There comes a time in every professional’s life when they plan to expand their business or service. Well, these progressive thoughts are sometimes hindered by one prime thing, i.e. money. However, this is where a loan steps in.
Also known as a physician loan, a doctor loan is a financial offering available to professionals and medical practitioners. These people must have a self-owned clinic or work in a government-owned or private clinic, hospital and consultant.
What are the benefits of a doctor loan?
It is well known that compared to other types of loans, this loan is customised to meet the specific needs and demands of these professionals.
1. Low-interest rate
This loan type has low and competitive interest rates as per the market standards. So, when professionals avail of this facility, they can expand their operation scale and improve the overall infrastructure.
2. Higher loan amounts
Many don’t know that educational qualification also plays a very important role here. So, if you have passed your MBBS successfully, then a standard amount is approved. But, if you have specialised knowledge and have been practising in the same field for a long time, a higher loan amount will be approved for you.
3. Minimal documentation
One only has to provide minimal documentation for processing and approval of a doctor loan. This way, the loan can be applied without any complications and approved in the quickest possible time.
4. Quick approvals
When you are planning to expand your operations as a doctor, time plays a very crucial role. So, the loan application will get approved in five business days or less. Moreover, once all the documentation is done, the amount is delivered straight to the bank account.
5. Flexi loan
Some lenders offer you a Flexi loan to make it more manageable and smooth. Here, you can make multiple withdrawals and deposits against the credit limit and are charged interest only on the used amount.
How to avail of this loan?
In order to avail this loan, it is essential to check doctor loan eligibility first to ensure that you are eligible for it or not. Below mentioned is the step-by-step guide on how I availed it.
> Download the official Bajaj Finserv application on your Android or iPhone
> Sign up by entering all the required details
> Once you log in, you land on the home page, where you’ll see the ‘Loans’ section below the search bar.
> Tap on it and go to ‘Loan for Doctors’
> Choose as per your requirement, and you are good to go
So, if your doctor loan eligibility is all clear, availing a loan is as easy as ordering food nowadays. Moreover, please don’t consider this write-up a promotional one, as I’m sharing my personal experience so that the readers can better understand.