As a doctor, your monthly paycheck might not always support your finances. You may need additional funds to finance your child’s education or a medical emergency. These cash crunch situations can be challenging. A personal loan will be an ideal way out.
The loan application process is simple. You have to fulfil the eligibility criteria, select a lender and understand the doctors loan interest rate. This post will discuss the essential details of doctor’s loans for better clarity.
Most providers of personal loan for doctors will have attractive offers, but choose wisely.
Select the lender who provides the best doctors loan interest rate, appropriate loan amount, and simple application process. Also, focus on the EMI, tenure, balance transfer, processing and approval process.
Some loan providers focus on debt consolidation or improving your credit score. So, try selecting a provider who matches your financial objectives.
The doctor loan eligibility rules can differ from lender to lender. However, any doctor in India can get these loans, provided they are Indian citizens. Here are some basic criteria you need to fulfil –
Talk to the lender to get more details about the eligibility.
To consider a personal loan or begin its application, collect the required documents. In general, these are the documents every loan provider may need from you –
It is very important to submit these documents and ensure all the information is correct. This will increase your chances of getting the loan faster.
After understanding the loan provider details, eligibility criteria and documents required, it's time to begin the application. The two common methods of loan application include offline and online modes.
For offline mode, visit the provider’s branch, submit documents, fill up forms and complete the application. However, the online loan application process is the most convenient and saves time. For this, visit the loan company’s official website and follow these steps –
After the company verifies all your details and documents, they will send the loan amount to your bank account within a few days.
Personal loan for doctors usually don't have the problem of collateral submission. They also have multiple repayment options, with no hassles of a guarantor. So, understand all the terms and conditions before finalising the loan provider.
If you're looking for a user-friendly personal loan option, Fi Money offers instant loans. These are pre-approved, completely paperless, and have automatic payment options.
Using Fi, working professionals in India can create a zero-balance savings account in minutes — it’s entirely online & a completely paperless process. Fi is an online financial management solution that aids long-term wealth creation & urges people to become smarter with their money. In collaboration with its licensed banking partner Federal Bank, Fi gives you the power of secure & virtual banking. This app goes beyond savings accumulation or assessing expenditures. Thanks to govt-authorised platforms like DigiLocker, it allows you to create an investment portfolio in minutes. Link relevant ID proofs like PAN & Aadhaar, and you can easily get verified digitally and start investing in the Indian Market via Mutual Funds or the US Stock market.
The minimum income requirement for a doctor's loan is approximately 1 lakh per annum.
Yes, a low credit score can hamper loan eligibility. That's why you must have a credit score of 700 and above to get the loan.