Bank of Baroda provides a specific loan that is aimed at helping consultants and practicing doctors working in clinics or hospitals to expand their operations to include better services and treatment. This loan features low interest rates and fast approval times.
This loan is provided exclusively to people with valid medical registration numbers. The loan thus availed can be used to purchase assets to aid in the development of medical facilities or in improving the level of service provided in terms of treatment and healthcare.
A specific loan meant for medical professionals, the eligibility criteria to be met in order for the institution to be able to sanction the loan include the following entities -
The financing modes allowed under the Doctor Loan is a demand loan with limited working capital portions.
Based on the credit-worthiness of the applicant, Bank of Baroda can provide loans within a range of INR 50000 to INR 50 lakhs. A maximum of INR 15 lakhs is allowed for applicants in rural or semi-urban areas (working capital limited to INR 1 lakh) and for urban or metro areas, the maximum loan is INR 50 lakhs (working capital limited to INR 3 lakhs).
Interest rates for a Doctor Loan could range from Base Rate + 2.50% per annum to Base Rate + 3.00% per annum based on Bank of Baroda’s discretion. The rates are as per November 2015.
The standard list of required documents for applying for this loan are mentioned as follows –
The Doctor Loan from Bank of Baroda is an unsecured loan that requires no guarantors or collaterals and is a really good financing option for medical practitioners to start a new venture or improve upon existing facilities.
The loan period can be of 60 months and the loan processing time is very less when compared to other business or personal loans. The loan process involves minimal documentation
Through Bank of Baroda’s website the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Bank of Baroda requesting an executive assistance for application process.
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