For professionals, it is quite a common instance that their aspirations face a setback because of financial restraints. Accumulated savings mostly does not suffice the expenses of their professional ventures.
The unavailability of funds resulting in the inability of providing financing is an endless circle, which has been affecting our economy for decades.
Generating funds and making credit accessible to all is an answer to several problems. NBFCs and fintech companies, in this matter, have been playing a pivotal role over the years.
For instance, the Bajaj Finserv Doctor Loan is aimed at facilitating funds for medical professionals who might be thinking of setting up or expanding their practice.
With proper fund facilities, if more and more doctors manage to build their dream clinics, it is a victory for them as well as the patients.
Accessibility of funds to doctors thus also ensures accessibility of better healthcare facilities for the masses.
What is a doctor loan?
Loan for doctors is a customised credit facility for medical professionals. Few of the products available under this umbrella include –
- Personal loans.
- Business loans.
- Home loans.
- Loans against the property.
Apart from business ventures, the fund can also be utilised for personal needs like financing education, home renovation, repaying existing debt, and so on. Given below are some of the features included in a Bajaj Finserv Doctor Loan –
- Substantial loan amount.
- Flexi-loan facility.
- Quick approval and disbursal.
- Part-prepayment facility.
- Foreclosure facility.
- Convenient tenors.
- Online account access.
Bajaj Finserv also provides pre-approved offers, through which availing a loan becomes simple and time-saving. These offers are available on a host of financial products like business loans, personal loans, etc. To check the pre-approved offers, all an individual has to do is enter his/her name and contact details on the website.
Talking of the various financial tips a doctor must follow before starting a clinic, estimating the expenses which will be required for the initiative comes first. Once that is done, he/she has to determine whether savings can suffice.
On the contrary, if a doctor feels the need to avail a loan, he/she must make sure to be eligible for one. Different lenders have set different criteria under loan eligibility.
Eligibility criteria under loan for doctors
The doctor loan eligibility criteria set by Bajaj Finserv includes the following points –
- For super-specialist, post-graduate, specialised diploma, and other PG diploma, MBBS degree has to be registered with the Medical Council.
- For MDS (Master of Dental Surgery), BDS (Bachelor of Dental Surgery) has to be registered.
- For BDS/BHMS (Bachelor of Homeopathic Medicine and Surgery)/BAMS (Bachelor of Ayurveda Medicine and Surgery), minimum of 2 years of experience from medical registration.
Once you know if you are eligible for a doctor loan, you will be required to submit certain documents to prove your loan eligibility.
To avail the Bajaj Finserv Doctor Loan, the following documents will be required –
- KYC documents like voter identity card, Aadhaar card, passport, driving license, etc.
- Medical registration certificate.
There are multiple instances when a medical practice might need financing. With funding options like a Bajaj Finserv Doctor Loan, all such finance requirements can be addressed.
With the steady efforts from doctors and the assistance provided by financial lenders over the years, healthcare in India has come a long way.
Yet, it still has a long way to go. As long as there are availability and circulation of funds in the sector, healthcare can achieve the aspired goals.
Absence of financial lenders deprives professionals of fulfilling their dreams and hinders the growth of the sector.