The physicians loans enable registered medical practitioners to meet their exigent cash needs in their personal or professional lives. Banks and NBFCs in India prefer lending loans to doctors and other professionals. These loans feature high loan amounts, competitive interest rates, and flexible repayment time. It is for this reason that these loans are gaining rising popularity with time. Here are the key points that you should know before applying for the Doctors Loan. 

Doctor Loans are available for doctors who are in professional practice. 

If you are looking for physicians loans, please remember that these loans are available only for physicians who are serving as self-employed professionals. In case you are employed with any healthcare organization, you may not qualify for these loans. Most importantly, you should be registered with the medical council in India at the time of application for the loan. You should be able to produce your qualification proof and credentials that validate your association with the medical council to consider eligible for the Doctor Loan. 

You must have completed a few years of continuous professional engagement to get the loan. 

To qualify for the Doctors Loan, it is essential that you should have completed specific years in offering similar scopes of services. The minimum years of continuous professional services vary from one lender to another. With higher experience, you certainly qualify for a higher loan amount. In addition, you should not be over 65 years of age at the time of applying for the loan. 

Lenders prefer lending to a medical practitioner with Malpractice Insurance. 

The lender will always expect the borrower to complete the repayment smoothly. If you ever get accused of any malpractices, it is likely to hamper your continuous professional services, and consequently, you might find it impossible to complete the repayment. Hence, the lender will likely ask the applicant to get professional malpractice insurance to approve their loan application. 

It is your credit score that determines your eligibility for the loan. 

No matter what impressive income figures you display, your chance of getting the loan solely depends on your credit score. It is your creditworthiness for enjoying any credit product. A high credit score implies that you are lesser vulnerable to default on the repayment, and hence, you appear more credible in the eyes of the lender. Hence, they are likely to approve higher loan amounts at lesser interest with longer repayment tenure. It makes it easier to complete the repayment and develop your creditworthiness further. 

You can utilize the loan for personal or professional purposes. 

If you are taking a personal loan as a doctor, you can utilize the fund to meet the cash needs at your personal or professional fonts. However, if you are availing a loan for medical equipment, you stand compelled to utilize the loan amount to serve the specific purpose. Therefore, before accepting the loan, please check the permissible purposes for using the loan amount. In case the loan is purpose-specific, and you don’t utilize it to serve the same purpose, you are liable to face legal proceedings. 

As a piece of advice, you may consider availing of secured loans as it features lesser interest rates. In case you are availing of a term business loan, the interest you pay as interest on the loan qualifies for an income tax rebate for the financial year. It can reduce your income tax liability significantly. 

Bajaj Finserv is one of the most sought-after loan providers for professionals. They offer the maximum loan amount to eligible candidates on flexible terms and conditions. These loans feature the most competitive interest that reduces the cost of borrowing, consequently making it easier for the borrower to complete the repayment.