Financial institutions in India provide both secured and unsecured physician loans intended to help medical consultants and practising doctors. Whether a medical professional desire to expand his practice or buy a new home, availing additional financing can help him meet all the requirements, without depleting his/her savings.

Moreover, getting a loan for doctors is easier and faster nowadays thanks to attractive interest rates, speedy disbursal, convenient repayment tenors, etc. So, as a medical professional, if you need immediate access to substantial funds, you can apply for a loan for doctors with a reputed NBFC in India.

Check out the eligibility criteria for physician loans so that your application gets approved without any hassle.

Physician loans eligibility checklist you must know  

Eligibility criteria vary with different types of loans for doctors. Therefore, make sure to fulfil the requirements of your preferred loan scheme.

Unsecured advances: Personal and business loans   

Personal and business loans for doctors are available up to Rs. 30 Lakh and can be utilised for a variety of purposes. Some of those can be – opening a new clinic, purchasing state-of-the-art equipment, improvising clinical laboratory, renovating the clinic, funding higher education, covering wedding expenses, consolidating debts, catering to medical urgencies, etc.

Eligibility criteria:

  1. MBBS (Graduate doctors) should possess at least two years of experience post qualifying.
  2. MD/MS/DM (Super-specialist doctors) need not possess any minimum experienced after qualifying.
  3. BDS or MDS (Dentists) must practice for five years at the least post qualifying to avail an unsecured loan for doctors.
  4. DHMS (Homoeopathic Doctors) need to hold 15 years of minimum experience and also own a clinic or a house.
  5. BAMS and BHMS (Ayurvedic and Homoeopathic doctors) should have a minimum practice experience of 6 years. They must also possess ownership of a house or a clinic to avail these physician loans.

Secured advances: Loan against property and home loan

Medical professionals can apply for higher amounts of up to Rs. 2 Crore as home loan and loan against property for doctors. One can avail the later for big-ticket expenditures such as expanding your existing practice, buying equipment for nursing home, etc. and a home loan to finance the purchase of a residential property,

Eligibility criteria:

  1. Doctors with an MBBS degree must have three years of experience after they have qualified.
  2. MD, MD or DM degree holders need to possess a minimum post-qualification experience of at least three years.
  3. Homoeopathic and Ayurvedic doctors holding BAMS and BHMS degrees should own a property (clinic or home) and possess a minimum experience of six years.
  4. Doctors holding a DHMS degree must have 15 years of experience. They should also own either a clinic or a residential property.

Often, a few financial institutions allow ownership of a property on the applicant’s parent’s name. Make sure to inquire about all such eligibility criteria for physician loans provided by your chosen lender and take the necessary steps to build a profitable medical practice.

Apart from the above points, the CIBIL score is another crucial eligibility criteria an applicant has to meet. Scored on the scale of 300 to 900, CIBIL score reflects the creditworthiness of an individual and how he/she has handled finances previously. An applicant must have a credit score of at least 750 to qualify for a loan.

Along with the eligibility criteria for physician loans, submission of the correct documents is also essential for approval. Typically, one may need to submit the following.

  • For unsecured loans: Certificate of medical registration and KYC documents.
  • For secured loans: Certificate of medical registration, KYC documents, copy of the mortgaged property papers, balance sheet, IT returns, P/L account statements.     

Once the eligibility requirements are met, one can apply for an appropriate loan for doctors either online or offline.

For instant approval with minimal to zero documentation, go for pre-approved offers which not only make the process of getting funds simplified but also less time-taking. Leading NBFCs such as Bajaj Finserv bring attractive pre-approved offers on a variety of financial products like business loans, home loans, personal loans and more. You can check your pre-approved offer now by providing a few necessary details.

If you think you don’t need a loan, ask your patients, and you’ll get an idea about which areas of your practice to enhance. Enhance your financial management skills with an appropriate loan for doctors.

Jaspreet Kaur is a professional blogger and Co-founder of . She is a part-time blogger, well acclaimed for his blogs on topics like - lifestyle, health, travel, fashion, entertainment and much more. She is read by thousands of people daily from around the world.

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