The competitive healthcare industry in India requires doctors to be abreast with the latest technology and medical know-how to be a step ahead of everyone. It is important for clinics to be clean and organised at all times. It is also essential for doctors to have the best equipment in their clinics. Apart from this, doctors want fulfilling personal lives too. All these things need proper infusion and management of capital. One of the best ways to raise finance is to borrow a loan. Here, a loan customised for doctors is especially helpful. It offers various benefits like easy prepayment and nominal interest rates. Before applying for Doctor Loan it is important to consider certain factors.
Take a look at our top tips:
Estimate how much money you need
Capital is essential for any purpose whether it is paying for everyday expenses or for a diploma course in your field. So first things first, estimate how much money you need. If your needs are personal or professional, you can opt for a personal or business loan that gives you access to Rs.30 lakh. If you want to buy a home or want a loan against property, you can get access to Rs.2 crore.
Check whether the repayment tenor suits you
Not all doctors are able to generate enough income from their clinics. While some may be able to recover their costs and break even within a few months, others may take years. This depends on various factors, which includes your area of specialisation. So, to be on the safe side, it is always advisable to go for loans with lenders who offer a wide and flexible repayment tenor. Most personal loans and business loans have a tenor of 12–96 months, while home loans have a tenor of 240 months, and loans against property have a tenor of 180 months.
Evaluate if you get online access
Getting a loan through a lender who provides online access helps you keep track of the income you make and the expenses you are incurring. It also gives you a transparent look at all the charges and processes that you required to meet. Additionally, this helps you plan so that you can pay EMIs in a timely manner. As far as possible, you should avoid paying the penal interest for delayed EMIs.
Check for part prepayment and foreclosure facilities
If you run into a surplus of funds, you should be able to use it to part prepay or foreclose your loan at no extra charge. This will help reduce your financial burden as well as the amount of the balance EMIs.
It is important to analyse all these factors carefully before picking a lender. Evaluating these pointers will ensure that you find the best loan for doctors. It will also help you use the loan effectively and repay it with little or no financial stress.
A loan for doctors that matches all the criteria listed above is for Doctors Loan. It consists of a personal loan, business loan, home loan and loan against property for doctors. It offers great flexibility with regards to repayment, charges a nominal interest rate and provides convenient online fund management.