Getting started with your medical practices is not that simple. You need to study the market and make yourself aware of various aspects of running a business. In order to run your medical practices and day to day business operations smoothly, you require a good amount of money. However, if you lack good financing you can opt for a doctor loan to cover all such expenses.
You are required to complete the doctor loan eligibility criteria for a smooth loan application process and avail quick disbursal of the loan amount. Getting a loan makes it easier to get the necessary financing without blowing up on your personal finances. But first let’s have a look at some of the factors that need to be considered when applying for a doctor loan.
Given below is a checklist to help apply for a doctor loan.
Choose between a secured and unsecured loan
You need to make a decision by choosing between a secured and unsecured loan. Moreover, this totally depends on your financial requirements. This includes personal and business loans that are unsecured and home loans and loans against property that is secured. Your final decision should be based on your financial capability and requirements so choose the type of loan you need accordingly.
Check whether you meet the loan eligibility criteria
No matter what loan you apply for, every loan has its own eligibility criteria that you must meet. By fulfilling the basic loan eligibility criteria of a doctor loan you will be eligible to avail a loan with the quick disbursal of the loan amount.
Select the right amount according to your needs
When getting a loan you need to assess your needs before deciding the final loan amount required. This will ensure that your loan repayment process is easier. If you apply for a loan amount higher than your repayment capability, you might get burdened with a huge loan amount to payback. And if you’re unable to repay and cause a payment default, this might also have a negative impact on your CIBIL score. Keep in mind to not over- or under-borrow this will ultimately make the borrowing experience more beneficial.
Flexi Loan or Term loan
Depending on the nature of your financial needs you need to choose between a Flexi Loan and a Term loan. If you require money to buy a car, you can opt for a term loan. A term loan is an ideal choice to buy a car as you already know exactly the exact loan amount required to make the purchase. Whereas, a Flexi Loan is a preferred option for home renovation and overseas education.
By applying for Bajaj Finserv’s Flexi Loan you can avail all 4 loans and lower your EMIs by 45%. With a Flexi Loan, you can withdraw funds from the total sanctioned loan limit as per your requirements. Also, you will have to pay interest only on the amount that you use, and not the total loan limit. You can also make part prepayments at no charge and re-avail the prepaid amount when you need it.
Gather your documents
To make your loan process easier you need to ensure that your documents are prepared and submitted in an orderly manner so that when you have to submit them, you aren’t wasting any time. Once you submit all the documents and qualify for the loan, you only have to submit the basic documents required like KYC documents, medical registration certification, financial details and a copy of property papers.
Make use of your pre-approved offers
Pre-approved offers help in making your loan application process easier. When applying for a doctor loan at a bank or financial institution where you’re already a customer, you are not required to submit your details for the loan again as the lender already has it with them.
You can apply for a business loan for doctors at Finserv MARKETS. To qualify for a business loan you must satisfy the eligibility criteria. With the help of a Business Loan Eligibility Calculator, you can calculate your loan eligibility criteria. The online loan application process is hassle-free and requires minimal documentation. By availing a personal loan for doctors you can enjoy a higher loan amount with ease and repay it over a flexible loan tenure.
Know What are the Costs Involved in Opening a New Clinic
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”