A doctor loan can help fund your personal and professional needs. This customised solution caters to your busy lifestyle and offers instant finance solutions. To ensure there are no roadblocks in your loan application journey and that you make the best use of the loan, following certain pointers is crucial. This will allow you to acquire financing without faltering in your application, minimising chances of rejection and streamlining the process, resulting in speedy approval and disbursal. Look at a checklist that you should abide by when applying for a loan for doctors.
1. Choose between secured and unsecured loans
Based on your financial needs you can choose from four options that are a part of the doctor loan suite. The suite includes personal and business loans that are unsecured and home loans and loans against property that are secured. Weigh your financial condition and end need and choose a loan accordingly.
2. Check to see whether you meet the eligibility criteria
Each loan within the suite has its eligibility criteria. This will make for speedy approval and allow you to qualify for the loan. When you choose a doctor loan from Bajaj Finserv, you can make the most of easy eligibility criteria based on your educational qualifications and related work experience.
3. Select the right amount according to your needs
Selecting the right loan amount is important to ensure easy repayment. While you can get access to a high loan amount, you must assess your needs before deciding how much you want to borrow. This will ensure that you don’t borrow too much or too little and make the borrowing experience more beneficial.
4. Choose between a Flexi loan and a term loan
Depending on the nature of your financial needs, choose from a Flexi loan and a term loan. For example, if you need a lump sum to buy a car you can opt for a term loan. This option is ideal because you know exactly how much money you need. But, when it comes to a home renovation or paying for overseas education, you will need funds periodically and often unexpectedly. In such a case, a Flexi loan is a better option.
The Bajaj Finserv Flexi Loan facility is available with all four loans and helps you lower your EMIs by up to 45%. You can withdraw funds from the total sanctioned limit as per your needs. Also, you will have to pay interest only on the amount that you use and not the total limit. You can also choose to pay interest-only EMIs and repay the principal at the end of the tenor to manage your cash flow. You can also make part-prepayments at no charge and even re-avail the prepaid amount when you need it.
5. Gather your documents
Ensure that your documents are in order so that when you have to submit them, you don’t waste time. Once you qualify for the loan, you only have to submit your KYC documents, medical registration certification, financial details and a copy of your property papers.
6. Check if you can make use of pre-approved offers
Pre-approved offers allow you to apply for a loan for doctors faster. If you are already a customer of the lender you’re applying to, you don’t have to go through the application process from the start as they already have some of your information. You only have to supply the additional details that the lender asks for. So, if you can approach your existing lender for this loan, make the most of pre-approved offers. With these pointers in mind, you’ll be able to take all the right steps before submitting your loan application.
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