As per recent data, India is home to over 1.67 million physicians, which include both AYUSH and MBBS doctors. More than 40,000 individuals are added to this list almost every year. Most of these doctors aim to start their own private practices after working with hospitals for a certain period of time. Running a private practice is a costly affair, so a physician can opt for financial help in the form of personal loan to enable their dream of expanding their medical practice.
What is a doctor loan?
Various financial institutions offer wide range of secured and unsecured loans, one of them being for financing the qualified medical professionals across the country. These are customised taking into consideration the various requirements of the doctors, both professionally and personally. One of the most common loans that doctors apply for is the personal loan.
Personal loan for doctors – With personal loan you can now get quick and hassle-free unsecured loans. If you are looking to expand your existing medical practice then the Doctor’s personal Loan is your perfect solution. All medical Consultants and practicing professionals working in a government, private hospital or a clinic can easily avail the Fullerton India personal loan for doctors. They can receive up to ₹30 Lakhs with quick approvals at preferential interest rates.
Personal Loan Eligibility
Before you apply for the loan, make sure you check the eligibility criteria for the loan. These eligibility criteria can vary based on the borrower’s requirement, salary and credit score. The eligibility criteria include:
- The applicant must be an Indian resident, between the ages of 21 years and 60 years.
- The applicant must have a certain minimum income to get a personal loan from Fullerton India.
- The loan is available for both salaried professionals working with an established hospital, as well as doctors with their own independent practice.
- For salaried individuals: the minimum income should be ₹25,000 (or residents of Mumbai and Delhi), or ₹20,000 (for residents of other locations in India).
- For self-employed professionals, a minimum annual profit after tax is applicable instead.
- Applicants who have a CIBIL score of more than 750 have a higher chance of loan approval.
Features and Benefit of Personal Loan:
Fullerton offers a lot of benefits in personal Loan some of these are:
- Instant Online Approval: Check your eligibility, fill up the form with all the necessary information, upload documents and voila! You can get an instant decisioning of your loan. After all documents are verified and the loan gets approved, you can get the amount in your bank account within 30 minutes.
- Online Account Access: Fullerton offers upto INR 30 lakhs* in the form of Doctor Personal loan. You can now manage your loan account through Fullerton’s m-Connect app anytime, anywhere.
- Affordable interest rate: Fullerton offers an exciting and affordable interest rate on personal loan starting at 11.99%. The interest rate offered to you will depend on your eligibility.
Documents required for personal loan:
- For approval of the personal loan these are some of the documents required:
- KYC documents such as driving license, Aadhaar card, and voter ID card
- Last 3 months’ salary slips (for salaried) or income proof (in you have an independent practice)
- Last 6 months’ bank account statements of your salary account (for salaried) or current account (in you have an independent practice)
- For more details, check our documentation for personal loans page.
The easy to avail funds without any hassle allows doctors the freedom to finance starting or expansion of their medical practice. Most of the doctors opt for personal loans to invest in their practise. Nevertheless, one should calculate his/her monthly liabilities from such credit before applying.