We often feel good after being a doctor, and people call us ‘Dr.’ with our name. Many people give utmost respect for treating their disorders or problems. It all feels good, and in return, even the doctors feel like providing the most facilities to fulfil the people.
However, it is not an easy process as it requires huge capital. Hence, many doctors apply for a doctor loan to meet the requirements. A doctor loan is a special program offered by several financial institutions or mortgage loan companies to physicians.
Just having a ‘Dr.’ added in your name doesn’t prove to qualify for a doctor loan. Even if you study for a PhD, it does not count at the top for the loan lenders. All the doctors, including a surgeon, a dentist, and more, have the same respect for lenders.
So who is eligible for a Doctor Loan? Can an MD take a Doctor Loan?
Let’s have a look:
Firstly this loan emphasizes the name of a physician loan instead of a doctor loan. In contrast, one creates such loans specifically to tell the mortgage loan companies that any physicians who wish to apply for a doctor loan can come and take it.
There are many physicians, so one might get confused about who all physicians can apply to it?
The loans arise by keeping medical physicians in mind, but certain banks have rules and lending terms. Hence, you should see whether the required loan is available in a suitable bank if you are applying.
Look thoroughly at these 3 steps while applying for a loan:
1. Look for your profession or degree:
- Medical professionals with an MD or DO degree- many banks are available that provide doctor loans without any exceptions. All the program are available to you for you and by keeping you in their mind.
- Dentists with a DDS or DMD degree- not all the loans are for them; it’s just two-thirds of loan opportunities. The odd thing is that some provide loans for DDS degree dentists but not those who did a DMD degree. Banks often make exceptions on a case-by-case basis. Like if they haven’t mentioned your degree, such as DMD, in their loan, it doesn’t mean that they won’t accept you. One should always ask before coming to conclusions.
- Podiatrists (DPM)- Half of the programs are available for you. If your degree isn’t listed in another doctor loan program, there is no objection to asking. It may help you to know whether they can extend their program for you.
- Chiropractors (DC) and optometrists (OD)– Very few banks provide loans for these physicians. It’s very important to ask professionals for the best loan options in the best financial institutions.
- Veterinarians (DVM) and pharmacists (PharmD)- these physicians too have less availed options. Search for the best institution loan online and take the ultimate benefits.
- Physician assistants (PA) and nurse practitioners or nurses (DNP, NP, RN)– Fewer banks provide loans for such professionals. However, there is a slow increase in the number of institutions making more loans for you all. Stay tuned with the new banks and interest rates.
- Others (acupuncturists, medical technicians, pharmaceutical representatives)- others who aren’t included yet but are working in the medical industry also can take out loans. Several banks provide program such as professional or healthcare professionals for you all. Before applying for a loan, check twice with the lenders of your qualification.
Some banks often provide loans to medical practitioners such as PhDs, JDs, CPA’s, etc.
- Go to online websites: After looking at the suitable options or categories, one should search on the web or financial institutions they are comfortable with.
- Connect with a Physician loan specialist: Connect with a specialist for more ease in your loan procedures. They will let you know the entire loan details or program that suit your interests.
Nowadays, there are certain procedures available online. One can go to the bank website and check out the loan you want to take with interest rates.
But why should one choose a doctor loan? Let’s see its benefits:
- Increases the money required
- Can improve the size of the enterprise
- Contribute towards buying updated tech-equipment
The documents usually include:
- KYC documents (Aadhar card, pan card, voter id or as told by your institution)
- Medical registration certificate
( These documents are common; however, it differs from bank to bank)
The minimum age of the doctor should be 21, while the maximum age of 65 years. It’s an easy procedure, and you can borrow the loan within 48 hours. It all depends on the verification procedures and the timely document submissions. There are several secured as well as unsecured loans provided by financial institutions.