What are the advantages of a personal loan for doctors?

It is not easy to get established as a reputable doctor. Time and patience are the keys to building a successful career. Besides, it needs money to endure during the period of struggle. Working in government hospitals provides young physicians with opportunities to have hands-on experience. Alongside, private practice is also needed for more experience and a better reputation. Nevertheless, affording a private clinic is difficult in the initial days of practice.

The good news is various reliable financial services have come forward to fulfill the dreams of ambitious bright doctors. Now they don’t have to invest years to have their own room for offering services to the patients. Such financial services have launched personal loan schemes specifically designed for doctors. Not only the young doctors but also the veteran ones who wish to renovate the existing clinic can take out this professional loan for doctors. The loan is available to purchase medical equipment as well. Being a medical professional, if you wish to avail the loan, Peerless Finance would be one of the most trustworthy names.

Advantages of a personal loan for doctors

There are many advantages of the loan from Peerless Finance. Let’s find out some of them.

  • Hefty loan amount – This is an unsecured loan. No collateral is needed to apply for the loan. Borrowers are eligible to get a finance of as much as 30 lakhs INR.
  • Low interest rate – This is another good reason to take out the best doctor loans. The money can be availed at an interest rate starting from only 11% p.a.
  • Extended loan repayment tenure – The loan can be paid off in up to 60 easy installments.
  • Top-up facility – Unlike most financial services, Peerless Finance offers a top-up facility. This denotes that the doctors can top up the existing personal loan for doctors after the completion of 6 consecutive successful installment repayments without being defaulters. However, this is subject to reviewal by the lender.
  • Term loan/overdraft – Facility of term loan/overdraft can also be obtained. 

Eligibility criteria

The loan applicants should fulfill some basic criteria and those are:

  • An MBBS/BDS degree with a minimum 3 years of experience with post-registration with the Medical Council
  • MD/MS/DM – no experience needed
  • Self-employed or salaried medical practitioners
  • Age limit – 24 years to 60 years
  • Resident Indians

Documents needed

The documents needed to apply for the loan are as follows:

  • A copy of address proof like driving license, passport, utility bills, Aadhar card, or voter ID card
  • A copy of Pan card
  • Last 6 months’ bank statement
  • Copy of educational qualification certificates
  • Copy of income proof such as 3 months’ pay-slips for the salaried doctors and Form 16A/IT Return for the last 2 years for the self-employed medical practitioners
  • One copy of a recent passport-size photograph

No matter how big your dream is, Peerless Finance is there to help you execute the dream.

Summary – Having a private clinic is not a dream for medical practitioners anymore. With personal loans for doctors, even the struggling physicians can have access to as much as 30 lakhs INR at a low interest rate and without any collateral or huge paperwork. 



Arnab Mukhuty