India’s healthcare market is predicted to grow at a CAGR of 16-17%, reaching Rs.8.6 trillion by the end of 2022 from Rs.4 trillion in the fiscal year 2017. With the development of medical technology, laws and elevated quality compliance, the healthcare industry is growing rapidly.

Analysing the medical industry’s growing demand, setting up well-equipped medical units is the need of the hour, alongside being a profitable business venture. However, to set up and maintain a medical practice in India, medical professionals must first account for the substantial capital requirement. 

Nonetheless, with the easy availability of doctor loans in India, eligible professionals can easily access funds for healthcare equipment finance, alongside a host of other purposes. These loan options, available under both secured and unsecured variants, can be utilised to meet any number of professional and personal requirements. 

Listed below are some of the essential tips that will improve your chances of ensuring that the doctor loan application is approved –  

  • Check credit score before applying

Before applying for this loan, it is essential to check and evaluate one’s credit score. It is an essential factor to consider because a low credit score might get your loan application rejected. However, a higher credit score of above 750 increases the chances of getting your loan approved with a flexible interest rate.

  • Compare between lending institutions 

Many financial institutions offer medical business loans at a competitive interest rate. So before applying for this loan, individuals should conduct thorough research to enjoy the best interest rates and loan term. If customers have a higher loan requirement, it is crucial to look for the lowest interest rates to lower the cost of borrowing.

  • Avoid multiple loan applications 

Sometimes, customers apply for different loan options at the same time to meet various requirements. However, making multiple loan applications can lead to a hard enquiry from financial institutions. Since each enquiry gets captured in the applicant’s credit report, it can negatively impact the CIBIL score.

  • Evaluate your repayment capacity

Customers should always choose the loan amount based on their repayment capacity. If individuals apply for a higher loan amount than they are eligible for, it can lead the lender to reject the loan application for healthcare equipment finance. The minimum monthly income can be fluctuating for self-employed professionals. So, it is essential to assess the monthly repayment capacity and avail the loan amount.

  • Choose the repayment tenor wisely 

Usually, a loan for doctors comes with a flexible tenor ranging from 12 to 96 months. Since the tenor period can influence the interest rates, individuals should choose the one that matches their repayment capacity the most. To maintain the best repayment terms, one should improve his/her creditworthiness.

  • Check all eligibility requirements

Besides maintaining a good credit profile, professionals have to be mindful of certain criteria to be eligible for a doctor loan. Leading financial institutions may require applicants to fulfil the following parameters –

  • Super-specialist doctors, Postgraduate I and II, Specialised Diploma, require MBBS degree to be registered with the medical council
  • For MBBS doctors – Post-registration certificate for authorised by medical council
  • BAMS/BHMS – 2 years of experience from the date of medical registration
  • MDS/Dentist – Requires 5 years of experience from the date of medical registration

Medical professionals who are struggling to set up their practice or require funds for healthcare equipment finance can avail the same from leading financial institutions like Bajaj Finserv that offers high value loan against flexible interest rate and simple documentation. 

The NBFC also provides pre-approved offers to simplify the borrowing experience and facilitate a quick disbursal of the loan amount. These offers are available on several financial products like personal loan, business loans, etc. Individuals can check your pre-approved offer by inputting their name and contact details.

By following the tips mentioned above, doctors can benefit from a loan immensely and fulfil any financial obligation without hassle.