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What are The Documents Needed While Applying for A Doctor Loan?

by William Beel
Doctor Loan

Doctor loans are a specially curated suite of financial products that help meet various personal and professional financial requirements of medical professionals. These loans can be both secured or unsecured in nature. For instance, business loans and personal loans for doctors are unsecured advances, while a loan against property for doctors can be availed by collateralising a property as an asset.

Physicians and medical professionals can avail these advances from reputed financial institutions to purchase equipment required for diagnostic and treatment purposes or fund expenses incurred in pursuing higher studies, for a vacation, home renovation and more. The doctor loan eligibility is easy to fulfil and can be availed by submitting only a few necessary documents.

Take a look at the documents required to avail each of these advances, alongside the eligibility for the same.

Doctor loan eligibility and documentation

The loan for doctors encompasses three types of advances such as-

  • Loans against property under secured category
  • Business loans and personal loans under the unsecured segment

All these loan variants come with different eligibility parameters and document requirements that vary from one lender to other. The first step towards availing of such credit is to know how to be eligible for a doctor loan.

To receive the best doctor loan, intending borrowers need to submit the following documents without fail:

For personal and business loans

  • MBBS doctors need to provide a post-registration certificate by the medical council
  • MDS/Dentists need to provide experience proof of 5 years’ practice from the date of medical registration
  • Post-Graduate I and II, Super Specialist I and II, PG diploma or any other specialised diploma-holders are required to provide MBBS degrees authorised by the medical council
  • BAMS/BHMS must provide an experience certificate of minimum 2 years from the date of medical registration

For loans against property

  • Dentist (MDS/BDS) will provide a 2 years’ post-qualification experience certificate
  • Super-Specialist Doctors (DM/MS/MD) with at least 2 years of post-qualification certificate
  • Homoeopathic and Ayurvedic doctors require a minimum of 2 years of post-qualification experience certificate
  • Graduate doctors (MBBS) need to provide a minimum of 2 years of post-qualification certificate

If you seek such advances and possess the above-mentioned documents to avail a loan for doctors, you can proceed to apply for the credit. These documents support your doctor loan eligibility and accordingly help ascertain how much you are eligible to avail under each of the advances.

In this regard, borrowers can also take the help of a doctor loan mortgage calculator and calculate their repayment liability when applying for secured credits like loans against property.

Other documents required for a loan for doctors

Leading financial lenders like Bajaj Finserv provides substantial loan amount against simple documentation and application process. This further simplifies the loan borrowing experience. Apart from the documents that testify to their credibility as medical practitioners, availing these loans also require undertaking some other paperwork.

Few of the other documents required to avail a doctor loan include:

In the case of personal and business loan

  • KYC documents
  • Medical registration certificate

In the case of LAP

  • Medical registration certificate
  • Proof of ownership documents for the property to be collateralised
  • KYC documents
  • Documents of income tax returns, profit and loss account statement, a balance sheet of past 2 years

Organising and keeping the documents updated and handy is one of the fastest ways of getting a doctor loan approved easily.

Nonetheless, existing customers of leading NBFCs might be able to avail of the advances without having to undertake an elaborate documentation process by way of pre-approved offers. These exclusive offers are provided to render loan approval, application and disbursal process hassle-free and quick. The offers are available on various financial products, including personal loans, business loans, etc. You can check your pre-approved offer on the lender’s official website by entering your name and contact information.

Individuals can utilize the funds availed under doctor loans to meet their varied professional and personal financial requirements. Minimal documentation, quick approval, high-loan value, zero end-use restriction, part-pre-payment facility, absence of collateral etc., make loans for doctors a beneficial financial option for medical professionals. Prospective applicants can follow the step-by-step guide on how to apply for a doctor loan to enjoy quick and hassle-free approval.

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