Personal Loans for Doctors to Purchase Equipment - Personal Loan Blog - Tata Capital

Personal Loans for Medical Proffessionals

Feb 28, 2017

There is a general perception that a doctor's practice is evergreen and a sort of recession-proof business. There will never be shortage of patients (aka customers). This is the reasons why lenders do not hesitate in lending to doctors if need be.

But inspite of having a stable, cash generating practice, there can be times when a doctor is facing temporary cash crunch. He might still have a lot of savings but might not want to dip into them. If such is the case, then the doctor can consider taking a person loan. It's also possible that while setting up a small clinic or laboratory, the doctor might have already taken some medical equipment loans. But some additional and unexpected expenses would have emerged and for that, personal loans are apt choice.

For doctors to get personal loan for doctors, they need to have adequate qualifications in any discipline (a person possessing the qualification of MBBS, BAMS, BHMS, BDS, GAMS etc.). Like all other personal loan customers, even doctors can choose to borrow for tenures ranging from 1 year to 5 years. But since personal loans have no collaterals except borrower's credit history, lenders will only lend if the doctor has a good credit record with decent repayment history.

These days it's very easy to apply for personal loans and lenders can send representatives at just a call. Once the application process has started, doctors would need to supply documentary proofs for establishing their income, address, identity, medical practitioner, etc. This will help the lender complete application evaluation process. Once the lenders are satisfied with borrower's financial profile, they will sanction and disburse the money at the earliest. Though it might seem easy to take a personal loan whenever there is a need, it's important to understand that it is still a very costly form of finance and should be used only in case of real needs.