Mudra Loan for Doctors

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Every single Indian permanent resident that has set up business operations in India can apply for a Mudra Loan, provided they meet the laid out eligibility criteria by the powers that be. That also includes the portion of the society of Indian entrepreneurs that have entered the business of healing. However, when it comes to Mudra Loan for Doctors, things can get a little bit tricky at times, depending upon the nature and the length of time they have been successfully running the establishments.

Mudra Loan for Doctors - Eligibility Criteria

Some of the parameters based on which the institutions have constructed the eligibility criteria are the likes of citizenship status, the number of years the doctor in question has been running the practice actively, the kind of income it generates on an annual basis, and the sub-section of the medical field does the establishment belongs to, among others. What you will find below is a table containing the eligibility criteria laid out for the individuals who want to avail of a Mudra Loan for Doctors.

Line of work	Doctors(Allopathic Practitioners, Homoeopathic Practitioners, Ayurvedic Therapists and Dentists)
Minimum Required Qualification	Recommended Specialization MD/DM/MS; Minimum Graduation Requirements MBBS Dentists MDS/BDS Homoeopathic and Ayurvedic BAMS/BHMS/DHMS
Minimum Age Requirement	25 Years of age
Maximum Age Limit	65 (At the time of maturity of the loan)
Minimum Income earned Annually	₹1 Lakh
Minimum years of Profitable Operation	2 years at the very least
Minimum Recommended Post Qualification Residential Experience	Super Specialists None Graduate Doctors 2 Years Dentists 5 Years Homoeopathic/Ayurvedic 6 Years – 15 depending on qualification

List of Documents Required

Below is the list of documents that the individual will need to apply for a Mudra Loan for Doctors:

2 passport-size photographs
Photocopy of any of the following documents that are self-attested which can be later used as an identity card: (Examples: PAN Card, Aadhaar Card, An ID to Vote, Bank Passbook, Passport, or a copy of the driving license)

Any certificate which is government-issued and can count as an address certificate,(Accepted form of documents: Aadhaar Card, Certificate of Residence, Bill of Electricity and Bill of water supplies, among others. They will need to be self-attested as well.
Bank statements going back at least 3 months
A copy of your caste certificate: Such a document will be especially useful when the prospective beneficiary is a member of a reserved caste group.
Business Address Certificate which can count as one’s business identity and proof of address. It must also be submitted with a self-attested copy of your license, the registration certificate and/or any other documents pertaining to your business. Such documents will be the proof of the fact that you are indeed the owner of a medical practice venture.
Copy of an inventory purchase bill, which is only applicable if one is taking a Mudra Loan for Doctors with the intention of expanding their business.

How to Apply Mudra Loan for Doctors?

With the self-attested photocopies of the documents mentioned above, you can proceed with the application process of Mudra loan for Doctors. Here are the steps that must be followed for the offline Mudra Loan application process.

Find the nearest bank/financial institution which grants Mudra Loan for Doctors: Only a select group of banks and financial institutions are authorised to give a Mudra Loan for Doctors. They must find an authorised bank/financial institution that will grant them the same.
Fill the application form: They must ask for the Mudra Loan application form and make sure that they fill the form correctly and in the prescribed manner. After completing the form-filling process, all of the necessary documentation will have to be attached and then subsequently submitted to the bank or the lending company.

Keep track of your Mudra loan Application Status: Post the submission of the Mudra Loan application form, the prospective beneficiary can stay in touch with the officials representing the lender to check the status of their Mudra Loan(s). At the time of applying for the same, they will be assigned unique identification-related credentials that can be used to check the status of their Mudra Loans.

Suppose, for some reason; a medical practitioner cannot avail of a Mudra Loan. In that case, they can always apply for a business loan through Bajaj Markets and use the advantages the portal and its lending partners provide. Some of the highlighting features of a business loan acquired through Bajaj Markets are instant approval, long repayment tenures, competitive interest rates, among others.