When you visit a doctor or any healthcare professional, you obviously expect the best care possible. For the professional to offer the same, he would undoubtedly need the best infrastructure at his disposal, and all of this requires heavy financial investment.
While these professionals can easily opt for a business or even a personal loan to finance their requirements, a better financial instrument is available just for doctors. This is where a Doctor Loan steps in! Financial institutions, banks as well and online credit unions offer this customized and collateral-free loan to healthcare professionals at a lucrative interest rate.
(Note: The end-use of the loan amount is not defined. Healthcare professionals can use it for both professional and personal purposes.)
What is a doctor loan? Why is it the need of the hour?
As the term implies, this type of loan is particularly designed to meet the needs of doctors and medical professionals. It is quite an easy way to arrange quick and instant funds for building your dream clinic, purchasing new and trending equipment, or hiring staff.
Always remember that these loans are different from business and professional loans because they are tailored to suit a doctor’s professional profile. For such loans, the lenders offer lucrative loan terms, affordable rate of interest and, most importantly, flexible repayment. Moreover, the online application process here is also super easy.
Top advantages of doctor loans
- Low rate of interest
Doctor loans come with low and competitive interest rates, which is quite beneficial for such professionals. By availing of this facility, doctors can expand their operation scale and improve their medical facilities’ infrastructure.
- Minimal and basic documentation
Doctors are involved in a profession that is quite tough and hard as compared to others out there, and when it comes to time, they have little to no time on their hands for other work. Keeping this factor in mind, they only have to provide minimal documentation for processing and approval of a doctor loan.
- Instant Approvals
When you are planning to expand your operations as a doctor, time is of the highest importance. Therefore, loans for doctors have some of the industry’s quickest turnaround and disbursal times. Once the documentation is completed and approved, the amount will be directly credited to the account.
- Higher amount of loan
Being a doctor is a costly affair in itself, and a loan for a doctor takes this prominent factor into account. So, when such professionals apply for a doctor loan, one of the first things that the potential lender looks at is the educational qualification. If you have passed your MBBS successfully, then a standard loan amount is approved. But, if you have specialized knowledge and have been practising in the same field for years, a higher loan amount will likely be approved for you.
Which application is the best for loan for doctors?
Being a healthcare professional for over a decade, I recently decided to start my own firm here in Gurugram, Haryana. Now, if you are an entrepreneur, you might be well aware that setting up a thing of your own is a costly affair.
However, Bajaj Finserv made the entire process relatively easy for me, and within no time, the amount was credited to my account. Just a few taps, and you are more than good to go. Highly recommended!
While most such professionals are pressed for time, the process of getting finance for different life goals can be quite easy and convenient. All they have to do is check doctors loan eligibility, apply for a doctor loan and consider it a great option if they are planning to renovate their clinic, invest in new equipment or buy a new home.