A doctor’s loan is a special credit facility that every medical professional gets. It helps to assist them by providing financial support when they want to meet their professional and personal fund requirements.
Compared to any other kind of loan, to get the doctors loan scheme, one needs to have the eligibility criteria to borrow a higher amount of money. One requires minimum documentation to apply for such a loan.
Also, the advantage of a competitive interest rate happens to be a factor that one cannot overlook.
It is easy to apply for doctors’ loans
Some lenders offer doorstep services when the medical professional happens to go for a new dental clinic setup. It makes the procedure a little less cumbersome. The entire process happens to be quick, and the borrowers can expect easy disbursal within a minimum period. However, there happens to be no limitation on how one can use the fund. Hence, one can take the help of the loan amount to integrate the latest technology, buy new equipment, expand and renovate the medical clinic.
One can also manage their loan account through different online facilities that the lender provides. Due to this, the borrower can quickly access and easily monitor every loan-related information. Besides, the doctors’ loan can provide a competitive interest rate and a flexible tenure, which adds to the list of advantages that the loan provides.
If you want to apply for a doctors’ loan, you need to check for various lenders’ specific eligibility criteria. Doing this would help to improve the chances of getting faster approval of your loan amount while saving a lot on the credit score. Especially if you are between 25 to 58 years, you would be able to receive the loan. Apart from this, the borrower needs to fulfill certain conditions regarding the credit score. As the loan happens to be unsecured, the credit score is the only option to determine the borrower’s creditworthiness. That is why one expects to have a higher credit score rate and better repayment history.
To get a doctor’s loan, you need to apply online. You can duly fill up the application form along with recent passport-size photographs. It is mandatory to provide identity proof, including your government ID, PAN Card, or Aadhar card. You have to provide your income proof and address proof along with your last few months’ income statements. If your KYC gets updated, you do not have to provide all these documents. Instead, the lender would ask for selective documents that you need to present. As you finish the online verification, your process of getting the loan accelerates at a faster rate.
Doctors loans can be of 3 types-
- Personal loan– Doctors can use the loan for their personal needs like weddings and gardening. The loan amount can be up to Rs 50 lakh.
- Loan Against Property – In case you need a high-value loan, you can leverage the value of your real estate and get up to Rs 2 crore.
- Business loan– Finally, the medical business needs financing for growth. Thus, doctors may apply for a business loan to get a fund of Rs 50 lakh.
If you are looking for any planned or unplanned expenses, you can avail of the doctor loan from leading financial institutions. The competitive interest rate provides the borrowers with 100% benefits of taking the loan amount. Also, if you want a new clinic set up, you would require a lot of finance to run your business properly. With the advantages of a flexible repayment period, you can surely take the benefits of the loan amount. Hence, before you indulge in any doctor’s loan scheme, you must always select your lender after proper research.