Doctor Loans in Mumbai
Mumbai, the financial and industrial capital of India, has top-class healthcare facilities. In fact, many foreigners also opt for surgeries and medical procedures in Mumbai due to the excellent facilities and lower costs. Mumbai has essentially emerged as a leading healthcare provider in not only India but also across the globe. Keeping up with the healthcare demands and maintaining the standards of hospitals, dispensaries and such in Mumbai is a financially draining task.
At such times, doctor loans in Mumbai can come in handy. Whether you need capital to expand your hospital, buy new machinery and equipment, or build a new laboratory, you can avail a doctor loan in Mumbai. Additionally, if you are a Medical Practitioner and want to set up a new clinic or a hospital of your own, then you can take a doctor loan in Mumbai to do so. Shreeji Lending helps salaried and self-employed doctors avail secured and unsecured doctor loans in Mumbai at lower interest rates. Likewise, we make sure that your doctor loan is disbursed instantly. We help doctors avail loan from top-notch financial institutions such as SBI, BOI, etc. who are top doctor loan providers in Mumbai.
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Looking for Doctor Loan in Mumbai?
Doctor loans are granted to help doctors provide better medical care and facilities to their patients. The purposes for which a doctor can avail a doctor loan in Mumbai are –
- Buying new medical and/or surgical equipment
- Purchasing new medical/surgical machinery
- Setting up a new lab such as X-ray Lab, etc.
- Renovating, improving or expanding existing wards, clinic, hospitals, labs, etc.
- Constructing a new clinic, lab or hospital
However, different Banks have different doctor loan policies.
Features of Doctor Loan
Salient Features of Doctor Loans in Mumbai
- Hassle Free Digital Application Process
- Competitive Doctor's Loan Interest Rate
- Quick Loan Processing
- Collateral Free Loan Amount
- No Hidden Costs
How to Apply for a Doctor Loan?
- Fill in the appropriate details in the form.
- Submit the required Document
- Check once before submitting the application
- Our executives will get in touch with you shortly and walk you through the rest of the process.
Eligibility for Doctor Loan
Document Required
- Super specialist, Post-graduate, Specialised Diploma, Other PG Diploma- MBBS degree needs to be registered with the Medical Council
- MBBS- Immediately after registration with the Medical Council
- MDS- BDS degree needs to be registered
- BDS/BHMS/BAMS- 2 years of experience from medical registration
- KYC documents
- Medical registration certification
- Income tax returns, balance sheet, and profit and loss account statements for the previous 2 years
Eligibility for Doctor Loan
- Super specialist, Post-graduate, Specialised Diploma, Other PG Diploma- MBBS degree needs to be registered with the Medical Council
- MBBS- Immediately after registration with the Medical Council
- MDS- BDS degree needs to be registered
- BDS/BHMS/BAMS- 2 years of experience from medical registration
Documents Required
- KYC documents
- Medical registration certification
- Income tax returns, balance sheet, and profit and loss account statements for the previous 2 years
Types of Doctor Loans In Mumbai
There are three types of doctor loans in Mumbai, namely – unsecured doctor loans, secured doctor loans, and medical equipment loans.
Unsecured Doctor Loan In Mumbai
An unsecured doctor loan can be availed by self-employed and salaried doctors without any collateral as security. Unsecured doctor loans are mostly short term and quick loans. Doctors can avail unsecured loans for improving the medical facilities, purchasing instruments and equipment in order to ensure high-quality treatment and accurate diagnosis. Some banks and NBFCs offer customised unsecured doctor loans based on the doctor’s CIBIL score, existing medical facilities, and other important parameters.
Following are the features of unsecured doctor loans in Mumbai –
- No collateral required in any form
- Tenure of unsecured doctor loan ranges from 1 to 3 years
- Interest rates vary from Bank to Bank, however, the average interest rate starts from 13.5%
- Capital of 1 crore and above can be availed via unsecured doctor loans.
Secured Doctor Loan In Mumbai
Secured doctor loans can be availed by both self-employed and salaried doctors against their commercial or residential property. The secured doctor loans can be taken for any and all of the purposes mentioned under unsecured doctor loan purposes. In addition, secured doctor loans can be availed to but ambulances which are to be hypothecated in the bank’s name. The loan amount varies depending on the market value of the mortgaged property.
Following are the features of secured doctor loans in Mumbai –
- Residential or commercial property can be mortgaged to avail a secure doctor loan
- The loan tenure ranges from 1 year to 7 years.
- Interest rates of secure doctor loans start from 7.9%
- Loan amount starts from INR 50,000/- and goes up to INR 8 crores
FAQ About Doctor Loans
Most frequent questions and answers
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