Doctors may need finance for a range of professional and personal purposes, and loans designed especially for doctors give you access to exactly this. Before applying for a loan, it is important to have clarity on all the aspects of repayment, loan amount and terms and conditions. This can be done easily by asking the right questions. Take a look at some questions that you should ask before deciding on a loan for doctors.
What are the various kinds of loans available?
There are various loans that have been crafted especially for doctors. This category covers a suite of four loans namely; personal loan, business loan, home loan and loan against property. So, whether it is a personal requirement or a professional one, this suite will cater to it. From purchasing a home or building a swimming pool to buying equipment for your clinic, this suite gives you access to funds for several uses.
How much can I borrow?
While personal loan and business loan offer access to Rs.30 lakh without collateral, the other loans give access to Rs.2 crore with property as security.
What is the eligibility criteria for a loan for doctors?
The eligibility criteria of Doctors to apply for a loan is diffrent types. To get access to the loan, you must ensure you fulfill the following eligibility:
- You must be a practicing doctor with relevant qualifications and experience in your field
- You must be a citizen of India
- You must be at least 26 years old
- Certain doctors may be required to own their own house or clinic
How long do I have to repay the loan?
Not just doctors, but anyone who takes a loan must gauge their ability to repay it. Loans for doctors have a repayment tenor from 12 to 96 months for personal and business loans. The tenor for loan against property is 15 years and it is 20 years for home loans.
Can I repay the loan easily?
Apart from repayment tenors, you need to have appropriate funds to repay the loan. It is important to have a safety net to do so. To lower your financial stress, you must consider how you will repay your loan before you apply for it. Apart from your salary, look at other sources of incomes such as interest accrued on investments to be able to pay your EMIs on time and with greater ease.
Is my credit score important?
As mentioned earlier, some of the loans for doctors are unsecured loans. This means that they don’t require any collateral. As a result, the lender looks at your credit score to gauge your ability to repay the loan. If your credit score is strong, this will help you get a loan quickly. However, if your credit score isn’t strong, identifying this problem will help you solve it easily.
Seeking the answers to these questions can ensure that you make a wise decision. Before applying, be sure to review the various features of these loans and match them with your requirements. Bajaj Finserv’s Loans for Doctors have unique benefits like minimum documentation, line of credit and easy prepayment and foreclosure.