Advantages of Availing a Doctor Loan?

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Doctor Loan

There are various types of loans that are available in the market today. These tailor-made loans are specifically designed as for the need of the borrowers. Such vast is the market today that every niche loan category has its own set of specific features. One such niche is that of a Doctor Loan. The up and coming professionals are inclined towards setting up their own clinic then to keep practising for decades. Even for doctors who have been practising for several years now are more inclined towards setting up their clinic.

How do I set up my clinic?

Well, there are several ways to do it. Borrowing from friends and family is one option, borrowing from a financial institution is another. However, which one would you prefer? We have often seen cases of sour relationships with finances involved. Thus, when it comes to setting up your clinic or upgrading your existing clinic, doing it independently with the help of a doctor loan is a much better option. Yes, initially there are many challenges, but with the support of a financial institution, you can easily get the job done and repay the loan in a hassle-free manner.

How does Doctor Loan Help?

There are several ways in which a doctor loan can prove to be a boon to kick-start your solo career or upgrade it. The doctor loans provided by the financial institutions are specially designed for the professionals to make sure that they fulfil their needs and can repay it in a stress-free manner. So what are the benefits of availing a doctor loan?

  1. High Loan Amount: As a doctor, you might have already enquired about the costs when it comes to setting up a new clinic. The amount involved is not less. Not something you can arrange by yourself without taking a significant amount of stress. Financial institutions provide you with a sufficient loan amount of up to INR 2 Crore. The mentioned amount is sufficient enough for a doctor to set up a new clinic or upgrade his current clinic.
  2. Attractive interest rates: Professional loans for doctors have been made available by a large number of banks and NBFCs. Each one of them is providing an attractive rate of interest to motivate the professionals to take loans. However, when deciding upon the rate of interest, you should know that NBFCs are providing a better rate of interest as compared to banks and other institutions.
  3. Customised repayment option: Most of the professionals are just worried about how to get their loan process. What they often fail to realise is how tough it would be to repay the loan. However, with NBFCs as your go-to-option, you can exercise repayment options which are highly customised as per the need of the borrower.
  4. Flexible tenor options: One of the most attractive parts about doctor loans is that the tenor available is flexible. You can choose from a varied option of the tenor as per your need. A longer tenor, if you feel you do not have the capacity to pay a higher amount on a monthly basis and vice-versa.
  5. No Collaterals: Most of the doctors shy away from this option thinking that they will have to submit a collateral against the loan. However, that is not true as with NBFC such as Bajaj Finserv, you do not have to submit any collateral.
  6. Line of Credit: An additional feature provided by the financial institution to help you manage your finance. A line of credit is a boon to professionals who often face financial crunch at the time of repaying the EMIs.

The points above are few of the benefits to taking a doctor loan. While going to apply for doctor loan, make sure that you approach an NBFC as the benefits above are to be most likely provided by them.