What Are The Best Loan Options Available For Doctors?
Whether you are seeking finance for personal or professional reasons, a customised loan for doctors is a great choice. They have been specifically created to cater to the needs of medical professionals like you and offer a suite of 4 different loans. These include a personal loan, business loan, home loan and loan against property.
Let’s look at each of them in more detail:
Personal Loan for Doctors
Whether it is financing your child’s higher education or going for a family trip abroad, you can use this loan for just about anything. Through a personal loan, you can avail up to Rs.30 lakh with a flexible tenor of 1 to 5 years. This loan does not require you to attach any collateral or get a guarantor to co-sign with you, making its application fast and the approval even faster.
Home Loan for Doctors
You can take a home loan for doctors in case you are planning to buy a new home. Through this loan, you can avail a loan up to Rs. 2 crore with a tenor of up to 20 years. Additionally, this loan provides services like property search assistance and a property dossier that guides you through the legal and technical aspects of owning a home.
Business Loan for Doctors
If you are looking to renovate your clinic, hire additional staff, or buy new medical equipment for your practice, you can choose a business loan for doctors. You can avail up to Rs.30 lakh via this loan for all your professional needs with a flexible tenor of 1 to 5 years. This is an unsecured loan that also offers you a convenient line of credit facility.
Loan Against Property for Doctors
This is a secured loan option that requires you to mortgage your residential or commercial property to receive funds. This loan also comes with the property search, property dossier and customised insurance services. With this loan, you can get funds up to Rs.2 crore with a tenor of up to 15 years. You can use it to buy another property, renovate your home, buy assets and more.
Now you have a better idea of the different loans for doctors, take a look at the benefits that they offer:
- Low-cost EMIs: These loans feature affordable interest rates. This means that you can save a significant portion of your income by paying lower EMIs. As a result, your financial burden is significantly reduced.
- No Additional Fees: Usually, loans feature a range of additional fees and charges. These can be billed at the time of signing the sanctioning letter, getting a home loan balance transfer or later during the tenor. However, a loan for doctors levies no such additional charges.
- Collateral-Free: The personal and business loans for doctors don’t require you to submit any collateral. Therefore, you don’t have to put any of your valuable assets at stake.
- Value-added Services: As mentioned before, the home loan and loan against property under this suite feature value-added services like property dossier and property search services. These services help you find the property you need without any hassle.
- Line of Credit: This convenient facility allows you to withdraw funds as and when you need them. The interest is calculated on this amount and not the value of the entire loan. On a monthly basis, you’re required to pay only the interest. The principal amount can be repaid at the end of the tenor. This feature comes in handy when you can’t predict the amount of financing you need or have fluctuating requirements.
- Part Pre-payment Provision: If you have surplus funds, you can pay off the principal amount in part pre-payments at no extra charge. All you have to ensure is that your pre-payment is equal to or greater than the total of three EMIs. This helps you reduce your EMIs considerably and pay off your loan faster.
Now that you know which loans are best suited for you, explore Bajaj Finserv’s suite of Loans for Doctors and choose the one that matches your needs perfectly.