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4 quick steps to get your Doctor Loan easily approved

  • Highlights

  • Select a lender with a simple application process

  • Match the eligibility criteria before you apply

  • Ready your documents to speed up the process

  • Maintain a good credit score to get quick approval

A doctor loan is a customised loan for medical professionals that helps you raise finance for a variety of personal and business needs. With features such as a lengthy tenor, high loan amount and easy prepayment terms, it is an excellent resource for when you want to buy medical equipment, fund the working capital of your clinic, buy a home or plan a luxurious vacation. The suite of loans includes a personal loan, business loan, personal loan and loan against property. While these loans are packed with benefits, understanding how to get your doctor loan approved will allow you to access funds more quickly and easily. Take a look at 4 steps that will help you do this.

1. Select the right lender

Before selecting a lender, review the market and take stock of your options. Apart from helping you benefit from the best interest rate and good customer service, this exercise will also help you select a lender with a straightforward application process. Ideally, you should select a lender who allows you to apply online. When you opt for Bajaj Finserv Loan for Doctors you can make use of online application method and get funds in as soon as 24 hours.

Besides, you can also benefit from features such as a nominal rate of interest, online account management and a lengthy tenor.

2. Meet the eligibility criteria

Every loan has eligibility criteria that you need to meet in order to qualify as an ideal candidate. So, review the lender’s site to ensure you are eligible for the loan that you wish to borrow. This will help you identify the loans for which you are a good fit, and as a result, speed up the application and approval process. Bajaj Finserv’s Doctor Loans, for instance, have simple eligibility criteria based on your medical degree and work experience. Not meeting the criteria can cause your application to be rejected once it is being reviewed, which will cost you time.

3. Maintain a good credit score

Having a good credit score is an integral part of having your loan approved. A good credit score signifies creditworthiness and shows the lender that you have the financial ability to repay the loan. You can maintain your credit score by implementing various measures like avoiding accumulation of debt, repaying old debts and limiting your credit card usage.

Doctor Loans - Everything You Wanted To Know

How to apply for a Loan Against Property for Doctors

With an easy 4-step online application process, availing a Loan Against Property has never been simpler.

You simply need to fill in some basic details on the form, post which our representative gives you a call to confirm your offer and schedule a document pickup. Next, he arrives right to your doorstep at the scheduled time and collects the needed documents like your KYC documents, medical degree certificate and property papers. After the verification process is complete, your loan is approved within 24 hours.

The best part of applying for a Loan Against Property for Doctors from Bajaj Finserv is that your loan is sanctioned without you submitting any financial proof.

Apply Loan Against Property for Doctors

4. Have your documents ready

There is a list of documents that you need to submit to avail this loan. These include basic KYC documents, medical registration certification, financial details and property papers, if you are applying for a secured loan. These documents are essential and help the lender authenticate your candidature. Submitting all the necessary documents will reduce the time taken to process your loan. On the contrary, if you don’t submit all the documents, the application will be sent back to you, which will slow down the process.

Following these steps is key if you want to have your doctor loan approved quicker. However, when taking a loan, don’t be in a rush. Make sure that you select the right loan variant so that you can make the most of it.

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