Everything on Professional Loans
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Latest Tips – Everything on Professional Loans: Overview, Eligibility, and Documents Required  

/ / Latest Tips – Everything on Professional Loans: Overview, Eligibility, and Documents Required  

Professional loans are advances with exclusive eligibility and features customized for individuals of specific professions. For instance, loans for chartered accountants are explicitly meant for CAs and not for medical professionals and engineers. Engineers can optionally offer loans for engineers while medical professionals can avail loans for doctors.

Nonetheless, professionals should be aware of specific pointers, as they play a significant role in the loan approval process.

Things to know about a professional loan

  1. Required documents

For personal loan and business loans for doctors, the required documents are –

  • KYC documents (like Aadhaar card, voter ID, passport, PAN card, driving license, etc.)
  • Certificate of medical registration.

In case you avail a home loan or a loan against property for doctors, additional documents that you will have to submit are –

  • Income proof (income tax returns, profit, and loss statements for the past two years, balance sheets, etc.)
  • Copy of the ownership papers of the asset to be mortgaged.
  • Certificate stipulating work experience of such medical professionals.

Such documents are needed to apply for a doctor loan so make sure you keep them handy to ensure a faster application process.

  1. Eligibility criteria

Before you apply for such advances, you are required to meet the pre-set eligibility criteria.

To be eligible for a doctor loan you are required to be –

Home loan and loan against property

  • BDS/BHMS/BAMS: 2 years of minimum on-field experience.
  • MBBS: Registration under the Medical Council.
  • Post-graduate, super-specialist, specialized Diploma and other PG Diploma: MBBS degree registered under Medical Council required.
  • MDS: Registration under BDS degree.

Personal loans and business loans

  • Super specialist doctors: Minimum of 3 years of experience.
  • Dentists: 5 years of minimum experience.
  • Ayurveda and Homoeopathic doctors: Minimum 6 years of experience.
  • Graduate: 3 years of minimum experience.
  1. Application process

Once you have the above-mentioned documents handy, you can apply for a doctors loan in India by following these steps –

  1. Visit the official website of your lender.
  2. Fill an online application form with your personal and financial details.
  3. After the approval of your application, a representative of your lender will visit you and guide you through the process.
  4. Submit the documents as mentioned or additionally required by the lender.

Following the verification of your documents, the professional loan amount will be credited to your account.

  1. Miscellaneous charges

When you avail a professional loan, it is necessary that you check the interest rate and other expenses of your lender. Apart from the interest rate, additional costs that you will be required to pay may include –

  • Processing fees
  • Statement charges

– or other charges which may apply for a specific lender.

NBFCs like Bajaj Finserv offer such Loans for Doctors at attractive interest rates, reducing the cost of borrowing. On such advances, you can enjoy prepayment and foreclosure facilities, online account access, substantial loan amount of up to Rs. 2 Crore, flexible tenor, instant approval, quick disbursal, etc.

You can also enjoy pre-approved offers provided by this NBFC. These pre-approved offers are available on a range of products such as home loans, business loans, personal loans, professional loans, etc.

Once you are aware of the charges on doctors’ loans in India, you can use an EMI loan calculator to estimate your EMIs. To calculate your EMIs, you are required to share your credit amount and your credit tenor. Professional loans availed at reasonable interest rates help individuals meet stipulated expenses with ease.

 

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