Check your eligibility
What These Loans Fund
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Clinic
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Medical
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Premises deposit and rental advanc...
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Working capital for the practice
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Staff hiring and payroll
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Practice expansion and additional...
Who Can Consider This Loan?
- Business vintage, commonly two to three years of operations
- Minimum annual turnover set by lender and segment
- Profitable operations, or a demonstrable path to profitability
- Clean banking conduct with no cheque returns
- Promoter credit scores, which lenders assess alongside the business
- GST registration and filing compliance, where applicable
What May Not Be Funded?
- Personal expenses unrelated to the practice
- Processing and documentation charges
- Professionals without a recognised qualification and registration
- Amounts beyond what the practice income supports
- Speculative investment
Always check the sanction letter before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading loans companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
- Expert Guidance Personalised advice from experienced loans professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
Lenders treat qualified professionals as a distinct and preferred segment. A doctor, chartered accountant, architect or lawyer has a recognised qualification, a regulated practice and an income stream that is unusually stable — which produces better rates and higher unsecured limits than a comparable business would receive.
Medical professionals attract the most favourable terms of all. Specialist equipment finance for clinics and diagnostic centres is a well-developed segment, and lenders frequently fund a higher proportion of equipment cost for doctors than for other borrowers.
The practical advantage is that the qualification itself carries weight. A professional two years into practice can often access terms that a business of the same vintage could not, because the underlying earning capacity is evidenced by the qualification rather than only by the financials.
Who should consider it
Doctors setting up or expanding a clinic. Chartered accountants, company secretaries and lawyers building a practice. Architects and consulting engineers. Any qualified professional funding equipment, premises or working capital.
Benefits
- Better rates and higher unsecured limits than general business lending
- Longer tenures, commonly up to seven years
- Specialist equipment finance for medical and diagnostic practice
- Lower vintage requirements for recognised qualifications
- Interest deductible as a professional expense
- Higher funding percentages on professional equipment
What the loan funds, and what it does not
Read the right-hand column first. It is the one that decides how much you have to arrange yourself.
Usually funded
- Clinic, chamber or office setup and fit-out
- Medical, diagnostic and professional equipment
- Premises deposit and rental advance
- Working capital for the practice
- Staff hiring and payroll
- Practice expansion and additional locations
Usually not funded
- Personal expenses unrelated to the practice
- Processing and documentation charges
- Professionals without a recognised qualification and registration
- Amounts beyond what the practice income supports
- Speculative investment
Funding limits and the treatment of add-ons vary between lenders and move with the borrower profile. The sanction letter you receive is what governs — we will walk you through it before you sign.
How it works with us
- 1 We read your financials before approaching anyone Turnover, margins, banking conduct and existing obligations. Lenders read the same numbers, and it is better to know what they will see.
- 2 Matched to lenders who write your segment Manufacturing, trading and services are underwritten differently. Applying to the wrong lender wastes weeks and marks your credit file.
- 3 Structure chosen before rate A term loan, a working capital line or an overdraft solve different problems. The cheapest wrong structure is still the wrong structure.
- 4 Documentation prepared properly, once Financials, GST returns, bank statements and projections in the format lenders expect. Incomplete files are the main cause of delay.
- 5 Sanction, disbursal and an eye on the covenants We flag the conditions attached to the sanction so a covenant breach is not the first you hear of a problem.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- Say what you are. Professional segment pricing is materially better than general business lending, and applications sometimes get routed to the wrong desk simply because the qualification was not flagged.
- For medical equipment, compare a dedicated equipment loan against a general business loan. Equipment finance frequently funds a higher percentage over a longer tenure.
- Keep practice income and personal income clearly separated. Professionals frequently blur the two, and it complicates underwriting unnecessarily.
- Registration with your professional body is part of the assessment. Keep it current — a lapsed registration is a genuine obstacle.
- Interest on borrowing for the practice is a deductible professional expense. Document the end use, particularly where premises are shared with a residence.
Documents required
- Business registration — incorporation, partnership deed or proprietorship proof
- PAN of the business and of the promoters
- Last two to three years of audited financial statements
- Last two to three years of income tax returns with computation
- GST returns for the last twelve months
- Bank statements for the last twelve months
- KYC of promoters, partners or directors
- Existing loan sanction letters and repayment records
Frequently Asked Questions
Why do professionals get better terms?
Because a recognised qualification and regulatory registration evidence an earning capacity that a general business has to demonstrate through years of financials. Lenders treat this as a lower-risk segment and price it accordingly, with higher unsecured limits and longer tenures.
Do doctors get the best terms?
Generally yes. Medical practice is the most developed professional lending segment, with specialist equipment finance, higher funding percentages and lower vintage requirements. Diagnostic and clinic equipment in particular is well served.
How long do I need to have been practising?
Commonly one to two years, which is lower than the two to three a general business needs. Some lenders will consider newly qualified professionals in specific segments, particularly medicine.
Should I take an equipment loan or a business loan?
For equipment specifically, an equipment loan usually funds a higher percentage over a longer tenure at a comparable rate. For working capital or premises, a business loan is the right structure. Many practices need both.
Is the interest deductible?
Yes, where the borrowing is for the practice. Keep clear documentation of the end use, particularly if your consulting space shares premises with your residence — that is the situation most likely to attract questions.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.