Loans for Medical
Professionals
In a country like India with billions of people, the value of a doctor
or other medical professional is off the charts. The demand for medical
services is essential, but unfortunately, financial constraints often limit their practice
expansion and prevent them from meeting the healthcare needs of the vast
majority of people. At Terkar Capital, we strive to bridge this gap by
providing Loans for Medical Professionals / Doctors to
fulfil their noble mission.
We will ensure that funding is not a problem in meeting the needs for
practice expansion, increasing bed capacity, purchasing medical equipment,
hiring staff, financing new setups etc. We do not want a lack of resources to
prevent you from achieving your dreams.
Financial
Instruments for Doctors
Some of the best-fit
financial instruments applicable to medical professionals are those that can
help them achieve their financial goals. These may include:
# Unsecured
Funding
This does not require any form of security or collateral. Instead, the
lender relies on the borrower's creditworthiness. As a result, having a good
credit score is essential for getting approved for an unsecured
loan.
# Working Capital
(Unsecured)
A working
capital loan is used to finance a company's day-to-day operations, such as paying
employees and suppliers. Many businesses do not have consistent sales or
revenue throughout the year, so they may need to borrow funding to keep
operating smoothly.
# Equipment
Finance
Medical professionals need expensive equipment to start a practice or
hospital. So, medical equipment loans can help finance
such equipment.
# Project Finance
It is financing for long-term projects like hospitals and
infrastructure. Medical professionals can use it to fund new construction or
expansion.
Features of
Terkar Capital's Financial Assistance:
●
No-collateral loans are specifically designed for
medical professionals
●
Quick approval and disbursement process
●
Custom funding for medical professionals
●
Repayment schedule that suits your financial
situation.
●
Expert guidance to help you navigate through the
plethora of financial products
Documents
required for Doctors Loan
- KYC
documents of Firm/Company: GST Certificate, Udyam Certificate, PAN Card,
Rent agreement/Electricity bill, Shop Act (applicable only in Maharashtra)
- KYC
documents of Proprietor/Partner/Director: PAN Card, Aadhar Card, Passport
size photo, Rent agreement/Electricity bill (as ownership proof)
- Financials/Income
documents: Last 2-year financials: IT Return (Saral Page), COI, Balance
Sheet, P&L statement, Financial notes, Form 26 AS for the last 2 years
- Statement of recent bank account activity for the past 6 months.
- Qualification documents: Degree certificate, Certificate of
practice (MCI/IMA approved)
Eligibility for
Doctors Loan
- Must be a
licensed physician.
- 4 years of
work experience after graduation is required.
- Physiotherapists
need 5 years of experience after graduation.
- Must be
between 25 to 65 age group to apply.
- The minimum
annual income of 1 lakh INR and Two years of profitability required at the
application
How to get Loans
for Medical Professionals?
Terkar Capital can provide financing solutions to medical
professionals. You don't have to go through the hassle of applying to multiple
banks and NBFCs. Terkar Capital will take care of everything from submitting
your application to the financial institution to disbursing the funds. Our
expert team will handle everything for you. All you need to do is provide us
with primary and master's documents.
Conclusion
We assist medical professionals in India, with a focus on loans for
medical professionals and financing options to help them overcome financial
constraints and expand their practice. It covers various financial instruments such as
unsecured funding, working capital loans, equipment finance, and project
finance that are suitable for doctors.
FAQs
What is the rate
of interest?
The interest rate starts from 10.5%
Is a CIBIL score
important to avail doctor loan?
Yes, while determining how much money to distribute, banks and NBFCs
take into account your CIBIL score and repayment history.
How long will it take for the loan to be approved
and disbursed?
Loan
approval and disbursement time varies. However, we assist you with
quick loan approval and disbursal within 24 hours of application clearance.
What are the reasons that may lead to the
rejection of your application?
Even if you fulfil all the requirements, your
application can be rejected as -
● Poor CIBIL score
● Discrepancy in
the application
● High
debt-to-income ratio
●
Multiple loan rejections
How much should
the CIBIL score be required to avail of a loan for doctors?
A
CIBIL score of 700 or above is considered good to avail of a loan for doctors.
