Business Loan for Doctors

• Healthcare professionals, especially doctors, can avail business loan for physician to meet the business related financial requirements of doctors, such as clinic expansion, purchase of medical equipments, setting up new ventures, etc.
• Interest rates are competitive with flexible repayment tenure ranging from 5 - 8 years.
• Lenders offer loan amount based on the repayment capacity of the borrower.
• The loan is usually disbursed within 24 - 48 hours.
• Applicants can experience digital application process with minimal documentation.
• Select customers can also avail pre-approved loan offers.

Eligibility criteria for business loan for physician usually depends on their age, credit score, medical registration, minimum monthly income and their professional experience. Below-mentioned is the eligibility criteria of doctors planning to avail business loan.

• The minimum age of the health professional applying for business loan for doctors should be 21 years and the maximum age at the time of loan maturity should be 80 years.
• Self-employed doctors running clinics, nursing homes, hospitals, etc. are eligible for business loan for doctors.
• Applicants should have minimum receipts of Rs. 2.5 lakh.
• The applicant should have been in the current profession for atleast 2 years.
• Applicants having a minimum credit score of 650 and above usually have higher chances of loan approval.
• The degree of the applicant should be registered with the medical council.

Note that, the eligibility criteria varies from lender to lender. Therefore, one should check their loan eligibility with the respective lender before applying for a business loan.

Below-mentioned are the documents required by the lenders during business loan application:

• ID proof/Address proof - Aadhar card, passport, voter ID, PAN card, driving license.
• Income proof - Bank statement for last 6 months, 2 years ITR along with income computation, Form 16/26AS of consulting doctors, trade license, establishment certificate.
• Certificate of medical registration.
• Proof of highest professional degree.

Business loan documents for doctors/medical practitioners vary from lender to lender. Applicants must get a list of documents from the respective lender before loan application to avoid any chances of delay or loan rejection.

Follow the below-mentioned tips to get a business loan easily.

• Maintain a strong credit score.
• Have a stable business income.
• Opt for the right loan type.
• Apply with the right lender.
• Compare multiple lenders using fintech platforms.
• Get a list of all the documents before loan application to avoid any delay in loan processing.
• Check your eligibility with the lender to increase your chances of loan approval.