It is much better to take out a doctor’s loan than to take out a standard personal loan. Borrowers get several additional benefits from instant loans for doctors, such as better interest rates, longer loan tenures, higher loan amounts without collateral or guarantee, and additional repayment options.
Steps to Get Instant Loan for Doctors in India
Determine why you need the doctor’s loan
You must first know why you need the loan or how you intend to use those funds. You can use this particular loan for several professional and personal reasons. Once you have decided on the particular reason and the funds for financing it, the next step is to find the perfect lender or financial institution that can give you that loan. An NBFC in India offers doctor loans to start hospital under this special category.
Check the interest rate
Following that, you need to check the interest rate they are charging. The interest rate determines the amount of interest payable to the lender. If that is the case, you will need to use a loan calculator to determine your EMI amount.
Additionally, make sure you review the eligibility requirements and the documents necessary for the instant loan for doctors. If you cross-check all these factors, you will be able to apply for a doctor loan online, and you will have access to all the features as well as an account online.
Cross-checking these few details makes it easy for medical professionals to apply for online and offline doctor home loans. Filling out the loan application forms is crucial during the loan application process. If you are not confident with the process, seek the assistance of a customer care representative. They can ensure that all steps are completed accurately and efficiently.
During a doctor’s career, he or she may need to take out a personal loan for personal expenses or business expenses. However, it is important to choose the right repayment term with reasonable EMIs so that the loan won’t burden your finances.
Other important things to consider
The loan amount will be disbursed to your account upon successful verification, document evaluation, and execution of the loan agreement. To obtain an instant loan for doctors, you must:
- Look for a lender of your choice.
- Check out the lender’s website for information about interest rates, fees and charges, and eligibility requirements.
- Get an estimate of the maximum amount they can borrow by using an online loan eligibility calculator.
- See how to proceed with the online application process is the fastest, easiest way.
- Complete the application form by providing the necessary details
- Complete the application process by uploading the required documents.
Using the offline mode
Through these methods, individuals may apply for credit with several major Financial Institutions –
- Using SMS
- Call the toll-free number
- Visiting a local branch nearest to them
Using the online mode
Follow these steps below when applying for a doctor’s loan online:
- Start by consulting the website of the financial institution you are interested in.
- Next, access the ‘Loan for Doctors’ page by clicking on the related section/page/menu.
- Choose the specific Loans category from the section/page/menu and choose the Doctor loans option.
- Now, move on to filling up the application forms.
Next, there is a verification process to assess the validity of all the information you provided on the application forms and your documents. All documents, ID proofs, and forms are generally handed over to the lender’s representative. Once this verification process is done, the applicants are notified about the same and when their loan will be approved.
The following documents are usually required for doctors to obtain such loan –
- KYC documentation
- Certification as a medical practitioner
- Forms of income tax returns
- Statement of financial position
- Statement of income for the last two years
- Mortgage documents for the property
To qualify for a doctor’s loan, you must have certain qualifications, as the name implies. You cannot apply for a doctor loan if you are not a qualified borrower. Although they have very similar names and features, a doctor loan and a personal loan for doctors are both different types of loans.