with MBBS/ PG Diploma/ BHMS/ BDS/ MS/ BAMS/ MD/ MDS/ DM/ M.Ch/ DHMS/ DNB/ GAMS or other relevant degree/s

• 1 to 5 years of work experience based on the degree

After meeting the required eligibility terms, submit the relevant paperwork for verification. Here is a list of some of the common documents required: 

• Identity proof:

  • Aadhaar card

  • Passport

  • Voter ID 

  • Driving licence

• Address proof: 

  • Electricity bill

  • Telephone bill 

  • Rent agreement

• Income proof: 

  • ITR (income tax return) filings

  • Bank statements

• Educational qualification certificate

• Passport-size photographs

A doctor loan can be utilised for personal and professional needs. Here are some common situations where the loan can be useful:

• Setting up a Clinic: Funds can be used to start or expand a private practice

• Purchasing Medical Equipment: Doctors can invest in advanced diagnostic or treatment equipment

• Clinic Renovation: A doctor loan can cover the costs of upgrading or renovating a clinic

• Working Capital: It can help manage day-to-day operational expenses

• Staff Hiring: Loans can be used to recruit skilled staff for the clinic

• Medical Education: Doctors can use the loan to pursue further education or specialisation

• Debt Consolidation: It can help consolidate multiple outstanding loans for easier repayment

On Bajaj Markets, you can apply easily for this loan online. Follow these simple steps:

• Click on the ‘CHECK OFFER’ button on this page

• Enter your basic personal details on the online application form

• Choose a loan provider from the list provided

• Enter the preferred loan amount and repayment tenure

• Submit the form for verification
  
  

Once you choose the offer, your application will be processed, and you may have to submit additional documents if required. After your application is verified, the loan amount will be disbursed to your account.

Here are some things to keep in mind prior to applying for a doctor loan:

• Loan Amount and Purpose: Ensure the loan amount matches your specific needs, whether for setting up a clinic, equipment purchase, or working capital

• Interest Rates: Compare interest rates across lenders to find the most affordable option, as even a small difference can affect the overall cost

• Repayment Tenure: Choose a tenure that provides manageable EMIs without extending the repayment period unnecessarily

• Eligibility Criteria: Check the eligibility requirements, including income, years of practice, and qualifications, to ensure you meet the lender’s conditions

• Processing Fees and Hidden Charges: Be aware of any processing fees or additional charges that may impact the total cost of the loan

• Prepayment and Foreclosure Terms: Understand the prepayment options and any associated fees to avoid penalties if you plan to repay the loan early

• Financial Planning: Ensure that taking a loan fits into your long-term financial plan and won’t strain your cash flow or other financial commitments

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.