Even though medical professionals, especially doctors, never run out of work, they do start earning relatively late in life. Even then, after they begin earning a steady income, they may run into a sudden financial crunch from time to time.
There can be tonnes of both personal and professional needs arising at any time that may leave doctors in a monetary fix. Personal loans can come in handy to pull you, our saviours, out of such a pickle.
While issuing this type of loan, most financial institutions consider your medical qualifications to check eligibility, thus offering you higher loan amounts at affordable interest rates.
Reasons why you should opt for a personal loan for doctors
Other than the benefit of receiving a higher total loan amount, considering your qualification, there are various other advantages of availing of this type of loan. Here they are:
1. End-use depends on you
Unlike other types of loans that are only given for specific purchases, personal financing for doctors comes with no set end goal. Simply put, the purpose for taking this type of loan is open-ended, and you don’t need to tell the lender why you’re taking this loan.
Perhaps you wish to fund your wedding, renovate your home, go on a vacation, or pay for a niche medical course. Whatever your purpose may be, personal loan or a doctor’s loan can come to the rescue with no strings attached.
2. You don’t pledge a collateral
One of the most significant features of opting for personal finance is that it is unsecured. What does that mean? You don’t need to pledge collateral or stake a guarantee against the loan. So, no need to mortgage your house or any other fixed-assets like deposits, savings bonds, shares, etc., to avail of personal finance.
All you really need is a decent CIBIL score, as that’s the first thing a financial institution will look for in your application. So make sure you’ve a healthy credit rating before applying.
Additional Read: Are Personal Loans for Doctors Available in India?
3. Get quick approvals and disbursals
Since the paperwork involved in applying for personal finance is minimal, the entire application process – from verification to fund disbursal is relatively fast. This feature is especially useful, as you may need money urgently, and personal finance can come to the rescue quickly.
Moreover, your medical qualification will also make a strong case for loan approval, that too, at affordable personal loan interest rates. Most lenders nowadays also allow you to apply for personal finance online. Find one that does to expedite your loan process even further.
Additional Read: How Can a Personal Loan Help You Set up Your Dental Clinic?
The bottom line
If you’re a doctor seeking the right lender for personal finance, find one that extends custom repayment terms, affordable ROIs, and relaxed personal loan eligibility criteria like Tata Capital.
With years of expertise within the loan industry, our experts can help you avail of a quick and affordable personal loan for doctors and require minimal documentation in return.
So, why wait? Visit our website and apply today!