If you are a professional in the healthcare industry, then you know the fact that setting up a thing of your own requires a good amount of funds. Being a physician for over a decade, I recently planned to start my practice here in Gurugram, Haryana and realized that I need some extra funds.
This was when one of my associates told me about a doc loan that is quite a good deal for professionals like us. It offers a lucrative interest rate and is flexible, making it a good deal to grab.
What is a doctor’s loan?
As the name suggests, it is a financial instrument that helps doctors in their financial matters. This type of loan is typically designed for professionals that, includes doctors, dentists, and veterinarians and offers several benefits tailored to the unique financial needs of such professionals.
Compared to traditional loans, this loan type has more relaxed lending requirements, including lower down payments and credit score requirements, higher loan amounts, competitive interest rates etc.
What are its advantages?
● Easy to avail
With just a few taps on your internet-enabled smartphone, you are more than good to go! The overall online application process is relatively easy and can be completed from your comfort zone. Moreover, it is environmentally friendly as it is done digitally and requires less paperwork.
● Competitive Rate of Interest
Doctor loan interest rate is quite lucrative and offers a good deal if you use the right application. This ultimately helps the professionals to save a lot of money over the loan life.
● Education Importance
While applying for this type of loan, the lender first considers the educational qualification of these professionals. Therefore, only a standard amount is approved for the individual who has completed their MBBS. However, if an individual has specialized knowledge and has been practising in the field for a long time, a higher loan amount is approved.
What are the eligibility criteria?
Nationality – Indian
Age – 22-72 years
CIBIL Score – 685 or higher
The degree should be registered with the medical council.
Identity proof, such as a PAN Card, Aadhaar Card or Passport, is required. Further, a medical registration certificate is also required.
How to get a doc loan?
Here, I’d like to share my personal experience. A few months ago, when I was looking for some financial help, my associate told me about the Bajaj Finserv application. The major plus point here was that only with this app I would receive the funds directly to my account without even travelling to any bank/financial institution.
1. Download the official Bajaj Finserv application
2. Sign up with your mobile number
3. On the home page, you’ll see the ‘Loans’ section below the search bar.
4. Tap on it and go to ‘Loan for Doctors’
5. Choose as per your requirement
If you are planning to go for a doctor loan, keep in mind that the doctor loan interest rate is nowadays very favourable, making a good deal not to miss. Moreover, these instant funds can help you grow professionally as well as personally.