Doctor Loan

Doctor loans are available for professional doctors to help them fulfill their dream to set up their own medical clinic or hospital.You should consider this loan if,

  • You do not have immediate funds available to bear the expenses for setting up a clinic
  • You want to buy new clinical equipments for your medical clinic
  • You want to renovate/improve your clinic

Purpose of doctor loan

Some of the basic purposes for which this loan is granted include to set up a clinic or X-Ray Lab, buying new clinical equipments or for expansion, renovation, or improvement of existing clinic and many more. Banks specify the purpose for which they are willing to grant this loan.

Purposes for which loan is grantedPurposes for which loan is not granted
Clinic/ hospital constructionPersonal use
Clinic/hospital renovationLand purchase
Medical equipment purchaseWedding or vacation

Doctor Loans can be further classified into three categories: Secured Doctor Loan, Medical Equipment Loan and Unsecured Doctor Loan

Secured Doctor Loan

This is a mortgage loan which can be availed by both salaried and self employed doctors against the mortgage of their property. Banks and financial institutions offer this loan against the mortgage of a residential or commercial property to set up a medical clinic, nursing home or to buy medical equipments. Medical Equipment loans are also available against the hypothecation of equipment purchased. Secured loans are also available to purchase ambulances, which have to be registered with RTA (Road Transport Opeartor) and hypothecated in the name of the bank. The loan amount depends on the type of property and the market value of the property of the property as assessed by the bank. Key features of these loans are:

  • Loan against mortgage of residential or commercial property available
  • Loan amount of ₹ 50,000 to ₹ 8 Cr can be availed
  • Loan tenure of 12 to 84
  • Interest rates starting from 8.15%

Medical Equipment that can be financed

Some of the medical equipment for which loans can be availed include

  • CT Scanners
  • Sonography Machines
  • MRI Machines
  • X-Ray Machines
  • Other equipments also financed.

Unsecured Doctor Loan

Unsecured loans can be availed without pledging any collateral security. These loans are quick loans and can be availed for a shorter tenure. Beside enhancing your business, you can also take this loan to upgrade your medical equipments or instruments to offer the best possible diagnosis and treatment to the patients. Many banks and finance companies in India offer specially designed and customised unsecured business loans to doctors on the basis of their financial statements, work experience and CIBIL score. Key features of these loans are:

  • Loans can be taken without pledging any property as a collateral security
  • Loan amount of Rs. 1 crore and above can be availed
  • Loan tenure may range from 1 year to 3 years
  • Interest rates starting from 13.50%

To know more about business loans and its eligibility, click below

Doctor loan benefits

  • No requirement of guarantors or collateral
  • Fast turnaround with loan approval in as quick as a few hours
  • Low interest rates compared to rates offered to other self employed professionals
  • End use can include construction of clinic, renovation or purchasing various equipment for medical use
  • Loan tenure can be as long as 5 years
  • Option of fixed and floating interest rate
  • Flexible repayment tenure options available
  • Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score and income proofs