Taking a Doctor Loan? Here’s what you need to know
Are you looking to expand your medical practice? Do you require advanced medical infrastructure to bring in more clients? Well, what you need is a doctor loan. Immensely popular, doctor loans have taken the medical community by storm. Now, financiers like Bajaj Finance are offering doctor loans in India with benefits like instant online approval.
Essentially, doctor loans are mortgages offered to doctors or medical practitioners to help them acquire better medical equipment, develop better infrastructure, establishing new clinics or reconstructing new ones. They can also be used to fund a doctor’s business trips.
Before applying, you need to understand the complexities involved with taking a doctor loan and plan accordingly. Let’s look at questions you need to ask yourself before you jump into the fray.
- What Is the Purpose?
The first thing you need to ask yourself before taking a doctor loan is—what is the main reason behind your quest for funds? Is it a specific medical instrument you wish to acquire? Or are you thinking of setting up a new clinic closer to the commercial part of the city? Well, once you have a clear idea of your needs, you can look for a doctor loan that meets your requirements. NBFCs like Bajaj Finserv offer Doctor Loans that don’t require any guarantors or collaterals.
- What Sort of Repayment Process Would you Prefer?
Each loan has a different interest rate and would require a different EMI from your end to finish the repayment process. Look for different financiers that are present in the market and select the one that suits your financial situation the most. Bajaj Finserv, for example, offers Doctor Loans that are available with a flexible tenure, ranging from 12 to 60 months. This gives you the option to choose a tenure that fits your budget.
- What Is the Interest Rate?
Doctor loan interest rates have a major bearing on your financial plans, so choosing the scheme with the lowest rate should definitely be a consideration. You can also reach out to a mortgage agent who will help you get the lowest rates possible.
- What Are Your Monetary Requirements?
Another important question to ask yourself is what is the exact amount of money you require? Different banks offer varied loan amounts to borrowers and finding the one that meets your exact requirements can be a tad bit challenging. You can look into financiers like Bajaj Finserv that offer easy online approval loans up to INR 45 lakhs. This is the highest unsecured ticket size offered by any lender in India.
Follow these tips for taking a doctor loan and bring your practice to the next level. You can apply for doctor loan online using Bajaj Finserv. They provide pre-approved offers and nil foreclosure charges.