2 min read
25 May 2021

Doctors are always in demand, and they earn well, though they may start earning only much later when compared to other professions. Sometimes, even with their high earnings, they may require some external financial help. This is where a personal loan for doctors could come to their rescue.

Here are a few reasons why you, as a doctor, should go for a personal loan:

1. Addressing personal goals

Like others doctors too have personal goals such as wedding, going on a vacation, home renovation, etc. Since most doctors start earning late, they may to take care of these essential needs at various stages of their lives.

2. Consolidating your debt

When/ if you fall into a lot of debt, consolidating it with a personal loan can help reduce the interest.

It is also much easier to pay off a single loan than all the different ones before (credit card, mortgage, student loans, etc.) Since the end use of a personal loan for doctors is rarely questioned, it really does make for a great option.

3. Paying for higher education

As a doctor, you almost never stop learning. There will always be courses you can do to improve your skills, and if you are a young doctor, doing a specialisation course is a must. However, these courses are often quite costly as some of the best universities providing them are abroad. An obvious choice that comes up in one’s mind is an education loan; however, they help in covering only tuition fees whereas a personal loan for doctors can help in managing the end-to-end cost of studying abroad. Personal loans for doctors don’t require collateral, and make for a quick and easy.

4. Paying for unexpected expenses

Sometimes, unexpected expenses come up, or there may be a situation where you have to pay more than you initially expected. For example, your car or house may need repairs, or you may have unexpected medical bills, or travels that come up. In such situations, your savings and/ or insurance will of course be helpful, but sometimes, it may not be enough. Then, you can avail a personal loan for doctors in a flexi format to meet these costs. With such a flexible facility made just for you, you can withdraw on your flexi loan limit as and when you want and prepay the loan in parts before your EMI falls due at no extra cost.

Thus, personal loans for doctors are a good option for a variety of reasons and are easy to apply for and avail. Quick processing, flexible repayment tenor, minimal documentation and flexi loan facility makes personal loan for doctors a prudent financial option to address varied needs.

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