Loans for Medical Professionals
In a country like India with billions of people, the value of a doctor or other medical professional is off the charts. The demand for medical services is essential, but unfortunately, financial constraints often limit their practice expansion and prevent them from meeting the healthcare needs of the vast majority of people. At Terkar Capital, we strive to bridge this gap by providing Loans for Medical Professionals / Doctors to fulfil their noble mission.
We will ensure that funding is not a problem in meeting the needs for practice expansion, increasing bed capacity, purchasing medical equipment, hiring staff, financing new setups etc. We do not want a lack of resources to prevent you from achieving your dreams.
Financial Instruments for Doctors
Some of the best-fit financial instruments applicable to medical professionals are those that can help them achieve their financial goals. These may include:
# Unsecured Funding
This does not require any form of security or collateral. Instead, the lender relies on the borrower's creditworthiness. As a result, having a good credit score is essential for getting approved for an unsecured loan.
# Working Capital (Unsecured)
A working capital loan is used to finance a company's day-to-day operations, such as paying employees and suppliers. Many businesses do not have consistent sales or revenue throughout the year, so they may need to borrow funding to keep operating smoothly.
# Equipment Finance
Medical professionals need expensive equipment to start a practice or hospital. So, medical equipment loans can help finance such equipment.
# Project Finance
It is financing for long-term projects like hospitals and infrastructure. Medical professionals can use it to fund new construction or expansion.
Features of Terkar Capital's Financial Assistance:
● No-collateral loans are specifically designed for medical professionals
● Quick approval and disbursement process
● Custom funding for medical professionals
● Repayment schedule that suits your financial situation.
● Expert guidance to help you navigate through the plethora of financial products
Documents required for Doctors Loan
- KYC documents of Firm/Company: GST Certificate, Udyam Certificate, PAN Card, Rent agreement/Electricity bill, Shop Act (applicable only in Maharashtra)
- KYC documents of Proprietor/Partner/Director: PAN Card, Aadhar Card, Passport size photo, Rent agreement/Electricity bill (as ownership proof)
- Financials/Income documents: Last 2-year financials: IT Return (Saral Page), COI, Balance Sheet, P&L statement, Financial notes, Form 26 AS for the last 2 years
- Statement of recent bank account activity for the past 6 months.
- Qualification documents: Degree certificate, Certificate of practice (MCI/IMA approved)
Eligibility for Doctors Loan
- Must be a licensed physician.
- 4 years of work experience after graduation is required.
- Physiotherapists need 5 years of experience after graduation.
- Must be between 25 to 65 age group to apply.
- The minimum annual income of 1 lakh INR and Two years of profitability required at the application
How to get Loans for Medical Professionals?
Terkar Capital can provide financing solutions to medical professionals. You don't have to go through the hassle of applying to multiple banks and NBFCs. Terkar Capital will take care of everything from submitting your application to the financial institution to disbursing the funds. Our expert team will handle everything for you. All you need to do is provide us with primary and master's documents.
Conclusion
We assist medical professionals in India, with a focus on loans for medical professionals and financing options to help them overcome financial constraints and expand their practice. It covers various financial instruments such as unsecured funding, working capital loans, equipment finance, and project finance that are suitable for doctors.
FAQs
What is the rate of interest?
The interest rate starts from 10.5%
Is a CIBIL score important to avail doctor loan?
Yes, while determining how much money to distribute, banks and NBFCs take into account your CIBIL score and repayment history.
How long will it take for the loan to be approved and disbursed?
Loan approval and disbursement time varies. However, we assist you with quick loan approval and disbursal within 24 hours of application clearance.
What are the reasons that may lead to the rejection of your application?
Even if you fulfil all the requirements, your application can be rejected as -
● Poor CIBIL score
● Discrepancy in the application
● High debt-to-income ratio
● Multiple loan rejections
How much should the CIBIL score be required to avail of a loan for doctors?
A CIBIL score of 700 or above is considered good to avail of a loan for doctors.
A doctor home loan is a mortgage for medical doctors that don’t require private mortgage insurance, or PMI, even with a small or no down payment.
This could potentially save a borrower hundreds of dollars off a monthly mortgage payment.
Which doctors are eligible and medico packageBelow is a list of preferred medical professionals:AnesthesiologistAnaesthetistCardiologistCardiothoracic SurgeonChiropractorSports chiropractorAnimal chiropractorClinical PharmacologistCosmetic SurgeonDental SpecialistWell, you've come to the right place!
If your Are you looking for the Best Home Loan for Doctors that's available on the market today?
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While a first home buyer is usually used to purchase a place to live, it’s easy for situations to change in the medical professions consultants can help structure a loan to suit each client’s particular situation.
