In the current demanding medical field, healthcare professionals out there face many kinds of unique financial challenges. From expensive education and student loan debt to the need for specialized equipment, managing finances can be a challenging task.
To tackle such challenges, a doctor loan has been introduced in the market by financial institutions to support the well-being of such professionals. Moreover, nowadays, availing of such a loan is super easy and can be done with just a few taps on your smartphone.
What is doctor loan?
Also known as a physician or medical professional loan, it is a specialized type of financing designed specifically for medical doctors. These loan facilities are tailored to address the unique financial situations and potential challenges that medical professionals often face, especially early in their careers.
What are the benefits of this loan?
● Higher loan amounts
Many don’t know that educational qualification also plays a vital role here. So, if you have passed your MBBS education successfully, then a standard amount is approved by the financial institution. But, if you have specialized knowledge and have been practising in the same field for a long time, a higher loan amount will be approved for you.
● Minimal documentation
One only has to provide minimal and basic documentation for processing and approval of a loan. This way, the loan can be applied without any complications and approved in the quickest possible time.
● Minimal rate of interest
This type of loan has low-interest rates when compared to the market standards. So, when professionals avail of this facility, they can expand their operation scale and even invest in the overall infrastructure with the lucrative Doctor Loan interest rate.
● Instant approval
When planning to expand your operations as a medical professional, time plays a 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.
● Flexi loan
Some lenders even offer you a Flexi loan to make it more manageable and efficient. Here, you can create multiple withdrawals and deposits against the credit limit and are charged interest only on the used amount of money.
How to avail of this loan?
It all depends on which application you are using. Here, I’d like to share my personal experience of using an application named Bajaj Finserv. Availing this loan facility is easy, and you must follow the step-by-step guide below.
- Download the official Bajaj Finserv application
- Sign up by entering certain 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
Conclusion
In conclusion, doctor loan benefits offer such professionals an open opportunity to secure financing for their homes with terms that cater to their financial situations and career paths. Lastly, when it comes to making a financial decision, it is essential for borrowers to carefully review and compare the terms and offerings from different lenders before opting for the best one.
