A doctor loan is a customized credit option catering to the varied financial requirements of medical practitioners. Inadequate amounts of funds can hinder doctors in their professional advancement. There are times when doctors need external financial assistance for laying out their clinic or installing improved equipment. Hence, individuals can rely on doctor’s loans to ensure growth, development, and improved infrastructure.
With the easy accessibility of a doctors loan, medical practitioners can significantly lower their practice costs, expand their businesses, manage operational costs, etc. Moreover, it will boost opportunities for younger practitioners to broaden their horizons and start their practice in the medical field, which will further lead to a robust upshot of India’s healthcare system.
Know the top reasons to avail of a loan for doctors in India
Here are a few reasons why availing of a loan for doctors in India proves beneficial:
- Substantial loan amount: Borrowers will be able to access a high quantum loan amount at an affordable doctor loan interest rate. However, borrowers need to ensure that they have a decent CIBIL score and should be free from the financial liabilities of existing debts if any.
- Collateral-free loan: A doctor’s loan is an unsecured credit option. Borrowers can fetch considerable loan amounts without pledging their assets. Moreover, it is an ideal finance option for individuals who do not possess any such property to keep as security or does not want to risk their asset.
- Instant disbursal: One of the notable benefits of availing loans for doctors is quick loan approval and rapid disbursal. As there is no asset to scrutinise, lenders process the loan faster. The documentation process is not exhaustive like other secured credit options.
- Flexible loan tenor: Most lenders offer an extended repayment tenor of up to 96 months, helping borrowers repay the loan principal on time without defaulting and plan their other monetary liabilities well. Choosing the right loan tenor is one of the effective tips on how doctors can manage their finances better.
- Minimal documentation: As a doctor’s loan is not a collateral-based credit option, it does not involve lengthy and tedious documentation. Here are the basic documents that borrowers keep at the ready:
- KYC papers
- Address proof
- Employment certificate stating at least one year of employment
- Identity proof
- Expansion or renovation of the clinic: With easy access to lump sum amounts, borrowers can expand their centres or clinics. A doctor loan is handy in renovating one’s workplace, making the establishment comfortable and functioning for medical practitioners and patients.
Purchasing medical equipment
Loans for doctors help offer better healthcare to several patients. To offer patients enhanced treatment, a doctor must invest in advanced equipment and devices. The cost associated with such installation incurs hefty expenses, and availing of such a loan proves beneficial.
However, to make the borrowing cost-effective, borrowers should know the costs involved in setting up a medical practice. Not knowing these charges will lead to a financial burden and make the borrowing counterproductive.
Furthermore, medicos can use the sanctioned amount to manage operational expenses, hire staff, arrange working capital, open an establishment like a new dental clinic, etc.
Additionally, borrowers can enjoy the lucrative benefits of exclusive pre-approved offers extended by leading financial institutions like Bajaj Finserv. These offers expedite the loan application process, making the borrowing hassle-free. Intending borrowers can check their pre-approved offers by entering their names and contact details.
To summaries, a doctor’s loan is a personalized finance choice to address evolving customers’ needs. It ensures timely medical treatment and uplifts India’s struggling healthcare system.