Being a doctor is not everyone’s cup of tea. Constant running around for surgeries, addressing patients and what not, the schedule can be really hectic. Having such a busy life, you might surely not have time to arrange funds, if stuck in an emergency. However, you can opt for loans. Since you are a physician, you can surely opt for a professional loan option – A loan option which is tailor-made for doctors.
What exactly is a doctor loan?
A Doctor Loan is a tailor-made loan option for doctors, understanding the needs and requirements of the doctors. However, the loan option offers an amount worth 3 Crore. Which means, the loan caters different needs as it provides three mortgage options: a personal loan, business loan and home loan. Now, since the loan amount is huge, you can easily finance your needs. Besides, the loan process is also quite simple and does not involve any hustle.
Doctor loan interest rate:
The interest rate is the most important factor when it comes to loans as it determines your repayments. However, a doctor loan charges 14% to 16% of the interest rate on the amount you borrow. Now, the EMI that you pay will, however, depend upon the amount you are borrowing and the tenor that you are borrowing it for. Besides this, the doctor loan also offers you an easy repayment option; which means you don’t need to stress or worry about the repayments. You can easily use the flexible repayment schemes offered by the NBFCs.
Since the loan option is tailor-made, there are a variety of benefits and schemes offered by the doctor loan for a medical professional.
Benefits of doctor loan:
- Quick loan:
Besides easy repayment, the loan option also offers easy application process. All you need to do here is visit the website of your lender and apply for the loan. The website will have a special doctor loan section which will not only help you with the application, but it will also have the answer to all your queries.
- Documents:
Unlike other loan avenues, a doctor loan does not carry any hassle when it comes to documents. Usually, people often get their loan application rejected as they fail to submit some. In this case, you won’t face the same problem. The lender will ask you very few documents to submit, however, the documents are quite a selective one. You will have to submit the KYC (Know Your Customer), address proof, signature proof, medical registration certificate, PAN card, IT returns & balance sheet & P/L account statement for the last two years and a copy of property paper to be mortgaged.
- Fast approval:
Since you are a doctor, you know the importance of time and so does the financial institutions. And that is the reason why the loan gets approval within 24hrs. However, this can save you a lot of time as you can directly dive into the loan procedure.
- Hassle-free process:
The entire loan process is simple and hassle-free. The loan does not ask you to wait for a long time or indulge yourself in a complicated documentation procedure. The loan process is easy and quick as the financial institution knows how valuable the time of a doctor is.
When fulfilling your responsibility as a doctor, you can equally manage your financial needs. However, a doctor loan can not only help you buy a house or manage your personal finance, but instead, you can also upgrade your office and purchase some latest equipment which can help your clinic or hospital financially, since the loan offers many benefits and an easy repayment option.
