Many banks and financial institutions in India offer doctor loans to help medical professionals fulfill their dream of setting up their own clinic or hospital. Doctor loans can be availed if you don’t have the funds required to set up a clinic, want to buy the latest equipment for your clinic, or wish to renovate your clinic/hospital. Lenders often grant loans only for specific purposes that you want to meet using the funds.
There are three categories of doctor loans: Secured and unsecured doctor loans and Medical equipment loan.
Secured Doctor Loans
This type of loan, also called mortgage loan, is available to both salaried and self-employed doctors. To avail the loan they have to provide a property (residential or commercial) as collateral security. This loan can be used for setting up clinics, nursing centres, purchase of an ambulance, and specific medical equipment, among others. The ambulance has to be registered with the concerned Road Transport Authority and hypothecated in the lender’s name.
Medical Equipment Loan
Medical equipment loan is provided to specialist doctors. In this case, the equipment has to be hypothecated in the name of the lender. Some of the equipment that can be purchased using this loan includes CT Scanners, MRI Machines, Sonography Machines, and X-Ray Machines.
Unsecured Doctor Loans
When availing this type of loan, you are not required to provide any collateral security. The key features of an unsecured loan are:
- Doctor Loans up to Rs. 1 Crore
- Shorter tenure of up to 5 years
- Quick disbursal
- Slightly higher interest rate (starting from 11.00 percent)
In addition to employing the funds for enhancing your business, the loan can be used for upgrading the medical equipment or instruments used in the clinic or hospital. Also you are in an advantageous position to negotiate for the medical equipments etc when you have hard cash obtained thru unsecured Doctor Loans. . Typically, unsecured loans are provided on the basis of financial statements, experience, and credit score.
If you are a medical professional and want to set up a clinic or buy new equipment for your clinic, we can help. At Finwizz, we offer a basket of loans, especially for medical professionals, as we have built relationships with some of the big banks in the country such as HDFC Bank, Standard Chartered, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bajaj FinServ, and Citibank, among others. We can get the best rates in Doctor Loans for you.