Doctor Loan

When Can A Doctor Loan Be Helpful?

Medical is one of the most honourable professions worldwide. However, India being a developing country is in an immediate need of quality health. Many things have changed over time, and so is the medical profession and this has created a need for modern technologies and advancement. No matter how super specialist you are as a doctor, without these equipment you cannot diagnose the patients properly.

Although this equipment is a necessity, they are still priced high. To upgrade the facilities of your clinic or hospital or to serve your patients well you will, of course, need more equipment and a technical up gradation at your workspace. However, a Non-Banking Financial Company (NBFCs) can help you here. NBFCs offer tailor-made loan options, especially for doctors, as they understand your needs and requirements. Now, they don’t only offer you financial help for professional purpose. Instead, they also allow you to borrow some money for a personal need.

Suppose, you are planning to buy a house which is quite huge and priced at INR 2 Crore. You can easily do that with the help of a Doctor Loan. As, you know the expense of all the commodities has raised high, which is why at times you might need to borrow funds from a financial institution. Now, since a doctor loan provides you with three options: personal loan, business loan and home loan, you can easily finance any of your needs. It is not mandatory that you might always need funds to buy an apartment or to upgrade your clinic, there can be many more monitory requirements that a doctor loan can fulfil.

What does a doctor loan offer?

  • When you apply for the loan, you don’t need to compromise for the amount, as doctor loan offers a loan amount up to 3 Crore; which is one of the highest amount offered on loan.
  • One of the best things here is, you don’t need to keep a collateral against the amount borrowed or present a guarantor when applying for the loan.
  • The loan also allows you to choose a flexible tenor option between one to five years.
  • Assess to personalised online account, which can help you track all your transactions and repayments without visiting the lender.
  • Flexible repayment schemes – Here you can use the part-payment facility to repay your loan, without paying any extra charges. However, you can also re-avail this amount when you need.

How to apply for a doctor loan?

Whether you are a graduate, postgraduate or have an inherited clinic, you can easily apply for Doctor Loan. However, if you are a postgraduate or graduate, you will need a post-qualification of minimum experience of 5 years to 8 years, respectively. Now, this experience can also depend on what category of doctor you follow in. Besides this, you also need to have a minimum salary of INR 40,000 to INR 75,000. Apart from this, there are also certain documents you will need to provide the NBFC.

Now, the application process is quite easy and simple, as you only have to visit the website of your lender and apply. During the application, the NBFC will ask you for very limited documentation which makes the application process quite hassle-free. However, before you apply for the loan, you need to check the doctor loan interest rates offered by all lenders, as it differs from each. Usually, you are offered an interest rate of 14% to 16%.

Concluding with, since there is no such limitation for the usage of the loan amount, you can easily allocate the funds coming from doctor loan to buy a house, upgrade your clinic or hospital. However, a doctor loan can help you manage your financial needs without affecting your work.