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Healthcare professionals, particularly doctors, often require financial support to manage and expand their practices, acquire new medical equipment, or start new ventures. Understanding this need, tailored business loans for doctors are designed to provide the necessary financial backing with ease and flexibility.
Secure access to funds for setting up a clinic or purchasing medical equipment.
Avail of competitive interest rates to manage your finances efficiently.
Expand your practice or invest in advanced medical equipment to enhance patient care.
Scale your practice and reduce workload by hiring dedicated staff.
Enjoy a streamlined application process with minimal documentation.
Benefit from special deals for doctors such as lower processing fees, pre-approved loan offers, and personalized services.
1. Three unique variants
Doctors can choose from three loan variants – term loans, overdraft facilities, or Flexi loans, each designed to suit different financial needs and repayment capabilities.
2. No part-prepayment charges on the flexi variant
Flexi variants allow for easy part-prepayment without any additional charges, providing more control over the interest costs.
3. Loan amount of up to Rs. 55 lakh
Substantial loan amounts up to Rs. 55 lakh cater to various needs, from upgrading clinic infrastructure to investing in new technology.
4. Convenient tenures of up to 8 years
Long-tenure options give doctors the leeway to manage repayments without disrupting their financial stability.
To secure a business loan for doctors, you must meet the following eligibility criteria:
You must be an Indian citizen
Your age must be between 22 and 80 years
You must have a strong CIBIL score of 685 or higher
Your degree must be registered with the Medical Council
When applying for a business loan for medical practice, you must produce the following documents:
You can easily apply for a business loan for doctors online. All you need to do is follow these steps:
Step 1: Visit the official website of your preferred lender and navigate to the 'Business Loan for Doctors' section.
Step 2: Verify your eligibility and click on 'Apply Now.'
Step 3: Fill out the online application form with your personal and financial details.
Step 4: Upload the required documents and click on 'Submit.'
The lender will verify your application and documents to determine if you're eligible for the loan. Once your application is approved, the lender will sanction the loan amount and disburse it to your bank account.
| Type of charge | Applicable fee |
|---|---|
| Rate of interest | 11% to 22% per annum |
| Processing fee | Up to 2.99% of the loan amount |
| Documentation charges | Up to Rs. 2,360 (including taxes) |
| Prepayment charges |
Foreclosure - Up to 4.72% |
| Annual maintenance charges | Up to 0.59% |
| Bounce charges | Rs. 1,500 per bounce |
| Stamp duty | As per actuals |
| Switch fees | Up to 1.18% of the loan amount |
*The interest rates and charges are subject to change and vary from lender to lender. For a more accurate value, please visit the official website of your preferred lender.
Doctor loans work similarly to other types of loans. The borrower needs to fill out the application form and submit the required documents. The lender then assesses the borrower's application to determine if they're eligible for the loan. Once the lender approves the loan, they sanction and disburse the loan amount.
Yes, a CIBIL score is important for availing loans for doctors. A good CIBIL score reflects your creditworthiness and repayment history, making it easier to secure a loan with favourable terms.
The maximum loan amount for a doctor loan varies from lender to lender. With Tata Capital, you can avail of a doctor loan amount of up to Rs. 55 lakh.
In India, doctors can get a loan ranging anywhere between Rs. 10 lakhs to Rs. 6 crores. However, this amount varies from lender to lender. So, make sure to check the official website of your preferred lender to determine the maximum loan amount.
At Tata Capital, you can avail of professional loans for doctors for a flexible repayment tenure of up to 8 years.
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