As things have got expensive, applying for a mortgage these days is a must. However, if you are a doctor and starting your practice or are planning to upgrade the equipment as a dentist, you will surely need a mortgage. It is not necessary that these should be your only reasons to apply for a loan. Besides, you might also need finance to buy a house or invest in a property.
Now, instead of applying for the regular loan options, you can go for a professional loan. Since you are a doctor by profession, applying for a Doctor Loan can help you. Talking about the loan option, you can avail a home loan, personal loan, business loan as well as a loan against properties for doctors under a doctor loan. Non-Banking Financial Companies (NBFCs) specially provide a tailor-made loan option for the doctors. Wherein, they provide good schemes and benefits to physicians.
Since this loan option is new; you might have many queries about it and also not know how to go with it. So here is an answer to all your questions.
- What’s the loan amount being offered?
The financial institutions offer a loan around INR 2 Crore for all the doctors applying for a professional loan. In case, you want to buy a house near your clinic or hospital, especially in a metro city, it is sure that the property there will be expensive. In such cases, a professional loan for doctors can help you finance your needs.
- What are the interest rates being offered?
The interest rate is the most important factor when it comes to loans as it decides your debt. Talking about a professional loan for doctors, the interest rate offered on it is very competitive. Besides, the lender also allows you to choose a flexible repayment scheme.
- Are there any customised repayment options?
The lender offers you a variety of repayment options you can choose from, unlike the other loan avenues. Besides, you are free to choose a flexible repayment scheme and pay the loan accordingly. Since the professional loans for doctors are tailor-made repayments, are also quite easy and according to your convenience.
- Are the tenor options flexible?
You are free to choose a tenor option from one year to five years, according to your convenience. Similar to the repayment, the tenor offered is also flexible.
- Is there a need to submit collateral?
Unlike other loan options, the professional loan for doctors doesn’t ask you for collateral against your loan amount. However, the loan is easy to borrow and does not involve any hustle or/and is not a time-consuming process.
Professional loan for doctors is quite convenient to use and apply for as it offers doctors with many schemes and benefits to gain from. Other than flexible repayment schemes, the loan has much more to offer you. However, you can get an easy loan approval within 24hrs, if you fit the eligibility criteria set by the lender. Besides, the online application process is also simple and quite easy. The documentation process is also hassle-free and convenient.
Furthermore, the professional loan for doctors can be quite a good mortgage option for you if you are in an urgent need of finance. However, you can also apply for Doctor Loan to NBFCs like Bajaj Finserv who serves great offers and schemes which you can gain from.