A doctor’s career is challenging, and when they plan to start their medical practice, it is a well-known fact that it comes with a price. This is because starting such a thing of your own requires equipment, supplies and office space that are pretty expensive. This is where a doctor loan steps in.
Moreover, not only starting a new business but even if existing professionals plan to expand their existing practice by hiring additional staff, buying the latest equipment or moving to a larger location, then also such a loan type helps a lot.
What is a doctor loan?
It is a type of loan specifically designed for doctors and healthcare professionals that offers special benefits and features to help them to meet their financial needs. These special features include lower interest rates, longer repayment terms, and higher loan amounts.
What are the 5 important things to consider before applying for a doctor’s loan?
1. Rate of interest
Once you opt for the loan, be it any, you need to act as an aware citizen and compare the different interest rates offered by various lenders.
2. Amount of loan
Keep in mind how much loan amount you require. Then, compare it with the maximum loan amount offered by various lenders.
Being a professional, you obviously have little to no time on your hands for other work. So, ensure that you only have to provide minimal documentation for the entire process.
4. Doctor loan eligibility criteria
Before applying for the same, checking if you meet the lender’s eligibility requirements is essential. These include age, work experience, income etc.
5. Repayment tenure
Consider the repayment period offered by different lenders and choose the one that best suits you.
How to avail this loan?
In my experience, it is best to choose the lender that offers you the loan without hassle. When I was on the hunt for the same, I went for the Bajaj Finserv one. Most importantly, they understood that I’m a busy professional, and with minimal documentation along with some formalities, I was able to avail the loan quickly. Here is a step-by-step guide:
- Download the official Bajaj Finserv app from the App store/Play store.
- Sign up after entering your mobile number
- You’ll see the ‘Loans’ section below the search bar on the home page.
- Tap on it and go to ‘Loan for Doctors’
- Proceed as per your requirement
Especially after the Covid-19 pandemic, financial institutions readily offer numerous loans for healthcare professionals. So, if you are in this field and looking for the same, remember that long gone are the days when people used to travel to financial institutions sites to avail a loan.
But now, you can avail them easily via your smartphone only by using the right app. Therefore, choose the one with the most favourable terms and opt for the one that offers the best doctor loan interest rate.