Customised loan products designed to cater to the needs of an evolving customer base are here to stay. Online lending platforms ensure that the customer of today, who is exposed to 24×7 engagement, gets an array of customised financial products to meet their needs. One of them is a Personal Loan.
Personal Loans are loans that self-employed people like doctors, lawyers, chartered accountants, etc., can avail of without any collateral to upgrade business or purchase equipment.
Doctors, among other professionals, can opt for such a loan. A newly minted doctor or even a more experienced doctor wishing to start a private practice must set up a clinic. The initial setting up of a clinic would require capital. This could be renting or buying a space, providing infrastructures such as a waiting area/lounge, a reception area, and the doctor’s room. There is also a need for interior decor, housekeeping and medical equipment. A customised Personal Loan for doctors would help them meet these expenses.
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What are Personal Loans for Doctors?
Doctor Loans are the perfect solution for any doctor looking to expand their practice, grow it in a new space or keep funds available on hand during emergencies. The interest rates and terms of these loans were designed with career growth patterns of physicians in mind so that even newly-minted doctors can receive a a loan offer to make more major investments like buying equipment needed for patient care. These Personal Loans can be repaid in easy monthly installments. The eligibility conditions of these loans are extremely easy and the interest rates are competitive. Most lenders offer such personal loans online. From application to disbursal, the entire process is completed on the lender’s website. Once the loan is approved, the amount is wired into the registered bank account of the applicant instantly. All such features make Personal Loans an agreeable loan instrument among doctors in India.
Below are a few reasons to take a Doctor Loan:
- Acquiring new space for setting up your clinic
- Improving or expanding your existing clinic
- Procuring new healthcare equipment
- Adapting the latest medical technologies
- Consolidating your high-interest debts
- Funding your expenses
Benefits:
The special loan for Doctors has certain Benefits:
- No requirement of guarantors or collateral
- Fast turnaround with loan approval in as quick as a few hours
- Low-interest rates compared to rates offered to other self-employed professionals
- End-use can include construction of the clinic, renovation, or purchasing various equipment for medical use
- Loan tenure can be as long as five years
- Get a loan up to Rs 30 lakhs
- Flexible repayment tenure options are available
- Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score, and income proofs
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Eligibility:
The applicant needs to meet minimal eligibility conditions to get loan approval. While the eligibility conditions between lenders vary, here are some common ones:
| Age | Minimum of 22 years old at the time of loan application and a maximum of 58 years old at the time of loan maturity. |
| Citizenship | Must have Indian citizenship. |
| Employment | Must have a full-time job at a public/private limited company or an LLP. |
| Work Experience | Must have job experience of at least 1 year with at least 2 months’ stable employment at the current job |
| Monthly Income | Must have a monthly income of at least ₹20,000 |
Various lenders in India offer Personal Loans to customers. If you wish to avail a loan, you can compare the loan amount, rate of interest, and repayment tenure offered by different banks before availing of a Personal Loan of your choice.
