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5 Key Rules to Follow While Applying for A Personal Loan for Doctors

The medical profession is regarded as one of the noble occupations globally. The Indian government supports this thought process by introducing schemes like the NITI Aayog’s Strategy for “New India@75”. This scheme aims to generate 1.5 million jobs in the public health sector by 2022–23.

This data increases the possibility for new and existing doctors to improve their skill set and set up their own ventures as well. Whether an individual is an experienced surgeon or a dentist, he/she needs funds to meet various financial needs.

This requirement can be easily fulfilled by availing credits like a personal loan for doctors. A medical practitioner can receive substantial funds against simple documentation to meet big-scale expenses like clinic renovation, marriage plans, equipment purchase, etc. Availing a loan is easy for professionals, however, the related variables can be confusing. Here are some rules that potential borrowers must check before applying for the said credit.

Infinite banking concept means a process by which an individual becomes his banker. Nelson Nash invented the infinite banking idea. In his book, “Becoming your banker,” Nash talks about using life-long insurance plans that include dividends and how ownership enables individuals to dictate cash flow in their lives, instead of dependent upon banks or lenders, by borrowing for themselves.

Top points to remember before applying for a personal loan for doctors

  1. Choose the lender carefully

The first rule to ensure a successful loan application lies in the selection of reliable lenders. In the competitive market, multiple lenders are waiting to grab a borrower’s attention. One must check the claims to avoid cases of fraud or misleading rates. In this regard, compare various lenders or check third party sites to find one offering a compatible personal loan for doctors and customised benefits.

  1. Check the eligibility requirement

After settling on a lender, a medical practitioner needs to check the eligibility parameters. Since lenders are at risk when offering credits, they set qualification and experience as a criterion to be eligible for a doctor loan. This is a stringent yet justifiable way to scrutinise a borrower’s repayment capability.

Typically for a personal loan for doctors, the eligibility requirements are –

  • An MBBS needs to show his/her post-registration with the medical council
  • Individuals falling in the Super Specialist I and II or Post Graduate I and II category must register with the medical council.
  • Post Graduate and Specialised Diploma holders also need to register with the medical board.
  • The MDS degree holders or dentists. need to have at least five years of experience from the date of medical registration
  • BAMS or BHMS professionals have to maintain a minimum of two-year experience from the date of medical registration.
  1. Evaluate the document requirement

Potential borrowers qualifying the skill and eligibility parameters set by lenders are required to submit a few documents for loan processing. Typically, the documents required for a personal loan for doctors are simple and easy to procure. For instance, one can find leading financiers like Bajaj Finserv, who offer loans for doctors against few documents.

Some of this NBFC’s basic document requirements under this credit form are-

  • Medical Registration Certificate
  • KYC papers
  • Identity and income proof

They also provide pre-approved offers that make the application process quick and hassle-free. Such offers are available on multiple financial products, like business loans, personal loans, etc. Check your pre-approved offer by entering your name and contact details.

  1. Verify the Interest rates and charges levied

Whether an individual is looking for an MSME loan for doctors or a personal loan, calculating the repayment obligation is the basic mandate. An applicant with a 750+ CIBIL score and remarkable credit history is bound to receive better borrowing options. He/she also enjoys the power to negotiate and reduce the interest rate and additional charges levied. Hence, verifying these factors of loan for doctors promotes transparency from both lender’s and borrowers’ end.

  1. Select the repayment tenor wisely

Repayment obligation depends extensively on the tenor chosen. Typically, a personal loan for doctor can extend up to eight years. In this regard, evaluating repayment capability would streamline the tenor selection.

Apart from checking these five factors, potential borrowers must also read the step by step guide on how to apply for a doctor loan to streamline the entire process.

Following these key rules will help a personal loan for doctors applicant make an informed decision. This would assist them to avail substantial funds against affordable rate and better terms.

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