Designed to suit a medical professional’s life, a doctor loan is a sound financing option that can help you fund many needs affordably. It offers financing for professional and personal needs with collateral-free options like personal and business loans and secured options like home loans and loans against property. To use this loan, be aware of the best way to apply. Here is a step-by-step guide to applying for a doctor loan.
Select the right lender
It is important to select the right lender to ensure that you pick an affordable loan with good customer service. Review various lenders and their interest rates before you apply to ensure that you select the best option. This will also keep your monthly outflow at 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 interest rate, 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 their eligibility criteria. Usually, loans for doctors are granted based on your educational qualification and work experience, so they are easy to apply for.
Matching the lender’s eligibility criteria increases your chances of receiving quick loan approval, saving you time. If you don’t meet the criteria, your application could be rejected during the verification process. Not meeting every criterion might result in a loan sanction of lower value. To prove your eligibility, you may have to submit your medical registration certificate, KYC documents like your ID and address proof, IT returns and bank statements, and a copy of your property papers (if you are applying for a secured loan).
Select the online or offline application option
Depending on the lender you have selected, you might be offered a choice between online and offline applications. Choose one based on what is convenient to you. Applying online saves the hassle of travelling and taking time out of your day to apply for a loan. You can fill out the form online, submit documents and await verification, approval and disbursal. But, you have the option to apply offline if you are unfamiliar with using the internet to manage your finances or prefer personal interaction.
Submit forms and documents; receive funds in your bank account
Online or offline, you will need to fill out an application form with details such as your 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.
Keeping these simple steps in mind will make applying for a doctor loan easy and rewarding. So, whether it is to renovate your clinic, buy a new home or finance a holiday abroad, following these steps will ensure that you get funds in no time.
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