How to Simplify the Extensive Car Insurance Claim Process?

Your car is an immensely important investment and taking maximum care of it is hence quite needed. While most of us tend to carry out a thorough research and rely upon specialized referrals before purchasing cars, when it comes to getting insurance, a major portion appears doubtful. Car insurance, also known as auto or motor insurance is beneficial probably because it offers coverage during any disastrous incident, protects from financial liability, and contributes to peace of mind. You can opt for a car insurance policy both offline and online but do straighten out all the formalities so that the unwanted delays could be prevented.  Continue Reading

Why Web Developers Should Learn Designing

It is time we stopped regarding web developers and web designers as two different species. True, both fields require specialisation but if a web developer manages to be a jack of both trades, then it is a bonus not just because it saves time and money (and that’s reason enough) but also because the final product is more likely to meet all the demands. The creation of a website by a web app development service goes way further from the initial coding stage. It is an important thing to be properly informed about the essentials of web designing. Continue Reading

How Can Doctors Reduce their Home Loan Burden?

Being a doctor means being a ray of hope for millions of people. But, achieving this feat is not easy as one needs to put in a lot of hard work to be a doctor. So, after becoming one, they also deserve the best lives for themselves and their family. Owning a home is a must among other things they deserve.

However, it can take time for a doctor to buy a new house or even go for a worldwide trip with the regular business income or salary. Therefore, some financial institutions come with options like home loans for healthcare professionals.

Bajaj Finserv is one of the foremost financial institutions which offer Doctor Loan in different variants to ease their lives. The different loans provided for doctors are:

  • Personal Loan
  • Business Loan
  • Home Loan
  • Loan Against Property

With these loans, a doctor can meet the expenses of a foreign tour, buying a home, business expansion, or any other need that requires substantial investment. Bajaj Finserv offers various features and benefits with their Doctor Loans.

A type of professional loan, doctor loans can help a medical practitioner avail his dream house easily. However, a home loan for doctors also requires proper financial planning and management so that a cumulative of principal and interest does not come heavy while repaying.

4 ways to reduce the load of home loans for healthcare professionals:

  1. Increase the repayment amount

A modest increase in EMIs while making repayments can ease the burden to a great extent. With a rise in income, doctors can aim to increase their EMIs according to the percentage of growth in income. Part-prepayments will help in saving a lot of money as doctor loan interest rate adds up a considerable amount to the EMIs. The interest amount will be greater if the repayment time is more. Thus, one can complete the repayment early to save money in the long run.

  1. Use the part-prepayment facility

Bajaj Finserv offers this part-prepayment facility. Through this, a doctor can partly pre-pay any amount more than 3 EMIs without paying any charges. Part-prepayment can help them pay-off the professional loan easily and early. It will reduce the amount paid against the interest part eventually.

  1. Take benefit of easy balance transfer facility and top-up

One can also choose an easy balance transfer facility which can assist one in transferring the existing balance of home loans for healthcare professionals to another lender offering a low rate of interest. The benefit of this transfer is that it offers a reduced rate of interest which can make the repayment easy.

Healthcare professionals can use the high-value top-up feature for other financial requirements as well. The facility does not require any documentation, thus, making the transfer facility hassle-free.

Also, if one wants loans for other purposes, lending institutions like Bajaj Finserv come with pre-approved offers on other financial products. The pre-approved offers cover business loan, personal loan, business loan, EMI financing options, and other financial services apart from home loans. You can check your pre-approved offer by providing a few details. It makes the process stress free and time-saving.

  1. Use of flexi loan facility

This facility offered by Bajaj Finserv lets customers withdraw the required amount within a preset loan limit anytime they want. The benefit of paying interest only on the withdrawn amount makes this Flexi-Loan facility attractive. Also, a doctor can pay only interest as EMI and can choose to foreclose the loan without any extra charges. It helps in repaying early, thus, decreasing the loan burden.

So, these are the ways of reducing the load of home loans for healthcare professionals. Thus, doctors can now do the necessary homework before buying the house of their dream using home loan.