A doctor has the most demanding profession. Doctors have always been a necessity and a support system for the community. Health care is also one of the highest-paid professions, though doctors don’t start earning until later in their career. Once they have established themselves in the community, their income stabilises.
Though doctors earn well, they have many financial needs, from opening clinics to pursuing additional degrees or owning a house. Hence, most financial institutions have a separate category of loans for doctors, specifically called Doctor Loans.
Benefits of personal loans for doctors
One of the most favoured loans in the Doctor Loans category is personal loans for doctors. These loans offer doctors a higher loan amount, better interest rates, longer tenures, and easier EMIs. These loans have fewer restrictions than the other loans in the category and are highly preferred. These loans are also collateral-free, that is, a large loan can be obtained without any asset mortgaged to the financial institution. These loans are offered under both floating and fixed interest rates. The loans are also exempted from foreclosure and repayment fees. Doctors’ personal loans are made hassle-free with faster approvals, minimal documentation, and quicker disbursements.
A few reasons why you should take personal loans for doctors are:
1. Personal Goals
As the name suggests, a personal loan can be taken for any personal purpose. Be it house renovations, funding for an additional course or degree, medical equipment, wedding costs, luxury holidays, etcetera. There is no definite reason for availing the loan.
2. Meeting Unexpected Expenditures
Most of the time, in our lives, nothing goes as planned. Unexpected expenditures always crop up, be it in the form of house repairs, car breaking down, unplanned travels, or even medical bills. When our savings fall short, or even the medical claims or insurances are not enough to pay off the bills, instant personal loans for doctors come in handy. There are also flexible loan options that allow withdrawal when the individual wants. They have flexible loan repayment tenures. Prepayment of the loan in parts before the actual EMI is due can be done at no additional cost. The quick processing and minimum documentation incentivise individuals to prefer these personal loans.
3. Consolidating previous debts
Even doctors face multiple loans or debts. Education loans, credit card debts, mortgages, etc., can be paid off by a personal loan. Since the motive of a personal loan is seldom questioned, an individual can consolidate all his debts to one. Paying off a single loan is better than making multiple payments on multiple fronts.
Also, consolidating the debt and making single payments helps improve the borrower’s credit score and ratings.
4. Higher Education
Doctors have a profession where there is no end to learning. Every doctor can improve themselves by doing additional courses and higher degrees. Doctors who have only passed their initial degrees want to go for higher studies and pursue a specialisation. Most prefer to pursue these degrees from abroad. Though an educational loan can be availed, those loans only cover the cost of tuition. A personal loan for a doctor can fund the end-to-end cost of studying abroad.
With no collateral, flexible repayment options, and longer tenure, personal loans to fund higher education are mostly preferred to education loans.
With the option of online loan applications and estimating the loan EMIs online using a personal loan EMI calculator, availing a personal loan has become easy. The quick approvals, minimal documentation, quicker disbursals, and flexibility of the loans make the personal loans for doctors more appealing.