How To Get The Best Interest Rates For a Doctor Loan?

Dr Ayush Yadav was an MD living in Baroda. He was looking for a loan to set up a larger clinic. On visiting his bank he found that he couldn't afford the business loan interest rates. He thought about taking a loan from his family, but decided against it to avoid any conflict in the future. He thought about secure loans and about pledging his home as collateral, but didn’t like this idea either. At last, he took to the internet. That's where he found a customised loan for doctors that met his requirements perfectly.

Learning from his experience, you too can get the best interest rate by doing the following:

1) Search for loans online: The internet has answers to all your queries. So, when you are looking for loans, search the web for lenders. Online lenders offer better benefits than offline lenders. They are quicker and usually provide a lower interest rate than the offline lenders.

2) Compare various lenders: Whether it is offline or online, there are many lenders offering loans. The benefits, features and interest rates vary from lender to lender. Select a lender who offers the best deal. After shortlisting prospective lenders, compare them to see which one charges lower interest while giving you good services.  

3) Search for customisation: Look out for lenders who are willing to go the extra mile. Several lenders offer tailor-made benefits and value-added features on loans for doctors. It is definitely a wise idea to seek out these loan providers.

Once you have chosen the best lender for your Doctor Loan, here is how you can get the best interest rates:

1) Meet the eligibility criteria: Your lender will have certain eligibility criteria for the loan. Ensure that you meet all the requirements and can back it up with documents. This will help you get a lower interest rate. Also, to speed up the process, keep your documents updated and filed properly.

2) Have a good credit score: Credit score plays an important role in securing low interest rates and speedy approval. If you are applying for an unsecured loan, i.e., without collateral, then your credit score is the first thing that your lender will check. In the absence of collateral, this acts as assurance of your repayment abilities. If you apply for a secured loan, you have to pledge collateral. But, this doesn't mean that your credit score is overlooked. In case your credit score is low, improve it by paying unpaid bills and debts. Try not to use your credit card till your score improves. Maintain an excellent credit score to avail better interest rates and more benefits.

You can avail Doctor Loan at a lower rate of interest by opting for customised loans for doctors. A loan for doctors actually consists of 4 types of loans:

  • Personal loan for doctors: This is an unsecured loan of up to Rs.30 lakh with a repayment tenor ranging from 12 to 96 months. You can use the funds for planning a vacation, renovating your home, financing a wedding, etc.
  • Business loan for doctors: This too is an unsecured loan of up to Rs.30 lakh with a repayment tenor of 12 to 96 months. From upgrading your clinic's equipment to purchasing patient engagement software, you can use this loan for any business-related purpose.
  • Home loan for doctors: This is a secured loan where you can avail up to Rs.2 crore for the purchase of a home. The repayment tenor for this loan is 20 years. This allows you to pay off your loan without taking undue financial stress. It also provides property search and property dossier services to enhance your loan's value.
  • Loan against property for doctors: This is a secured loan where your property acts as collateral, irrespective of whether it is residential property or commercial property (your clinic). You can get up to Rs.2 crore and repay it over a 15-year tenor. This loan is useful if you plan to buy a new home, open a clinic, expand your existing practice or if want to opt for a home loan balance transfer. It also comes with property search and property dossier services.

A loan for doctors comes packed with benefits. Some of them include quick approval and disbursal of your loan, minimal documentation, online fund management and cheap EMIs. After going through the various options, Dr Yadav chose to apply for a Doctor Loan. Doctor Loans come with benefits like a line of credit, pre-approved offers and disbursal within 48 hours. Apply for a loan today to lead a content life like Dr Yadav.

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