The digital interface provided by all the lenders can help you understand whether you are eligible for a Doctors Loan or not. A suitable qualification is the most basic requirement to be eligible for this loan. The other conditions vary from lender to lender to avail of Doctors Loans.
Still, the standardized criteria cover the following points:
Must be an Indian citizen over 25 years of age
Suitable professional qualification degree and post qualification experience as under:
1. Medical Graduate:
2. Minimum 5 years post qualification experience.
2. Post Graduate and Super Specialists:
1. MD, MS, DM and MCH.
2. Post qualification experience not required.
1. BDS or MDS
2. Minimum 5 years of post-qualification experience
4. Homoeopathy Doctors:
1. BHMS and DHMS
2. Six years and 15 years post qualification experience respectively and owning a house or clinic.
5. Ayurvedic Doctors:
2. Six years of post-qualification experience and owning a house or clinic.
You must have proper registration from a regulatory authority for pursuing a medical practice in India. MCI or IMA are authorized to issue registrations to medical graduates
Minimum annual income must be at least INR XXX Lakh per annum
At My Mudra we practice minimal documentation to issue Doctors Loans. Only essential documents are required to check the borrower fulfils the criteria or not.
· KYC documents comprising of valid ID, Residence Proof, PAN card and Aadhar card
· IMA / MCI Registration Certificate or appropriate as per qualification
· Bank statements of the preceding six months
· ITR and statement of computation for the previous two years
· Form 16A of the last two years
· Details of any other loans availed of in the past or running currently
· Any other document sought by the lender
Fees and Charges applied for Doctors Loans:
At My Mudra we follow a standardized process to calculate fees and charges applied on Doctors Loans.
· Amount of loan – Higher amount attracts a lower interest rate at My Mudra
· Loan tenor – Longer the tenor, the lower is the interest
· CIBIL ranking – Low ranking will increase the rate of interest
· Balance sheet – Good margins have a positive effect
· Age of business – Longer periods draw discounted rates
Follow these tips to improve your Doctors Loan from My Mudra Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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