Here is Why Personal Loan for Doctors are Considered so Important
Increasing population and average quality of healthcare in most places across India requires the intervention of qualified doctors who would strive to provide technologically advanced medical treatments. While WHO recommends a 1:1000 doctor to patient ratio, a majority of Indian states fall drastically under it. One of the primary reasons behind this is the whopping cost involved in being enrolled for medical courses.
On average, medical courses in India call for an approximate investment of 15-40 Lakh depending on the institution. Such considerable investment accounts for an enormous toll on the budget of future medical practitioners that can be resolved by availing a personal loan for doctors. These credits ensure that medical practitioners face fewer challenges in their endeavours to set up or expand their practice, invest in the purchase of properties or meet personal expenses.
Reputed lenders keep in mind the convenience of such healthcare finance, and offer their credit that comes with multiple benefits for the borrowers. Mentioned below are a few pointers that would help medical practitioners decide upon why they should go for personal loans for doctors –
Prepares one for any unforeseen expenses
While the expansion of your business, or purchasing a car, a property, may be planned expenditures, some unexpected situations may require emergency financing. This may include unexpected medical treatments as well. Such circumstances call for the financial assistance of personal loan for doctors that comes against hassle-free application process, easy-to-meet eligibility criteria, and nominal documentation. All of this makes the approval and disbursal process quicker than ever.
Comes with no end-usage restrictions
While most loans come with end-usage restrictions, personal loan for doctors provides borrowers with the benefit to use the funds so acquired to cover expenses involved in pursuing higher education overseas, wedding expenses, planning vacations abroad, expanding the business, etc.
Additionally, timely repayment of EMIs for personal loans boosts the credit score, thus increasing the creditworthiness of a borrower.
Helps consolidate multiple debts
Personal loan for doctors offer high-value credit amounts that can be used to consolidate debts as well. Multiple debts, with varying rates of interest and considerably high EMIs, are often responsible for ruining the credibility of numerous borrowers. Debt consolidation through personal loans helps doctors consolidate their multiple debts into a single credit profile.
Personal loans for doctor come with a high credit amount of Rs. 30 Lakh that provides substantial coverage to consolidate all the current financial obligations. This help borrowers manage their finances with ease and helps them avoid the hassle to pay multiple EMIs or chances of defaulting.
All of the above-mentioned benefits can be availed by medical practitioners only if they meet a few negligible eligibility criteria and furnish the minimal documents. Leading financial institutions like Bajaj Finserv provide several types of Loans for Doctors, which also includes Personal Loan for Doctors. These come with a hassle-free application process along with the following features –
Quick approval of loan amount within 24 hours
high credit amount of up to Rs. 30 Lakh
flexible tenor ranging up to 96 months
With such lucrative features and attractive interest rates, a personal loan for doctors is preferred by medical practitioners who seek high credit amount to meet their varied personal and professional finance requirements. All that they need to do is provide a few documents (KYC documents and Certificate of their medical registration), and meet simple eligibility criteria (the medical experience of doctors as specified by a lender).