Who is eligible to apply for a business loan for doctors?

Typically, the eligibility criteria for doctors to apply for a business loan are as follows:

• Who can apply: Medical practitioners who run their practice in the legal business entity formats of sole proprietorship, partnership firm, private limited company, or public limited company can apply for the loan. The doctor needs to be the owner or partner of the business.
• Age: The minimum age of the doctor required to apply for a loan typically is 21 years, and it can go up to 70 years, depending on the financial institution’s policies.
• Years of practice: Doctors should generally have a minimum of 3 years of experience in running their independent practice or healthcare business venture to be eligible to apply for a business loan. This is required to analyse financial statements.
• Nature of employment: The loan applicant should be a medical professional who is self-employed and operates his/her own healthcare setup. They are typically required to submit three years income tax returns (ITRs) and the balance sheet of their business for income proof while applying.

The above are the usual eligibility norms for doctors who wish to apply for a business loan to fund an expansion, buy new medical equipment, or manage working capital needs or renovations. The loan amount and interest rate offered would depend upon the financial stability of the applicant's medical practice.