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Pick a lender who understands your financial needs
Look for a high loan amount and flexible tenor
Check for easy eligibility criteria and quick disbursal
Easy application and flexi loan facility are a plus
When it comes to signing up for a loan, choosing the correct provider gives you many benefits. Apart from monetary savings, this also helps you in other ways. So, not only must you evaluate the loan, you must also pay close attention to the provider too. Here are some important questions to ask when considering various loan providers.
Know your financial needs: The market is filled with options that offer varying benefits. Start by understanding your requirements. Doing this ensures that the source of finance and the lender are best equipped to deal with your needs.
Go for a customised option: If you are a practicing or consultant doctor, a customised doctor loan is the best source of finance, as it caters to your busy schedule and offers simple eligibility criteria. Also, going for a general loan might not be able to give you the best interest rate, features & benefits.
Choose the right product: Narrow down on the particular loan you need within the umbrella of doctor loans, which includes personal loans, business loans, home loans and loans against property. For example, while you can use a personal loan for anything, if your goal is to buy a home, a home loan will offer more benefits as compared to that of a personal loan. The customer service providers will also be better equipped to handle your queries.
Understand your risk capacity: It is important to deliberate whether you are comfortable with pledging assets as collateral. For those comfortable with putting assets at stake, choose a lender offering secured loans. Usually home loans for doctors and loans against property for doctors are secured and offer higher loan amounts. But, if you aren’t comfortable with risking assets as collateral, take your time to find a lender who doesn’t need this. Usually, personal loans for doctors and business loans for doctors are collateral-free loans.
Calculate the amount: Knowing the principal amount is one of the key factors when borrowing a loan. Without an idea of how much you need, you may end up over- or under-borrowing. Determine this by listing all the tasks you want to achieve and the cost of each. Then, total the costs and select a principal accordingly. For example, if you are taking a business loan for doctors to fund the purchase of equipment like intravenous pumps, pulse oximeters, vital sign monitor and anaesthetic machines for your surgery room, calculate the cost first and then choose your loan amount.
Finalise the lender:Choose a lender who is offering you the amount you seek at favourable terms.
Choose the right mix: In some cases, multiple loans will fulfil your needs better. Choosing a mix of a collateral-free loan and a secured loan from one lender makes managing multiple loans easier. Choosing a combination of loans helps you achieve your goals and also allows you to enjoy customised benefits that the provider has to offer. For example, home loan borrowers can gain from services like property search and property dossier and avail preapproved offers on a personal loan.
Choose the right tenor: If you think your income is sufficient to pay high EMIs, opt for a short tenor, so that the loan gets cleared quickly. If you want to pay nominal EMIs, then opt for a loan that spreads your EMIs over a longer tenor- so that your monthly income is not strained. Choose a lender who gives you the flexibility to pick the tenor that suits you best.
Pick a low-rate loan: Seek a lender offering an interest rate that keeps your EMIs to a minimum. The lower the interest rate, the easier it will be to repay the loan. Also, this will make your loan more cost-effective.
Doctor Loans - Everything You Wanted To Know
Loans should help you meet all kinds of needs, especially unexpected ones. That is why it is important that you pick a provider that offers instant approval and quick disbursal. Waiting for days on end isn’t ideal and if you get the amount in the form of a cheque, you will also have to wait for it to clear. So, pick a lender that grants instant approval and transfers the amount to your account directly. Bajaj Finserv offers speedy disbursal within 24 hours for unsecured loans and a 24-hour approval for secured loans.
The loan is given to you based on your credentials as a practising doctor. So, you must pick a lender that needs only a handful of documents to prove your eligibility when applying for the loan.Apply as per your convenience:
Pick a lender who allows you to apply online or offline. While you always have the option to visit a branch, you should have the option to apply online in minutes. Some lenders also allow you to send an SMS or give a missed call to start the application process. To add to the ease of application, choose a lender who will provide doorstep service to pick up your documents.
Pick a lender that gives you access to a flexi loan account, so that you can borrow as and when the need arises, and repay as you have excess funds. Via this facility, you get access to a credit line for a specified tenor. You can borrow as much as you need within the credit line and make part prepayments as and when you can. There are no limits to how many times you borrow funds, which gives you maximum flexibility when it comes to fulfilling your financial needs. The advantage of this facility is that you will only have to pay interest on the amount that you use. This helps you save on interest while tackling urgent or unpredictable needs with ease.
Apart from the loan amount, pick a lender who offers customised services such as professional indemnity insurance, or a property search service or property dossier in case you are purchasing a home.
Apart from the interest, you have to pay charges such as a processing fee, part prepayment fee, foreclosure charge, etc. Ensure that your chosen lender is transparent about these charges and that the fees are nominal. If not, these hidden charges will increase the cost of taking a loan significantly.
Asking yourself these questions will give you clarity on which loan provider you should borrow from. It will also help you choose a loan that addresses your needs.
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