What is a Professional Loan for Doctors?

A doctor loan is a professional financial product designed specifically for medical practitioners. This loan provides doctors with money for professional requirements like establishing a new clinic, procuring better medical equipment, enlarging practice, or financing operational costs. Unlike universal business loans, such loans are developed with flexible repayment terms, low interest rates, and easy eligibility conditions to fit doctors' finance profile and reputation.
 

Eligibility Criteria for Doctors to Avail a Loan

Eligibility to avail a loan for doctors in India with Lgo Finservis simple. Here are the requirements:

• You must have a valid higher medical degree, such as MBBS or BDS, registered with the Medical Council of India or concerned authority.
• You should be between 22 and 72 years old at loan maturity.
• You need to have a minimum of 2 years of post-qualification experience.
• You need to earn the minimum annual income amount as specified by the lender (often ?1 lakh or more).
• A CIBIL score of 700 or above is usually needed to obtain the best loan for doctors in India.

Documents Needed for Doctor Loan

Get ready with these documents to make the application process hassle-free:

• Proof of Qualification: Degree certificate and registration of a doctor.
• KYC Documents: Aadhaar card, PAN card, passport, voter ID, or driving license.
• Address Proof: Utility bill, rent agreement, or similar.
• Income Proof: Bank statements, ITR for the last 2 years, or salary slips (for salaried doctors).
• Photograph: Recent passport-size photograph.
• Business Proof: For self-employed doctors, documents such as a clinic registration, a GST certificate, or a shop establishment proof can be required.

How to Apply for a Doctor Loan Online?

Procuring a professional loan for doctors from Lgo Finserv is easy and completely digital:

• Check Eligibility: Look at the lender's eligibility requirements and confirm if you qualify.
• Online Application: Go to the professional loan for doctors page on our website and click on the 'Apply Now' link. Enter your personal, professional, and financial information.
• Document Upload: Upload scanned documents through the Lgo Finserv portal for verification.
• Verification: We authenticate your documents and credentials online. You can see the status of your application online itself.
• Approval & Disbursal: Once approved, the loan amount is credited to your bank account in 24–48 hours.