What are Doctor Loans: Know Benefits, Eligibility & Interest rate.

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Doctors play a pivotal role in society, ensuring top-notch healthcare services. However, the financial burden of acquiring modern equipment and expanding practices can be challenging. To alleviate this burden, Kotak Mahindra Bank offers Professional Loans tailored for doctors.

Professional Loans for doctors are specialised financial products designed to cater to the specific needs of medical practitioners. These loans offer a range of benefits and features, making them an ideal choice for doctors looking to upgrade their clinics, invest in new equipment, or expand their practice.

Key Features of Doctor Loans

Generous Loan Amounts: The bank offers substantial financial support, allowing doctors access to loan amounts of up to Rs.50 lakhs under surrogacy and Rs.1 Crore in financials. This significant sum empowers medical professionals to manage various medical expenses seamlessly. Whether buying cutting-edge equipment, setting up a new clinic, expanding an existing practice, or hiring additional staff, this substantial loan amount provides the necessary financial cushion.

Versatile Use: The beauty of instant loans for doctors lies in their adaptability. They are crafted to cater to the diverse needs of medical practitioners. Whether a doctor aims to establish a new clinic, invest in state-of-the-art medical equipment, enhance the infrastructure of their practice, or recruit skilled professionals, these loans are tailored to meet varied requirements. This versatility allows doctors the freedom to allocate funds where they are most needed to improve their practice.

Simplified Application Process: Applying for a doctor loan is designed to be hassle-free. The application process is streamlined and requires basic documentation to be submitted. This simplicity in the application process saves valuable time for busy medical professionals.

Competitive Interest Rates: Doctor Loans come with competitive interest rates, structured to be affordable, offering doctors access to funds at favourable interest terms. This ensures the financial burden of repayment remains manageable while doctors focus on enhancing their practice and providing quality healthcare services.

Quick Approval: Time is of the essence, especially in the medical field. Doctor Loans understands this urgency and aims to expedite the approval process. Prompt processing coupled with fast fund disbursal ensures doctors can access the required funds swiftly. This quick turnaround time facilitates the timely acquisition of equipment or the execution of expansion plans without undue delays.

Doctor Loans offer repayment flexibility with Term Loans, Overdraft (OD) facilities, Flexi-ODs, and Dropline Overdraft (DOD) facilities. The tenure for repayment spans from 1 to 5 years, providing medical professionals with options to choose a repayment tenure that aligns with their financial capabilities. This flexibility ensures doctors can manage their loan repayments comfortably without straining their finances.

Also Read: Government loan schemes for small businesses

Special Benefits for Existing Kotak Customers for Availing Personal Loan for Doctors

Preferential interest rates
Faster processing
Doorstep service

Doctor Loan Eligibility Criteria

Applicant Type:

The doctor’s Business Loan is available for the following entities:

Techmangnate team to add multiple repayment options available with the doctors – TL, OD, DOD and Flexi OD.

Self-employed Doctors – Owning or running a Clinic/Nursing Home
Consulting Doctors – Associated with leading/reputed hospitals
Consulting + Salaried Doctors – Allowed if monthly average. total receipts (as per Form 16A/Form 26AS) are higher than avg. monthly net salary (as per the latest 3-month pay slip)
Partnership Firms running Clinics with Doctors as partners

Promoter's Business Experience:

Promoters should have business experience running a hospital, laboratory, diagnostic centre, nursing home, or clinic.

Medical Practitioner Certification:

The applicant, if a medical practitioner, should be a certified medical practitioner registered with IMA (Indian Medical Association) or State Medical Council.

Minimum Business Experience:

Medical practitioners should have a minimum business experience of:

3 years for MD (Doctor of Medicine)
5 years for MBBS (Bachelor of Medicine, Bachelor of Surgery)

Evaluation of Financials:

Eligibility will be decided based on evaluating audited financial statements for the last three years.
Bank statements and other relevant financial documents will also be considered.

Also Read: Minimum cibil score for business loan

Conclusion

Professional Loans for Doctors in India are a crucial support system, providing vital financial assistance for a spectrum of professional requirements. These loans equip doctors to elevate their practices and deliver superior healthcare services through their specialised characteristics, competitive interest rates, and simplified procedures. Kotak Mahindra Bank offers Doctor Loans up to Rs.50 Lakhs under Surrogacy and Rs.1 Crore in financials to eligible applicants at an attractive interest rate and flexible repayment tenure. Apply now!