Pre-approved loans are an asset unto themselves, indicating credibility, seriousness and potential speed of closure for any transaction to be undertaken. It is especially beneficial for doctors with busy schedules, looking to finance both their personal and professional needs with collateral-free options.
Built-in positives Pre-approved loans come with a stamp of approval regarding the credibility of customers seeking
loans. The
financial institution carries out an analysis of a customer’s financial standing (past loan records, credit card payments, EMIs) and credibility, and then decides on offering such a loan. Such transactions also have a chance of getting wrapped up quickly as both parties come to the table with a positive frame of mind.
Also Read: Grow Your Medical Practice with Doctor Loans Let us understand the advantages for doctors
Doctors can take the advantage of Pre-approved loans to enable a number of life goals. They can get pre-approvals for personal loans, education, travel, and property purchase and business expansion.
Saves time
The Pre-approved loans can also be disbursed quickly as minimal documentation is required at the time of transaction. The short process comes as a relief, especially for doctors, who are hard-pressed for time.
Buying new premises and equipment
Today, no one wants to sink their capital in purchases that can give only long-term returns. There are multiple opportunities to generate higher returns than what a lump sum capital expenditure may ensure. Medical practitioners can use Pre-approved loans to finance a home, diversify or expand their business or to buy medical equipment that is used regularly.
Flexibility
In case of repayment as well as use, These pre-qualified personal loans are quite flexible. You can use the fund for anything you like. At the same time, you can choose from pocket-friendly repayment tenures that extend up to 36 months. This would be particularly beneficial when it comes to equipment purchase or upgrade. A pre-approved loan would give just the kind of flexibility a doctor would want in their field.
Good interest rates
Since financial institutions offer these loans, you can bargain and get the most competitive interest rates. If the doctors have surplus funds, they can pre-pay the loan at no extra charge.
Simple eligibility criteria
As eligibility criteria loan for doctors are based on their medical qualifications, well-qualified doctors can also enjoy services with substantial loan offers, attractive rates and flexible policies, at their doorsteps.
Assistance from financial institutions
Since a career in medicine is one of most respected professions, it makes doctor an ideal candidate for Pre-approved loans. In addition, some financial institutions do not mind going the extra mile to offer assistance. Some institutions even help in identifying the ideal properties for home and clinic, thus saving the precious time of medical practitioners.
Also Read: All You Need To Know About Doctor Loans
Conclusion
However, there are a few requirements that doctors need to meet in order to enjoy all the benefits. Besides, the minimum qualification (MBBS, BAMS and BHMS and other higher professional degrees), doctors need be registered with the medical council, and have a certain number of years of experience. Pre-approved loans provide the medical practitioners with the funds through which they can improve the quality of life and boost their business.
