A doctor in India can avail Mudra Loan For Doctors if he is a permanent resident of the country. Thus every doctor can apply for Mudra loan. It includes a big list of entrepreneurs in India.
However, for doctors, getting a Mudra loan can be a bit tricky but not impossible. The nature and length of time for which they want a loan matter based on which the loan application is accepted or rejected.
Mudra Yojana scheme for doctors is like any other loan that they can avail but the limit here is 10 lakh Rupees. The doctors can get Mudra Loan under any three categories of Mudra loan as they just differ in requirements.
Collateral free loan facility is also given to the doctors because somehow the bank is convinced that a doctor can earn the minimum required income for sure. The thing is that you need to convince the bank.
Table of Contents
PMMY Loan For Hospital
Here are the eligibility criteria for a doctor to avail Mudra Loan. If you are a doctor, this part of my article is worth reading.
There are several parameters on which the financial institutions or banks decide to provide Mudra loans to the Indian doctors. Be it the citizenship status, years of experience of a doctor running into practice, the income a doctor generates annually, the detail about his specialization, the establishment where the doctor works belongs and much more.
The bank or other financial institution looks for the answers to the above stuff.
The age eligibility criteria for doctors to avail of Mudra Loan is that he should be at least 25 years of age. This is the minimum age for a doctor to get a Mudra loan. The maximum age is expected to be 65 years at the maturity of the loan.
As per the degree, the doctor must possess an MBBS or an MD degree. His income should be at least Rs 1 lakh annually.
Documents needed by a doctor to get Mudra Loan
If a doctor wants to apply for a Mudra loan then he must make sure that a set of documents are there with him. I am writing the entire list of documents that a doctor will need while applying for a Mudra Loan.
- 2 passport sized pictures
- Xerox copy of the self-attested documents like Pan Card, Adhaar Card, Voter ID, Bank Passbook, income statement, Passport or driving license.
- Any government-issued certificate that works as address proof is also required like electricity bill, telephone bill, ration card, water bill etc. The bills need to be photocopied and self-attested.
- Last 3 months’ bank statements
- A photocopy of your caste certificate. If you are a scheduled caste or scheduled tribe, you need to fulfil fewer formalities.
- The certificate of your business address because it is the identity of the existence of your business. Self attests it and shares the license copy as well. Other documents like the registration certificate are a must. These documents are proof that you are the entrepreneur for a particular specialization in o medical field.
- You need to submit a copy of a purchased bill for stock that is important for you to avail the PMMY loan as a doctor to expand your present venture.
For More Information Read: Project report for Mudra Loan
Steps To getting Mudra Loan For Doctors
Along with presenting the photocopies of the mandatory documents to be submitted to the bank from the ones I have mentioned above, you need to go to the bank along with the application to get it processed.
You can follow our steps to get the Mudra loan approval for Doctors.
Visit the nearest bank
You need to go to the nearest bank branch or financial institution that lends Mudra Loan. Not all banks provide Mudra Loan but a select group of banks do. The doctors can get Mudra loans from authorized financial institutions in India. You should look for the one that provides you Mudra Loan.
Fill out The Application Form
You have to ask for the Mudra Loan application form and fill in all details correctly and in a defined manner. Once you fill out the form, attach all the required documents with the form and submit it to the bank or the financial institution.
Track Mudra Loan Status
You must keep a check on the Mudra Loan application that you have submitted to the bank and get to know the status of your loan approval. You can get in touch with the banker who has taken up the charge to approve your loan.
When you apply for the loan, you get a unique identification credential that helps you to check the approval status.
Frequently asked questions on Doctors Mudra Loan
Yes, a doctor can also apply for Mudra Loan as he is an Indian resident only. The government allows every individual in India who wants to become an entrepreneur can avail of the Mudra Loan. The only thing is to meet the requirements laid by the financial institution or bank.
Yes, the bank provides a Mudra loan to a doctor in India. The loan amount is below 10 Lakh Rupees. The doctor can choose his loan amount himself. He is also asked to submit the required documents and thereafter the loan is approved.
For any individual in India, the minimum age limit is 18 years but for a doctor, the minimum age limit is 25 years. The maximum age limit is the same which is 65 years at the time of loan maturity.
The maximum age limit for Mudra loan is that you need to be an adult and atleast 18 yeras of age. The entrepreneur who is a transporter and wishes to invest money in the E-Richshaw can avail Mudra Loan for E-Rickshaw. You can surely take PMMY Loan to start your business but have you ever wondered what if there is a failure to repay Mudra Loan?
Think wisely and then avail loan. You can take one if you are in a situation to repay the installments of Mudra Loan or you have good cibil score for Mudra Loan.