How To Fulfil Financial Needs With A Loan Against Property
A loan against property is a convenient financing solution for all your needs, whether they are personal or work- related. Doctors like you can use it in four main ways:
To Expand Your Practice:
- In its growth phase, a clinic or hospital requires finance. It is a must when purchasing more equipment, hiring staff, training fellow doctors, finding and leasing or buying the right premises and marketing your clinic. For example, a sports physiotherapist needs to ensure that his facility has all kinds of amenities. From the right equipment to comfortable treatment beds, he/she must take care of every little detail for maximum patient satisfaction.
To Buyout Mortgage:
- You may find that your current home loan is not effective. It may be that your existing lender has high interest rates compared to the market rates prevalent right now or that it doesn’t offer you the services you desire, such as the right to make part prepayments or customised insurance schemes.
- In such cases, you could use a loan against property to carry out a home loan balance transfer, choosing a lender who offers you lower interest and better customer service.
To Consolidate Debt:
- It is possible that a clinic or hospital has several debts that accumulate over time. For example, these can be in the form of credit cards used to pay for business expenses. A physiotherapist, for instance, may have paid for shipments of support casts and resistance bands using a credit card. He may have used another credit card to make payments of clinic software and billing software.
- A loan against property can be used to consolidate debts and repay them before the tenor lapses.
To Fulfil Personal Needs:
- This loan also finances a doctor’s personal needs such as renovating his/her home, purchasing a new car, financing an overseas education and more.
Now you know how versatile a loan against property for doctors is and how it is ideal for meeting immediate financial needs. Take a look at its many benefits:
1. High Loan Amount To Meet Any Financial Need:
- This loan gives you the facility to borrow up to Rs.2 crore without any hassle.
- You have complete discretion over how this loan amount is used.
2. Flexible Repayment Options And Nominal Interest:
- This loan lets you choose a tenor up to 180 months.
- So, you can pick a repayment period that is convenient for you and is in line with your finances.
3. Quick Approvals And Disbursals:
- Once you submit your application online, your loan will get approved within 24 hours.
- Then, the loan amount is disbursed to your bank account. This is done within 48 hours after document verification.
4. Make Part Prepayments Without Extra Charge:
- This loan offers complete freedom over prepayment of the loan. You can prepay any amount of the loan, at any given time (if you have excess funds) and thus lower your financial burden.
- Moreover, there are no extra charges associated with part prepayment of the loan.
5. Value-Added Services:
- If you are buying a home, this loan offers various value-added features like property search and property dossier services.
- The property dossier is a detailed handbook that takes you through the legal and technical aspects of purchasing a home.
- The property search is a dedicated department that helps you find the right property for your budget.
6. Quick Online Application And Easy To Meet Eligibility Criteria :
- The loan has a quick 4-step online application. Once you complete it, the loan amount is approved within 24 hours.
- All Indian nationals can apply for this loan by submitting minimal documentation like KYC documents, PAN card and Medical Registration Certification. This makes it easier and faster to get access to a loan.
7. A Convenient Line Of Credit Option:
- This facility gives you access to a handy credit line. You can use this to make multiple withdrawals depending on your needs.
- This feature is ideal for those with unpredictable cash needs. You have to pay interest only on the amount used by you. You also have the freedom to change your line of credit to a term loan at any point, during the tenor.
8. Online Account Access:
- Most loan providers give you online access to all the important details of your loan like interest statements and balance details.
- All you have to do is enter your user ID and password and log in to the secure customer portal.
To take advantage of the scores of benefits, apply for a Loan Against Property for Doctors from Bajaj Finserv. With instant approvals and excellent customer service, this loan is one of the best in the market.