As per 2016, there are nearly 9.88 lakh* doctors in India. These doctors work independently from their clinics, government hospitals, private hospitals, medical camps and on a running basis in rural areas. Doctors are the most reputed and respected citizens in India and are often considered as equal as Gods. With a rise in medical colleges and research institutes in the county, we are producing more and more qualified doctors every year. A doctor’s day in any part of the country is extremely busy and stressful. Treating the patients rightfully is a big responsibility. And to fulfill this responsibility with accuracy doctors need a specific infrastructure, equipments and machinery. Any of these requirements require huge amount of finances and medical equipments and machinery does not come cheap.
That’s why many banks and NBFCs offer special business loans for doctors. As doctors are mainly self employed professionals, their eligibility criteria and required documents differ from others. Also the amount most doctors require is huge compared to any other business plans. That’s why there are customized business loans for doctors.
Features of a business loan for doctors:
- Get Huge Amounts As Loan:
Many banks and NBFCs offer as much as Rs. 5 Crore as loan amount for doctors who want to start their own clinic/hospital/care center /maternity home. Usually such huge amounts aren’t granted for a business until its fully established running for a minimum period of 5 years. But in case of doctors getting a business loan, banks do negotiate the loan amount.
A business loan for doctors is a secured type of loan. The doctors have to keep the property or equipments or the machinery as collateral they’ll be buying from the loan amount. The original documents of the collateral will be kept with the bank or NBFC until the loan is paid in full. If by any chance the borrower fails to pay off the loan, the bank or NBFC auctions the mortgage to extract the loan amount.
- Interest Rate:
As this is a secured loan, the interest rate charged is lesser than unsecured loan. The interest rate for business loan for doctors starts from 10.50%* and goes up to 13%*. The interest rate changes as per the borrower’s credit history.
- Other Fees And Charges:
The loan borrower has to pay minimum processing fees to get a business loan. Banks and NBFCs usually charge 0.50% to 2% to processing fee with tax for doctors who are taking business loan. Also if the loan borrower misses an EMI, the late payment fee is charged as per the bank and NBFC’s policy. Some banks and NBFCs also charge for prepayment of loan.
- Loan Repayment:
The business loan for doctors’ repayment period starts after 6 months of disbursement. The tenure of this loan is as long as 10 years. The borrower of can pay back the loan by EMIs. Banks and NBFCs offer flexible EMI options to the borrowers.
So pave way to your medical dreams by taking a business loan today! Click here to check your eligibility!