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How to be Eligible for a Medical Practice Loan?

As a medical practitioner running your own practice can sometimes take a financial toll on you. To help you tide over these circumstances you may consider opting for finances from leading loan providers such as NBFCs.

However, in order to qualify for a preferable loan amount, it is imperative to meet the eligibility criteria of medical practice loan guided by the lender and build a reliable financial history.

Let’s delve into the details here -

CIBIL score

This is a measure of your creditworthiness so make sure to have a good credit score of 750+ or more. This will indicate to the lender that you are a trustworthy borrower and would not default in paying back the loan. Additionally, a good score will give you a chance to negotiate loan terms with your lender. Applicants can request for preferable loan amount at the affordable rate of interest to manage their financial needs.

Relevant paperwork

While applying for the loan make sure to furnish relevant documentation. Upon verification, eligible applicants can avail instant approval and quick disbursement. Though, it must be noted that the loan terms will depend on the individual profile of the lender and criteria of the loan provider.

Lender type

Before, signing up for the loan make sure to research online. Compare loan offers from various providers online or you can get in touch with their Relationship Manager to know more. For instance, when you opt for experienced lenders like NBFCs you get the loan on Flexi Loan facility. This is a unique feature which lowers your EMIs by up to 45% thus helping you to manage the loan better.

To know more the about eligibility guidelines, read here. - Tips to Help You Qualify For a Medical Practice Loan

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