Most of the time, doctors are so engrossed in their profession that they forget about financial planning. And this is what comes in the way of their goals of expanding their reach. It is essential that doctors plan their finances properly so it enables them to increase their scale of operation. As a doctor, you can resort to various financing options that are available to you, one of them is a doctor loan.
There are thousands of doctors who have been thinking of taking their clinic set up to the next level. But due to improper financial planning and lack of exercising financial options have given up on expanding their business. If you are one of them then you must know that expanding your scale of operation is easier than before.
There are some Non-Banking Financial Companies (NBFCs) which are offering loans for doctors. The rate of interest is affordable and the most eye-catching part of the loan is that it gets approved within 24 hours. Furthermore, here are several reasons why you should opt for a Doctor Loan:
- Accumulation of Large Sum: In order to set up your own clinic, you need to spend heavily on renting a property, buying equipment, hiring staff, etc. For the same reason, a large amount is required at first. Thus, in this case, Non-Banking Financial Companies (NBFCs) will be your best option.
- Attractive interest rate: The rate of interest being offered by NBFCs is better than other lenders. Interest rate goes a long way in helping you save a decent amount of money. Regardless of the type of loan, the interest rate has to be considered beforehand.
- Affordable: The loan repayment is affordable over a period of time as the flexibility is provided with regards to the same.
- Customised repayment option: When it comes to repaying the loan, the options available are pretty much flexible. NBFCs will offer you the options to select a repayment option as per your need and affordability.
How to Apply for a Doctor Loan?
- Filling up the personal details: It requires you to fulfil your basic details similar to that of other personal details. And then apply for a Doctor Loan online.
- Receive confirmation call to know the offer: Within some hours after you fill your information, you are bound to receive a confirmation call with regards to the loan application.
- Submit the required documents: The documents required by the financial institutions are as follows:
- Identity Proof
- Address Proof
- Property Proof
- Educational qualification certificates
- Proof of income
- Money transferred to the bank within 48-hours: Once you are done with submitting the documents and your loan has been approved, you will see the amount getting transferred to your account within 2 days.
These are certain steps that you need to follow and get a loan approved. As a doctor, it is essential that you do not take anything for granted and keep your financial record steady. Doctor loans are a great option to help expand your scale of operation. However, not every financial institution is providing this service as conveniently as the NBFCs are offering. There are only a few well-known CRISIL certified NBFCs which are offering such a quick disbursal and flexible options.