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Sunday , 17 February 2019
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Why Should Doctors Take a Personal Loan- Complete Guide

When it comes to short-term instant financing, personal loans are the most favoured options borrowers tend to look at. The word “instant” here means within 24 hours, which makes these loans ideal for financial emergencies.

NBFCs have personal loans specialised for individuals of almost all professions. One such product is a personal loan for doctors.

Doctors can avail personal loans for meeting all their financial requirements and crises. These loans can be used for a variety of personal purposes as they have no end-use restriction.

 Furthermore, financial institutions only require minimal documents for sanctioning a personal loan. However, there will be certain questions regarding a doctor loan provider in your mind. Probe the lender before applying and get answers to all your queries.

Other than the above, there are several other reasons why doctors can opt for a personal loan:

  • You can get up to Rs. 35 Lakh

NBFCs can provide you with up to Rs. 35 lakh with their personal loan for doctors.

  • Personal loans can be used for several purposes

As mentioned before, a personal loan for a doctor can be utilised for a multitude of purposes.

Few such purposes include:

  • International holiday

Taking a break from the hectic schedule is much-needed by every doctor. Making this break worthwhile must be a priority since doctors don’t get extended leaves. Hence, going on an interactional vacation is the best way to utilise the holiday.

 Going on an exotic vacation is one of the superb reasons why you should avail a personal loan for doctors.

  • Weddings

Personal loans are also an exceptional form of financing when it comes to hosting a grand wedding. A destination wedding will not be a dream anymore once you avail this loan.

  • Higher education

You might want to go for higher education to add another degree to your name; or, you might want to send your child to become a second generation doctor.

Whatever the case may be, a professional loan can help you out in both of the cases.

  1. Home/clinic renovation

Your home will need renovation if it is failing to relieve you of your stress after a long day at work. With a personal loan, you can change the outdoor/indoor paint and flooring, bring in new furniture, add a garage, or even construct a new garage.

The same goes for your clinic. If you own a private medical practice clinic, then you can utilise the loan to renovate the same.

  • You get competitive interest rates

NBFCs offer attractive doctor loan interest rates making them more lucrative.

  • You only have to provide a few documents

The only documents NBFCs require for a personal loan are:

  1. Medical registration certificate
  2. KYC documents (Aadhaar, PAN, Passport, Voter ID, Driving License, etc.)

Some lenders may also require additional documents with the above.

  • You get convenient repayment tenures

The repayment tenures for a personal loan for doctors range from 12 to 96 months.

  • You don’t have to provide any collateral

Personal loans are unsecured, and hence you don’t have to provide any collateral to avail them.

Go for a personal loan for doctors today, and you can get all of these features and benefits mentioned above.

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