If you are a professional in the healthcare sector, then you might be aware of the fact that buying medical equipment or starting something of your own requires a lot of funds. However, not everyone can gather a huge chunk of money. This is where a loan for such a professional comes in. Moreover, our country’s doctor loan interest rate is quite lucrative, pulling more and more individuals towards it.
Recently, I also planned to start my practice. But, believe me, the money you thought you’d spend on setting up everything is always less.
What is a doctor loan?
It is a type of loan that is particularly designed for professionals in the medical field, including doctors, dentists, and veterinarians. These typically offer special features and perks, such as lower down payment requirements, flexible debt-to-income ratio (DTI), and higher
loan limits.
These loans are offered by many banks and lending institutions and may have different names, such as medical professional loans or physician loans.
Further, the terms and requirements of this loan may vary depending on the lender and the specific program. Therefore, it is essential for borrowers to research and compare different options before applying for such a loan.
What are its advantages?
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Higher loan amount
It typically offers higher loan amounts than traditional personal loans. This is because lenders understand that medical professionals have higher earning potential and are more likely to repay the loan amount.
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Competitive Rate of Interest
The loans usually offer competitive interest rates that are lower than those offered by personal loans or credit cards. This can save them a ton of money over the loan life as the doctor loan interest rate is quite pleasing.
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Flexible Repayment Terms
Many lenders of such loans offer flexible repayment terms that can be tailored to a medical professional’s unique financial situation. This includes longer loan terms, lower monthly payments, and deferment options.
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No Collateral Required
Doctors loans are often unsecured in nature. This means they do not require any collateral to secure it. This ultimately makes the loan application easier and faster.
What are the different types of doctor loans available?
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Medical Equipment Loan
This loan type helps professionals purchase new state-of-the-art medical equipment or upgrade existing ones. The loan amount can be used for various equipment, including diagnostic tools, ultrasound machines, etc.
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Professional Loan
It is an unsecured loan that doctors and other professionals, including chartered accountants, engineers, and architects, can avail. This type of loan can be used to meet personal or professional expenses.
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Business Loan
Doctors who own or plan to start their private practice can opt for this loan type to meet all of their financial requirements. It can easily help them fund their workspace’s infrastructure, purchase medical equipment, hire employees, etc.
How to avail a doctor loan?
Please don’t consider this article promotional, as I’m just sharing my personal experience so readers can easily understand. Being in the field for over a decade, I recently planned to start my practice.
- Download the official Bajaj Finserv application on your iPhone/Android from the App Store/Play Store.
- Sign up after entering your details
- After logging in, you’ll see the ‘Loans’ section below the search bar when you land on the home page.
- Tap on it and go to ‘Loan for Doctors’
- Choose as per your requirement
Further, apart from doctor’s loan, this application also offers gold loan. So, if you are planning to avail any kind of loan, this app is highly recommended!