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Features and Benefits of Personal Loan For Doctors

Customized Interest Rate

The principal loan amount is always charged with an interest rate. The interest rate levied on a doctor’s personal loan depends upon their medical profile and income slab. This ensures suitable interest is applied for doctors’ loans that don’t make the loan a burden to repay.

Stress-Free from Collaterals

A personal loan being unsecured has no requirement of mortgaging assets or property against a loan. This is one of the reasons why a personal loan takes less time for approval. So, even personal loan for doctors falls in the category of unsecured loans that demands no collateral for doctor’s loan sanction.

Personalized Loan Management

Instant loan apps in mobile phones enable Doctors to easily manage their loan application, documentation, and status of a loan. Checking the personal loan status for doctors’ loans through instant loan apps is an ideal way as doctors can manage to check anything related to their personal loan in minutes, not disturbing their busy schedule.

Ease of Documentation

Photocopies of mandatory documents are no longer required as documents are added in a digital format. To avail of personal loans for doctors, the borrowers have to upload soft copies or enter authorized codes given on their personal documents such as the Aadhar card number, PAN number, etc. for E-KYC verification of doctor’s loans.

Automated EMI Deduction

Once personal loan for doctors is sanctioned and disbursed, they will not have to remember the payment date of EMIs every month. Due to the automated debit option, the EMIs for doctors’ loans will be deducted automatically and payments will not be missed.

Eligibility Criteria for Personal Loan for Doctors

Financial institutions in India created personal loan apps to meet the financial requirements of different income groups. Loan for doctors is also one category of personal loan helping the medical professionals to support different financial needs. Like a eligibility check before the loan application, likewise even personal loan for doctors has set eligibility criteria. Personal loan eligibility for doctors depends upon income/salary, and ability to repay the loan in the given tenure:

01

Doctors’s graduation certificate and post qualification experience*

02

Doctors should own a house, clinic or a hospital*

03

Medical registration certificate*

04

Details of an active bank account where the salary/income gets credited

05

Proof of business

06

Doctors’s age should be between 21 years to 58 years

07

Identity Proof (Aadhar card/Passport/Driving License)

08

Address Proof (Ration card/Passport/ Electricity bill/Telephone bill)

09

Income Proof (6 months bank account statement & Income tax return file)

Depends from lender to lender.

How to Apply for Personal Loan for Doctors

Being a doctor or a health practitioner is a responsible profession that requires the skill, knowledge, and experience to improve the patient’s health. For improvising the quality of medical treatments, many doctors opt for a personal loan for doctors. Besides, professional reasons, loans for doctors can also be availed to meet personal financial commitments. Doctors can opt for an instant way of applying for a personal loan online:

 

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  • 1

    Install a personal loan app in your android phone through Google Play Store

  • 2

    Register using your email id or mobile number.

  • 3

    Fill in the loan application form, consider the mandatory fields

  • 4

    Use the loan EMI calculator to derive a suitable EMI. Use the slider to flexibly change the variables.

  • 5

    Upload the loan pre-requisites – Aadhar Card, Mobile number linked to Aadhaar (for OTP), PAN Card and Bank account details

  • 6

    On verification, the loan approval and disbursal are done within 48 hours

Frequently Asked Questions (FAQs)

Personal loans for doctors can be applied quickly through instant loan apps online. This is the easiest way for doctors to apply for a personal loan online and save their time in personally visiting the branch for a loan application.
There is no fixed loan amount for a doctor’s loan. The personal loan amount for doctors entirely depends on the lender’s maximum loan limit. It can vary from depending upon different lenders.
You can get a doctor loan by downloading an instant personal loan app, following the loan application process, submitting the documents online for verification, wait for the approval and get the loan amount disbursed within 2 days.
Doctors applying for a personal loan online can use the EMI calculator or the interest rate calculator to derive the interest charged on their loan amount. It differs from lender to lender and varies based on your principal amount and loan tenure.
Yes, doctors can get loans for both personal and professional reasons. A loan for doctors can be taken to improve the quality of medical treatments, expand the clinic, or to meet personal financial goals of further studies, travel, renovation, etc.
Doctors are required to submit their medical certificate and post-qualification papers, along with the basic identity proofs such as Aadhar card and PAN card linked to your mobile number. In the absence of your Aadhar card, submit passport/driving license/utility bills.
Once the document processing is done and verified, it doesn’t take more than 2 Days to disburse loan for Doctors.
Personal loan eligibility for Doctors depends upon their income/salary, and ability to repay the loan in the given tenure.