Doctors do take home loans, mortgage loans, and personal loans, but what do they do when planning to expand their practice or buy expensive medical equipment. That is why many financial institutions, including banks, have started offering loans for doctors that are tailored to meet their specific professional needs. Are you a healthcare professional or a doctor? Are you looking to grow your practice? If yes, then this post will provide you with the information you are looking for.
Banks and NBFCs offer financial support to doctors and medical practitioners who are running their own hospitals, eye clinics, diagnostics centers, nursing homes, skin clinics, pathology laboratories, and dental clinics. Loans are often provided against personal guarantee and the security of equipment. Financial funding may be provided to healthcare professionals for the purchase of medical equipment or the expansion of their existing healthcare facility. Medical professionals can also avail loans for buying ancillary equipment such as lifts and air conditioners along with the medical equipment.
Eligibility – Funding for Healthcare Professionals
If you are in Pune and you are a self-employed healthcare professional with a minimum of three years of experience, you are eligible to apply for a doctor loan. Other aspects that the providers of loans for doctors in Pune take into consideration are:
- Your age should be in the range of 23 to 65 years
- You should have been running your healthcare facility for at least three years
- Your annual gross receipts should be minimum Rs. 10,00,000
Further, you have to provide the following documents to the lender:
- PAN Card, Proof of identity and address, and all other applicable registration certificates
- Financial statements for the past two years, including computation sheets, balance sheet, and IT returns
- Statement of accounts for the past 12 months from your bank
- Project report providing details as regards the funding requirement
- Copy of your highest degree certificate
- Track record, if required, of the loans availed in the past
- Proforma invoice of the equipment you are planning to purchase
- Certificate of registration
Loan Approval Process
Once you submit the application along with all required documents, the time taken by the bank to approve the loan will depend on the nature of the loan you have applied for, location, and funding required. Typically, approval will be accorded in a week’s time. You will have to furnish a guarantee as required by the lender. However, it can vary from one bank to another.
In general, 80 to 85 percent of the project cost will be provided as loan depending on your financial strength. As far as repayment tenure is concerned, it can go up to 7 years. The interest rate varies anywhere from 12 to 14 percent per annum. You will also have to pay a processing fee of 1 percent.
As the best loan consultants in Pune, Finwizz specializes in providing loan solutions to healthcare professionals in and around the city. They have built excellent relationships with some of the major banks and Financial Institutions in the country such as the HDFC Bank, Standard Chartered Banks, ICICI Bank, Axis Bank, and Bajaj Finance, among others. Finwizz is your best choice if you are looking to get the best loan deals in the country.