Avoid making these 5 mistakes while applying for a doctor loan
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Avoid making these 5 mistakes while applying for a doctor loan

  • Highlights

  • Select the right type of loan for your needs

  • Calculatethe right loan amount to borrow

  • Check your credit score to ensure approval

  • Layout a repayment plan in advance

You can buy a new home, start a second clinic, pay for your child’s higher education or finance your international conference with the help of a Loan for Doctors from Bajaj Finserv. While you may have planned what you will do with the loan amount, first, it is important to take certain measures to ensure that your application isn’t rejected. Avoiding simple mistakes will ensure that youtake all the right steps, which is sure to result in approval. Take a look at 5 such mistakes that you should refrain from making.

1. Not choosing the right loan

Ensure that you choose a loan that is in line with your requirements. Avoid taking a business loan to help buy commercial property, for example. In this scenario, a loan against property will give you the amount of money you need, not a business loan, which is better suited if you are looking to lease property. Also, choose between a term loan and a Flexi Loan to ensure that you can use the funds in the best possible manner. To buy an asset, such as a car, where you know the total amount that you need, a term loan is ideal. But, if you

want to renovate your home, which may have periodic and unexpected expenses, a Flexi Loan is a better option.

2. Not determining the loan amount

Before applying for loan from Bajaj Finserv, ensure you know the amount that you need to finance your requirements. This will ensure that youdon’t fall short of funds later on, or worse still, end up over-borrowing. Over-borrowing can be expensive and put unnecessary strain on your finances.So, determine the amount that you need by making a list of your requirements and their approximate costs. By doing so, you will ensure that you borrow the right amount and make the most of your borrowing experience.

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

3. Not planning repayment in advance

Planning your finances is an important part of taking any loan. Before applying, ensure you have the means to repay the loan through the tenor. This will also help you select the right amount, as well as an appropriate tenor. If you find that your salary alone won’t allow you to repay the loan, see if you can divert income from other avenues, such as investments, to repay the loan. Not paying the loan on time will attract charges and penalties and increase your outstanding dues.

4. Not paying attention to your credit score

Your credit score is an indicator your financial credibility. Not taking measures to keep your credit score on track will cause it to fall, and this will make lenders think that you aren’t creditworthy. As a result, you may find that your Bajaj Finserv Loan for Doctors isn’t of the high amount that you had anticipated. Having a good credit score will also allow you to negotiate a better rate of interest. So, build it by clearing outstanding debt, taking a loan only when you need one, and avoiding too many loan applications.

5. Not reading the fine print

While applying for any loan, it is essential that you read the fine print thoroughly. This includes thoroughly understanding the terms and conditions of the loan and paying attention to any extra charges that you have to pay. Fortunately, Bajaj Finserv’s Doctor Loans come with no hidden or extra charges, so you know that what you see is what you will have to pay. Nonetheless, take your time to understand the terms and seek clarity before signing the dotted line. Avoiding these mistakes will ensure that you get quick approval when you apply for a Loan for Doctors from Bajaj Finserv.

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