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A step-by-step guide on how to apply for a Doctor Loan

  • Highlights

  • Review various lenders in the market

  • Match the loan’s eligibility criteria

  • Choose between online and offline application

  • File application, await approval and disbursal

Designed to suit a medical professional’s life, a doctor loan is a sound financing option that can help you fund a variety of needs in an affordable manner. It offers financing for both professional and personal needs with collateral-free options like personal and business loans and a secured option like loans against property. To make use of this loan, it is important that you’re aware of the best way to apply. Here is a step-by-step guide that you can follow when applying for a doctor loan.

Select the right lender

It is important to select the right lender to ensure that you pick a loan that is affordable and has good customer service. So, before you apply for the loan, review various lenders and their interest rates to ensure that you select the best option. This will also ensure that your monthly outflow stays to a minimum.
Take a Bajaj Finserv Loan for Doctors to manage your financial needs and turn your personal and professional dreams into reality.

It provides benefits such as quick approval, nominal rate of interest, online account management, flexible tenor, easy prepayment options, simple eligibility criteria, and online application.

Ensure that you qualify for the loan

Once you have selected a lender, it is important to check whether or not you meet the eligibility criteria posed by the loan. Usually, loans for doctors are granted on the basis of your educational qualification and work experience so they are easy to apply for.
Matching the eligibility criteria set by the lender increases your chances of receiving quick loan approval. Also, doing this helps you save time. If you don’t meet the criteria, your application is likely to be rejected later during the verification process. Not meeting every criterion might also result in you getting a loan of a lesser value. To prove your eligibility, you may be required to submit documents such as your medical registration certificate, KYC documents like your ID and address proof, IT returns and bank statements, and copy of property papers (if you are applying for a secured loan).

Select the online or the offline application option

Depending on the lender you have selected, you might be offered a choice between online and offline application. Choose one based on what is convenient for you. Applying online helps you avoid the hassle of travelling and taking time out of your day to apply for a loan. You can fill the form online, submit documents and await verification, approval and disbursal to your account. But, you have the option to apply offline if you are unfamiliar with using the internet to manage your finances, or prefer a personal interaction.

Submit form and documents; receive funds in your bank account

In either type of application, you will need to fill up a form with details such as name, date of birth, education qualification, work experience, principal sought, tenor and so on. Have all details and corresponding documents handy to save time, especially if you are applying online. Once your application form and documents are verified, funds are disbursed directly to your bank account, saving you the hassle of collecting and cashing a cheque.

How doctors can take their practice to the next level

By keeping these simple steps in mind, you will find that applying for a loan for doctors is easy and rewarding. So, whether it is to renovate your clinic or finance a holiday abroad, following these steps will ensure that you get access to funds in no time.

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