As per a projection, the healthcare industry in India is expected to attain a valuation of over $370 billion by 2022. Come 2020 end, India’s healthcare market is also likely to be among the three top rankers as per the incremental growth parameter.
While this market kept an average industry CAGR of 22.9% between 2015 and 2020, the availability of advanced healthcare technology allows professionals to provide state-of-the-art services to patients.
Nevertheless, employing such advance mechanism also requires big-ticket financing. The financial market thus brings a suite of loans for doctors to help them fulfil their high-value professional funding needs with ease via advances like business loans for doctors.
Contrarily, addressing a medical professional’s personal funding requirements is another aspect that such a suite of advances takes care of.
Doctors can thus remain worry-free when it comes to funding their personal and professional needs for a better future.
These advances are available as both secured and unsecured funding options, allowing one to raise finance as per his/her suitability.
Here’s a look at the types of doctor loans offered by financial institutions to fund diverse requirements.
Loan facilities for healthcare professionals
– Unsecured loan options
You can apply for these unsecured advances only by fulfilling minimum eligibility requirements. Also, a handful of documents required make availing these collateral-free financing options more convenient.
a. Business loans for doctors
Typically offered to help doctors fulfil their professional funding needs, business loans for doctors can provide a quantum of up to Rs.37 lakh with the best lenders.
Address your clinical expansion needs, update technology or hire skilled medical staff to provide improved services to your patients. Standard eligibility criteria for availing the advance include a degree or diploma along with specified years of experience in medical practice.
b. Personal loans for doctors
Unrestricted end-use is a typical feature you can benefit from, making it one of the reasons why you should go for a personal loan for a doctor. It allows you to utilise the fund for diverse purposes, both personal and professional.
So, fulfil your funding needs involving big-ticket expenditure like child’s education, medical emergencies, abroad travel, business expansion, and many more with the advance of over Rs.35 lakh.
– Secured loan options
Home loans for doctors and loans against property are two primary secured funding sources for healthcare professionals. The advances are easy to avail against minimum eligibility and bring funding of up to Rs.2 crore. A further top-up facility on the advances also allows you to avail sizeable sum as additional funding with ease if the need be.
a. Home loans for doctors
Finance the purchase of your dream home conveniently with a home loan for doctors. Apply for the advance with simple eligibility fulfilment and avail advance with a high LTV on your mortgaged home’s current market value. With the best lenders, the LTV can go up to 80%, thus maximising your loan availability.
Also, you can improve your chances of maximising the loan quantum by making a sizeable down payment on a house purchase.
b. Loans against a property for doctors
Available in high loan quantum, a loan against property for doctors comes without any end-use restriction, thus extending its utility to both professional and personal aspects.
With a high LTV on the mortgaged asset’s value, the advance is suitable to meet big-ticket funding needs like opening a new clinical set-up or purchasing high-priced equipment with ease. Handle all associated costs of your personal or professional goals easily with the advance.
While advances like home loans and business loans for doctors address specific needs, the other two open a wider scope of expenditure. NBFCs like Bajaj Finserv further make the process of availing such finances simple through an online application procedure, quick approval and disbursal facility, etc.
They also reduce the time taken to process a loan application with their pre-approved offers. You can avail these offers on a range of financial products, including business loans, personal loans and more.
Proceed to apply online for advances like business loans for doctors in a few easy steps with your chosen lender. Make sure to keep the documents required handy before applying to fast-track the process.