As the name suggests, a Doctor Loan is a financial product designed for doctors, medical practitioners, and surgeons. It is considered a sound financing option for medical professionals who require immediate funds.
Two of the most enticing aspects of a Doctor’s Loan are the affordability and availability – they are offered at affordable interest rates in both secured and unsecured loans.
If any doctor is looking for collateral-free options, they can avail:
- Personal Loans
- Business Loans
Or, if there is a requirement, they can go for secured options, such as:
- Home Loans
- Loans Against Property
What is the eligibility for a Doctors’ Loan?
Most Non-Banking Financial Companies (NBFCs) have similar Doctor Loan eligibility criteria for securing a loan.
- Doctors who are super-specialists (MS, MD, or DM) must have at least three years of post-qualification experience.
- A minimum of three years post-qualification experience is required for graduate doctors (MBBS).
- Dentists (BDS/MDS) must have at least five years of experience after graduation.
Which steps are needed to be followed while applying for a Doctor’s Loan?
Here are some steps that can be taken to get a Doctor’s Loan without hassle.
Choose the Right Lender
It is crucial to choose the right lender, not just for a Doctor’s Loan but for any loan requirement. A reputed lender would ensure that the borrower gets facilities like:
- Competitive interest rate
- Flexible repayment term
- Excellent customer service
Doctors should get a loan from institutions offering all the above benefits and only then should they choose the loan that is suitable for them. Before applying, ensure that you have read the benefits offered by lenders and compare the rates of interest offered by each of them.
While applying for a Doctors Loan online, the borrower must make sure that there are options for quick approvals, the lowest interest rates, generic eligibility criteria, and easy-to-apply rules.
Check Eligibility before Applying
Apart from the qualification, one must ensure that the application process is simple and convenient. New-age Non-banking Financial Companies (NBFCs) like Poonawalla Fincorp have made loan application processes easier by taking it online. From application to approval, everything is digital.
Once a lender is finalized, the next step is to check the loan’s eligibility criteria.
The advantages of checking whether one is eligible for applying for a Doctor’s Loan are numerous. It saves the applicant from hassles in the following ways:
- Helps prevent the loan application from getting rejected
- Lets the applicant be aware of the documentation beforehand
Most of the Doctor’s Loans offered by reputed NBFCs are granted based on an applicant’s educational qualification and work experience, so they are easy to apply for! But some financial institutions tend to offer lower-value loans to those who do not meet the relevant criteria.
Check for the Interest Rate
No matter which loan is preferred, one must be aware of the current interest rates. This is crucial in determining the overall loan balance that needs to be repaid.
Comparing interest rates might be a good idea as most NBFCs are eager to help their partners meet their financial needs. Make sure there aren’t any undisclosed additional costs that you might incur later.
Prepare the List of Documents
After settling on the lender and qualifying their eligibility requirements, here is a list of documents one must keep handy before turning in the application:
- Medical Registration Certificate
- KYC documents, such as Aadhar Card and other government-sanctioned proof of address
- Income Tax returns
- Account Statements
If one is applying for a secured loan, papers related to the collateral are also required.
Check Whether Offline or Online Options are Available
The first step to applying for a doctor’s loan is filling out a form. The form can be availed both electronically and physically. Depending on one’s convenience, one can opt for any of these options – to apply and receive the funds. However, considering the busy schedule doctors have, choosing a lender who offers an online application process is ideal. While applying, all relevant documentation must be kept handy for the submission.
Apply for the Loan
Now that the borrower knows all the relevant details, it is time to apply for a professional loan. Before applying for the loan, check out all the reviews and details of the preferred lender so the loan process becomes quicker.
