Doctor and their Profession
Any Profession which serves the people is a great profession and doctors play a major role in it. Doctor profession is adorable and most respectable. This profession saves the life of people, and helps people in times of physical grievances. They are considered next to god where they play important role in society.
Although it is a noble profession, it has various challenges and problems in it. To become successful and reputed in this profession is a great task for the doctors. Doctors may be self-employed setting up their own clinic or may be working as a salaried person in a hospital. Finance is a great source and essential medium any one to excel in their profession. It plays a major role in businesses to take forward their business to next level.
Financial requirement of Doctors:
Financial requirement may differ from doctor to doctor whether they are salaried or self-employed. The requirements incl
• To buy new medical equipment for their clinic
• To repair or change the existing equipment
• To diversify their existing business by opening new clinics or hospitals at various locations.
• To hire new or additional staffs
• To get a patent for their project
• To do research activities related to their profession.
• Various personal expenses related to their business or individual.
In order to solve their various professional needs, they require working capital. Financial crises or lack of enough working capital will reduce their productivity both mentally and business oriented. Every doctor’s search for capital from various sources to boost their medical practices but ultimately they fail to meet their timely requirements. In order to help doctor’s solve their short term or long term financial requirements the best source for them is doctor’s loan from banks.
Types of Loan for doctors
Banks are interested to help doctors either self-employed or working professionals to raise their capital in various ways
Doctor’s Personal Loan
Working professionals like doctors in a clinic or hospital are eligible for personal loan. They can get loans without any collateral with a minimum interest starting from 11% PA. It is a special benefit to doctor when compared to other business professionals in getting loan at low interest with maximum tenor period. The doctors need to submit their MBBS/MD certificate and and their salary slip of the hospital or clinic with address proof, identity proof along with their current updated bank statement in processing the loan. This loan can be got within 3 working days.
Doctor’s Property Loan
This type of loan is given against any collateral like residential property like house, commercial property like their clinic, hospital and also against any vacant land or plot. It is considered as secured loans with lower interest rates when compared with unsecured loan. They need to pledge their property as security with necessary documents of the property. The Doctor can avail a loan for purchase of home, clinic, hospital or construction of home, clinic, hospital or can avail a mortgage loan against his existing property.
Doctor’s Unsecured Business Loan
It is specially given to business professions like doctors having their own clinic or hospital. They get eligible capital amount without any collateral with just having good business transaction and income tax returns. Based on these information and business proof of the doctor they get hassle free business loans to boost their medical practices.
Documents to be submitted by the doctors:
Identity and address proof of the hospital/clinic and address proof and identity proof of partnership or proprietor business.
• Statutory legal registration of the hospital/clinic – Whether the company is legally registered under government norms and followed all procedures legally in setting business.
• Financial statement of the hospital/clinic – Every bankers must interested in seeing recent 1 year business transaction of the company which is very important from bankers side to approve loan amount for business people.
• Income tax returns – ITR helps the bankers to check the business performance, efficient level, assets and liabilities of the company and also tax that company pays from their current earnings. This also plays a major role in deciding the loan amount for the business people.
• Financial Security – It includes the fixed and movable assets of the hospital/ clinic which helps the banker to consider as a financial projections in providing business loans and also to safeguard bankers from the failure of business men not paying the loan amount.
• Previous Loan track – This is very important factor to be considered from banker’s side whether the business people have any previous loan track or not. This will help them to evaluate the financial condition of the business and also to check whether the person has any NPA or not.
Features of Doctors Loan:
• Unsecured doctors loan are provided with low interest rates from 11% PA with minimal documentation when compared with other business loans.
• The bankers offer line of credit to doctors to pay interest only the amount withdrawn and not for entire loan amount as compared with normal business loan.
• The line of credit is given without any collateral at low interest rates for them.
• Having good transaction and healthy business they get instant loan approval within short period of time.
Bankers help doctors in many ways to expand their business, to boost their medical practices, to diversify their business to next level. There are many banks/NBFCs willing to provide loans at cheaper rates and quick processing time. Doctors can avail these loans to help and serve the needy people.
The only way is to approach a right source to solve their business financial problem. Quikrupee helps with instant sanction of loans to doctors through the right lenders.