Whether you run a speciality clinic or a hospital, you still must treat it as a business, which means investing time, effort, and resources to better your services. And the festive season is an opportune time to give your medical practice the boost it requires.
The pandemic has reinstated the need for better medical infrastructure, and now’s the best time to do it. With enough capital, you can set up whole new wings, upgrade machinery, or even hire more staff to ensure that your patients get the best care. However, such undertakings are costly, and you may not have enough to fund them yourself. This is when offerings like the Bajaj Finserv Doctor Loan serve as viable financing tools. Whether you’re looking for a loan for a dental clinic or any other speciality, you can avail of the funding you need with ease. Read on to know more about the doctor loan eligibility criteria and the offer features.
Eligibility criteria for a Doctor Loan
Meant for medical professionals, this is a specialised business loan, which you can use to fund all your business-linked needs with ease. The best part about this loan is that you can qualify for it by simply using the hassle-free doctor loan eligibility criteria. This makes accessing funds for immediate expenses comfortable and reliable.
All the requirements are linked directly to your professional qualification, and the terms you need to meet are as follows:
Type of degree | Minimum experience |
Super specialist I and II, postgraduate I, postgraduate II, specialised diploma, or PG diploma | MBBS degree to be registered with medical council |
MBBS | Post-registration with medical council |
BAMS/BHMS | 2 years from the date of medical registration |
MDS/Dentist | 5 years from the date of medical registration |
Now that you know all about the doctor loan eligibility criteria, here is a quick overview of the different features you can avail of.
Ample collateral-free sanction
As a medical professional, running a practice well means having state-of-the-art equipment, an immaculately clean environment, a highly qualified team, and more. All of these call for a sizable amount of financing, and you can get such an amount quickly with a Bajaj Finserv Doctor Loan. This is an unsecured loan, meaning you don’t have to pledge any assets, and you can get approved for up to Rs. 42 lakh, based on your profile.
Restriction-free usage
Bajaj Finserv offers medical professionals a sanction that has no spending restrictions. For instance, it can serve as a loan for a dental clinic or a diagnostics lab, and you can handle all associated costs without any hassles. Any of your practice’s intrinsic requirements can be paid for, making it a far better option than many other secured offerings.
You can use this sanction to:
Flexible repayment options
The cost of crucial, life-saving equipment such as ultrasound machines, ECGs, angiography machines etc., is hefty. Apart from equipment, needs like maintaining a safe and hygienic environment or getting super specialists on board may require you to stretch your finances. What’s important here is that all these expenses may not arise simultaneously and can crop up unexpectedly, time and again.
For expenses that crop up as your business progresses, the Flexi loan facility is beneficial. It allows you to withdraw from your approved loan limit when you need to and enable you to prepay at no extra charge when you can. Further, you pay interest only on the amount you withdraw and not the entire sanction. As such, you can control your outgo optimally and ensure your practice’s reserves stay healthy, even as you pay for upgrades.
Lengthy tenor paired with a competitive rate
The terms of this loan are based on your professional profile, and thus, repayment can be quite easy to manage. As a doctor, you can secure an affordable interest rate on your loan for a dental clinic or regular doctor loan or medical equipment loan. What’s more, repaying a big-ticket loan isn’t a problem either, as you get access to a tenor that ranges up to 96 months.
This ensures that your EMIs never eat into your revenue or put you in a position where you can’t pursue other investments or huge expenditures. With an extended tenor, you can space out your EMIs in such a way that your financials are never eroded.
With simple doctor loan eligibility criteria and best-in-class features, Bajaj Finserv is your go-to financing partner. You can receive funding quickly – all you have to do is apply online by filling a simple form. In just a matter of minutes, you get approval and can have the entire sanction disbursed to your account.
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