All You Need to Know About Doctor Loan Eligibility Criteria

Discover how Bajaj Finserv Doctor Loan can help you grow your practice and to get the financial support you need to move forward.

As a medical professional looking to set up or expand your practice and invest in new medical equipment can burn a deep hole in your pockets and add to your financial burden. But, since the field of medical science is so demanding, having the best tools is non-negotiable. Here's where a financial leverage tool like a doctor's loan can really alleviate your immediate financial stress. Just like any other loan, a doctor's loan provides instant liquidity which you can use to cover expenses and repay at your convenience.

Doctor loans are specifically designed financial products for medical professionals. They come with favourable terms, such as lower interest rates, multiple repayment options, and substantial amounts, to support various needs like setting up a clinic or upgrading your medical equipment. These loans cater exclusively to doctors, recognising their unique professional and financial needs. But, before you dive in and start applying, let's understand the doctor loan eligibility criteria.

Key eligibility criteria for Bajaj Finserv Doctor Loan

To get a doctor loan, you'll need to meet several eligibility criteria. Here’s what you should know:

1. Educational qualification
First and foremost, you need to have a recognised medical degree. This ensures that the loan is granted to qualified and practising medical professionals.

2. Professional experience
Your experience matters. Lenders generally prefer applicants with a few years of practice. This could be anywhere from one to five years. This is to ensure that you have a stable income source and professional credibility.

3. Age criteria
Most lenders have age criteria for doctor loans. Typically, you need to be at least 22 years old and not older than 80 years. This ensures you have enough working years left to repay the loan comfortably.

4. Nationality
Any Indian citizen with a medical degree from a recognised medical institution can apply for a doctor loan. You just have to have any following KYC documents handy- Aadhaar card, voter ID, driving licence, passport, NREGA job card, or a letter form National Population Registration. *Additional documents required, if any, will be communicated during the application process.

5. Credit score
A good credit score is crucial. With Bajaj Finance, you need a credit score of 685 or above, as it reflects your financial responsibility.

Ways to improve your eligibility

If you’re concerned about meeting the eligibility criteria, here are some tips to boost your chances:

1. Maintain a good credit score: Pay bills and EMIs on time to keep your credit score healthy.
2. Reduce existing liabilities: Pay off existing debts to improve your debt-to-income ratio.

While Bajaj Finserv Doctor Loan is a wise financing option to meet your practice needs, you can consider exploring Bajaj Finserv Medical Equipment Finance for purchasing essential medical equipment. This financing solution is tailored to meet the needs of medical professionals, with competitive interest rates and convenient terms. By opting for medical equipment finance, you can acquire the latest technology and tools necessary for your practice without financial strain. Get your financial goals on track and make your professional aspirations a reality with Bajaj Finance.

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