Discover the best doctor loan options for different types of doctors. Learn which loan variant suits your practice and personal needs, and why the Bajaj Finserv Doctor Loan is a great choice. When it comes to financing a medical practice, different types of doctors may require different loan options. Whether you are a young, newly practising doctor or an experienced specialist looking to expand your clinic, your loan needs might vary. Thankfully, several loan variants can help meet the unique requirements of each type of doctor.
Understanding the flexibility and benefits of each doctor loan plan can make it easy for you to choose the right option. So keep reading to explore the best doctor loan plans and how each can serve the specific needs of medical professionals like you.
What are the best loan plans for doctors?
Doctor loans come in different formats to suit the various financial needs of different types of doctors. Some doctors may need a fixed sum of money, while others may prefer the flexibility to withdraw and repay multiple times. Here are the 3 major loan variants offered by one of the most preferred lenders, Bajaj Finance:
Flexi Hybrid Loan
If your practice experiences significant seasonal fluctuations in income then the Flexi Hybrid Loan might be the right choice for you. This variant offers the flexibility to borrow and repay multiple times within a specified limit.
How it works:
- Borrow and repay multiple times within the approved limit
- You can easily withdraw funds whenever needed
- During the initial tenure, only interest on the amount utilised is charged
- There are no part-prepayment charges, giving you the freedom to pay off the loan early
- There are nominal Flexi charges applicable
Best for: Surgeons, dentists, or doctors in fields with variable income streams.
Flexi Term Loan
Flexi Term Loans are great options for those doctors who run clinics or hospitals with a growing patient base. This loan offers flexibility but with a more structured repayment plan.
How it works:
- Like the Flexi Hybrid Loan, it allows you to withdraw funds multiple times
- You can access funds as needed, making it suitable for business growth
- You will pay fixed EMIs on the withdrawn amount, which includes both principal and interest
- There are no charges for part-prepayments, making it easy to pay back early if needed
- Nominal Flexi charges apply
Best for: General practitioners, specialists, or doctors expanding their clinics or upgrading medical equipment.
Term Loan
If your practice earns a steady income, a Term Loan can be your best bet. This loan involves borrowing a fixed amount for a specific term, ideal for doctors who need a one-time disbursement for a particular purpose, such as buying equipment or expanding their office.
How it works:
- Less flexible than the Flexi variants, as it involves a fixed loan amount
- You receive the loan amount as a single disbursement, which can be used as needed
- Fixed EMIs are paid on the entire disbursed amount
- Nominal charges apply for part-prepayments
- There are no Flexi charges with this option
Best for: Senior consultants, established specialists, or doctors looking for a fixed loan amount for specific purposes like office expansion or new equipment purchase.
No matter the stage of your medical practice, the Bajaj Finserv Doctor Loan variants are tailored to fit your unique financial needs. With loan amounts up to Rs. 80 lakh, you can fund everything from clinic upgrades to equipment purchases. You can choose comfortable repayment tenures of up to 96 months without the need to risk personal assets as collateral. Plus, with quick disbursal in just 48 hours and a simple online application, managing your practice’s finances can be done from the comfort of your home or clinic!
All you have to do is choose the right variant from Flexi Hybrid Loan, Flexi Term Loan, or Term Loan based on your goals and requirements! So, if you are looking for a loan option, consider the Bajaj Finserv Doctor Loan for a smooth and transparent borrowing experience.
(This article is part of IndiaDotCom Pvt Lt’s consumer connect initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility or liability for any errors or omissions in the content of the article.)
