Doctors are one of the most respected and valuable assets to our society. They work tirelessly to improve the health and well-being of people and save lives. However, being a doctor is not an easy task. It requires years of hard work, dedication, and financial investment that can put a significant dent in their finances. For this reason, several banks and financial institutions offer doctors’ loans to help them manage their finances better. In this article, we will discuss the top benefits of availing doctor’s loan.
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Low-interest rates:
Doctors loan comes with low-interest rates compared to other loans as banks and financial institutions consider doctors as low-risk borrowers due to the stability of their employment. Loan providers offer doctors’ loans at an interest ranging from 9% to 15%, which is significantly lower than other unsecured loans available in the market.
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High loan amounts:
Doctors’ loan offers a higher loan amount than other personal loans. Banks and financial institutions provide doctors with a higher loan amount based on their income, work experience, and credit score. The loan amount offered to doctors can be as high as five times their salary or up to Rs. 20 lakhs. This higher loan amount can help doctors manage their finances better and meet their financial commitments without any financial burden.
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Quick loan approval:
Doctors are considered low-risk borrowers, and hence banks and financial institutions offer quick approval of doctors’ loan. The application process is straightforward, and the loan is approved within 48 hours of submitting the application. The loan approval process is quicker for doctors who have an existing relationship with the bank/ financial institution.
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Flexible repayment options:
Doctors loan comes with flexible repayment options, depending on the loan provider. Banks and financial institutions offer doctors loan repayment periods ranging from one year to five years, making it easier for doctors to manage their financial commitments. Moreover, Some loan providers allow doctors to choose between fixed or floating interest rates and also provide the option to prepay or foreclose the loan, providing them greater financial flexibility.
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No collateral required:
A Doctors’ loan is a type of unsecured loan, which means that there is no requirement for any collateral or security. Banks and financial institutions offer doctors loans based on their creditworthiness, income, and work experience. This means that doctors can apply for a loan without any worry about putting their assets at risk. This makes doctors’ loans a safer option for those who do not have assets to pledge as collateral.
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Easy documentation:
Doctors’ loan requires minimum documentation as doctors are considered low-risk borrowers. The documents required to apply for a doctor’s loan are the employment certificate, income proof (salary slips, bank statements), PAN card, and Aadhaar card. These documents can be easily arranged, making the loan application process smooth and hassle-free.
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Use of funds for various purposes:
Doctors’ loan offers flexibility in the usage of funds as the loan amount can be used for any purpose ranging from buying new equipment, purchasing a new house, renovating their clinic/hospital, or for personal expenses like a wedding, education, or travel expenses. This flexibility in the usage of funds makes it easier for doctors to manage their finances without any financial constraints.
Thus, doctors’ loans are an excellent financing option for doctors who are facing financial challenges. The low-interest rate, high loan amount, easy documentation, and flexible repayment options make it an attractive option for doctors. It helps doctors manage their finances efficiently and helps them focus more on their profession. Doctors can choose a reliable and trustworthy financial provider to apply for a doctor’s loan, ensuring that they can meet their financial requirements without any hassle. Some of the popular lenders of doctors’ loan are HDFC Bank, Bajaj Finserv, Poonawalla Fincorp etc.
The Bajaj Finserv App, HDFC bank, ICICI bank, Poonawalla Fincorp are some of the leading digital lending platform that provides financial solutions to professionals such as doctors, architects, and chartered accountants, to name a few. They offer various loan options, including personal loans, business loans, and home loans, among others. They provide a paperless and hassle-free application process, quick approvals, and minimal documentation requirements, making it an efficient and convenient way for professionals to borrow money.
Other apps such as Indiabulls Dhani, Upwards, and MoneyTap, among others, offer similar loan products and features, presenting professionals with a wide range of options to choose from. These apps provide loan amounts starting from a few thousand rupees to several lakhs, with repayment tenures ranging from months to years. They also offer features such as flexible repayment options, online account management, and easy interest rate calculations.
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