Confused about personal finance for doctors? Read on.
Whether you are a salaried doctor in need of personal funds, or a medical practitioner looking to recruit staff and install equipment in your brand-new clinic, a doctor’s loan can finance all your requirements.
Here’s a guide to personal finance for doctors, its uses, eligibility, documentation, and more.
What can you use personal finance for?
Personal finance for doctors can be used for several purposes, depending upon your practice and requirements. Here are some ways instant loans can help.
- You can set up your clinic and cover initial infrastructural costs
- You can install advanced equipment or upgrade to the same
- You can employ skilled staff and expand your clinic’s treatment facilities
- You can purchase office equipment, including computers, fax machines, furniture, air-conditioner, etc.
- You can renovate or modernise your clinic
Besides, you can fund personal requirements like travel plans, wedding expenses, medical bills, a child’s education, home renovation, and more.
Whether you are a salaried medical professional or a self-employed practitioner, you must meet the loan eligibility criteria to avail of a loan. Tata Capital’s relaxed personal loan eligibility is as follows:
- Your age must be between 22 to 58 years
- Your monthly income should not be less than Rs. 15,000
- You must have at least one year of work experience
Apart from the above criteria, lenders look for a good CIBIL or credit score, preferably 750 or above, and debt-free repayment history. Moreover, a high credit score can fetch you more attractive interest rates.
To maintain a high score, make sure to be consistent with paying your credit card bills, loan repayments, and other debts. You should also check your credit score regularly to look for any discrepancies or errors.
Additional Read: How Does a CIBIL Score Impact Your Personal Loan Eligibility?
Along with your duly filled loan application form, you must furnish a few documents to get your loan approved. Here’s a list of papers required by Tata Capital for personal loan approval:
- Identity proof– Voter ID, Aadhaar card, passport, or driving license
- Address proof – Passport, ration card, or electricity bills
- Income proof – Copy of last 6 months’ bank statements for salaried individuals and salary slip for the past 3 months for the self-employed
- Employment certificate for salaried individuals, stating a year of continuous employment
Before approaching a lender to apply for a personal loan for doctors, compare multiple offers to get the best loan deal. And to make the most of your borrowed funds, don’t forget to plan your repayment in advance. Consider various factors like EMIs, loan tenure, penalties, interest rate, etc., to repay the loan timely.
To qualify for a bigger loan amount, you can apply with a co-borrower like your parent or spouse with a good income and credit score.
Over to you
At Tata Capital, we understand your unique requirements and offer collateral-free multi-purpose personal financing! Get highly competitive personal loan interest rates, relaxed eligibility conditions, and flexible tenures.
Use our online EMI calculator to figure out your interest payable and EMIs in advance. Get in touch today!