MedLoan is India's largest loan marketplace specifically designed for healthcare professionals. The platform connects doctors with financial institutions, facilitating access to tailored loan products that address the unique financial needs of medical practitioners.
Funding
Funding not disclosed
Founders
Product
Problem
Healthcare professionals in India often face challenges in securing financing due to the unique requirements of their profession and the difficulty in accessing tailored loan products from traditional financial institutions. This can hinder their ability to establish new practices, upgrade equipment, or expand existing facilities.
Solution
MedLoan operates a loan marketplace specifically for healthcare professionals in India, connecting them with financial institutions that offer loan products tailored to their needs. The platform streamlines the loan application process, providing doctors with access to financing for various purposes, including setting up new practices, upgrading equipment, renovating clinics, and expanding their operations. By aggregating loan options and simplifying the application process, MedLoan aims to empower doctors to achieve their professional goals.
Target Audience
The primary target audience consists of doctors and other healthcare professionals in India seeking financing for their professional needs, such as establishing a clinic, purchasing equipment, or expanding their practice.
Features
- Online application process for professional loans up to ₹80 lakh.
- Connects doctors with multiple lending partners.
- Facilitates loans for setting up new practices, equipment upgrades, clinic renovations, and practice expansion.
- Eligibility criteria include Indian nationality, age between 22 and 72 years, a CIBIL score of 700 or higher, and medical registration with the medical council.
- Required documents include KYC documents (Aadhaar/PAN card/Passport/Voter's ID) and a medical registration certificate.
- Loan interest rates start from 11.49% p.a., with loan processing fees up to 2% plus applicable taxes.
- Loan tenure options up to 84 months.