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Business Loans for Doctors

Supporting Medical Excellence. Business Loans Designed for Doctors' Unique Needs.

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Business Loan for Doctors

Business loans for doctors have been customized by keeping in mind the needs and the challenges in their field. This loan is designed to enable doctors’ practice to continue thriving in a fast-changing world of technology and advancements.

As a doctor, if you want to open a clinic or a nursing home or to improve the working conditions in the clinic, you have to accumulate quite substantial capital. You will also need money to purchase medical equipment, install the latest technologies, employ new staff, deal with increased traffic, and other costs of expansion. To realize your dream, our business loan for doctors is just about the right one.

Features and Benefits of Doctors Business Loan

  • Specialized Loan Products: Business loans that encompass medical doctors’ desire in terms of clauses and costs of credit to suit their business needs.
  • Low Interest Rates: From nominal interest rates that are relatively lower than normal business loans, the rate of repayment is more reasonable so is the availability of other capital for practice enhancements.
  • Flexible Repayment Options: Customized repayment plans can offer small monthly payments tailored to the cash flow of the healthcare practice, along with additional flexible options such as step-up EMIs or seasonal payment provisions.
  • High Loan Amounts: Availability of large sums of loans can cater to important expenses for instance establishing a new clinic, acquiring sophisticated healthcare equipment, or even expanding clinics and hospitals.
  • Minimal Documentation: Futile and time-consuming paperwork reduction, in this aspect, makes the application process easier and efficient, for hardworking medical persons.
  • Collateral-Free Options: Ease of access in the unsecured loans in which doctors will be able to access capital funding without needing to put up collateral.

Business Loan EMI Calculator

50K 1Cr
12 60
9.75 30%

Eligibility Criteria of Business Loan for Doctors

Get immediate approval for a business loan up to Rs. 1 Core. You can apply for our business loan online, as long as you meet some basic criteria mentioned below. Meet the simple requirements for business loan eligibility and complete the necessary documentation to receive the funds you require in as little as 24 hours* after approval.

  • Nationality: You must be a residing citizen of India.
  • Age: Your age must be at least 22 at the time of loan application. Additionally, you should not be older than 65 at the time of loan maturity.
  • Experience: A minimum of 3 years of active medical practice is required, along with a stable income and profitable financial records for the past 2 years.
  • CIBIL Score: A minimum CIBIL score of 750 is necessary for increased chances of loan approval with favourable interest rates.

* Charitable organizations, NGOs, and trusts are not eligible for a business loan.

Note: The above-mentioned eligibility criteria are for indicative purposes only. Actual eligibility criteria defined by Banks/NBFCs shall vary as per their sole discretion and shall be defined at the time of loan application submission.

Documents required for Doctors Business Loan

Documents required for business loans to establish your business identity, income, loan repayment capacity, and place of business. Here are the few common set of documents that you will need to submit when applying for a business loan:

  • Identity Proof: Valid documents such as a PAN card or driving licence.
  • Address Proof: Passport, electricity bills, ration card, or driving licence.
  • Bank Statements: Your bank account statements for the last 6 months.
  • Income Proof: ITR returns for the last 2 years, income computation, profit and loss account for the last 2 years certified by a CA.
  • Proof of Continuation: Documents such as a medical registration certificate or practice licence may be necessary.
  • Passport-Sized Photograph: A recent photograph is necessary for the application process.

*Additional documents may be requested depending on your individual profile and Grahaan Capital’s policy at the time of loan application.

Interest Rates & Charges of Doctors Business Loan

Although business loan rates and charges might differ significantly based on the credit history of the loan applicant and the business itself, the following table will provide you with a general indication of what to expect:

Particulars Charges
Business Loan Interest Rates 9.75% p.a onwards
Loan Amount ₹1 Lakh to ₹1 Core
Loan Processing Fees Minimum 2% plus applicable taxes
Lowest EMI per month Starting from ₹2,112* per Lakh for 60 months
Loan Tenure 12 - 60 months
Prepayment/Foreclosure Charges 0%* If paid from own sources & 4% If paid from other sources
Default Interest Minimum 3% per month
Repayment Instrument Dishonor Charges Upto Rs. 2500/ + GST (if applicable) per bounce
Stamp Duty At actuals (as per state)
* No Other Hidden Charges

Tips for Getting Business Loan for Doctors

  • Highlight Medical Expertise and Reputation: Display your education, training, and credentials to patients, hospitals, clinics, and other healthcare facilities you intend to serve. This is because lenders are likely to be more comfortable or put their money where they foresee the physician as having integrity and a reputable standing in the field.
  • Prepare Comprehensive Financial Projections: Include specific financial projections showing how the practice will take advantage of the loan funding to improve your operations including acquisition of more equipment, general expansion of physical structures, or obtaining more staff, and how all these will translate to increased returns.
  • Leverage Specialized Loan Programs: Also, search for those lenders who specialize in delivering loan facilities for healthcare employees, especially doctors because such loans will be cheaper, enclosed with lower interest rates, and have more elastic reimbursement conditions.
  • Showcase Patient Base and Revenue Streams: Reveal a steady and increasing number of patients, as well as different types of income such as constant consultations, procedures, and frequent use of diagnostic tests to convince lenders about the financial solidity of your practice.
  • Maintain Updated Licenses and Certifications: It is also important to verify that all the professional licenses, certifications and accreditation, if any, are valid. Not only does it build the credibility of the user, it also provides enough compliance with professional standards expected of lenders.
  • Utilize Professional Associations and Networks: Get in touch with medical associations and networks that can provide you the resources you need, the mentorship you pursue, and possibly the funds you seek. Membership within these professional organizations can also strengthen your position with the lenders.

Apply Business Loan Offer for Doctors in 2 minutes

Frequently Asked Questions (FAQs)

Business Loans for Doctors are forms of financial relief extended to medical professionals like doctors. Such loans allow doctors to avail funds for capital requirements, expand their clinic or practice, and meet other business needs.
Yes, Lenders consider your credit history and past loan repayment practices while deciding the amount to be disbursed.
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