5 Reasons Why You Should Go for A Personal Loan for Doctors

Medical practice in India is among the most respected and lucrative professions in the country. Nonetheless, despite the high demand for such professionals, they may often find themselves cash strapped, especially at the outset of their careers. 

In such situations, a borrower-centric funding option like a personal loan for doctors can come in handy in more ways than one. Features like zero-restrictions on end-use, quick disbursal and freedom from providing any collateral as security makes it a viable solution for doctors to meet their immediate funding requirements.  

To elaborate, by availing of a personal loan, medical professionals can meet a number of personal and professional requirements without any restrictions. Further, they will not be subject to the fear of losing their valuable asset in case of delay or default in repayment.

Collectively, such features make it suitable to meet multiple requirements, and a few of them are discussed below.

Top reasons to apply for a personal loan for doctors

These are among the top reasons why medical professionals avail of a personal loan for doctors in India -

Reason 1: Meeting personal expenses

Leading financial institutions offer a high-value loan to qualifying applicants. With such a substantial amount, professionals find it easier to meet personal expenses like an overseas trip or a grand wedding instead of dipping into their savings. Besides these, professionals can also purchase high-end durables for their home or clinic with the sanctioned loan amount. 

Reason 2: Renovating home or clinic

The substantial loan amount and a flexible tenor ranging from 12 months to 96 months help professionals to revamp their home or clinic set-up. Further, while using the funds for home renovation, borrowers can claim tax benefits under Section 24(b) of the Income Tax Act, 1961. They can also use the sanctioned loan amount to refurnish their clinic to improve the patient’s waiting room experience and overall facility. 

Reason 3: Meeting professional expenses 

Medical practitioners can also use a personal loan for doctors to meet miscellaneous professional expenses. For instance, they can use the loan amount to increase cash in hand, pay salary or rent, restock medical utilities or maintain diagnostic tools, among others. They may also use the loan value to hire more trained and qualified staff and technicians to make the practice more streamlined. 

Reason 4: Financing a child’s education

Qualifying professionals can also finance their child’s higher studies by availing personal credits. The simple terms of repayment and quick disbursal of loan amount often come in handy to build an education corpus or get one’s children enrolled in the best college or university in no time. 

Reason 5: Consolidating existing debt

This credit option is considered to be one of the effective ways to repay existing debts. Professionals can apply for a personal loan for doctors, consolidate multiple debts, and repay them as a single instalment. This helps eliminate the debt burden and may further aid them to save on interest.

Other than these, professionals can avail loans for doctors in India to mitigate medical emergencies or other situations which demand quick access to funds. 

These are among the top reasons why professionals should go for a personal loan for doctors. Regardless, to make the most of such a viable loan option, one should choose a financier who extends a high loan value at agreeable terms of repayment. 

For instance, leading NBFCs like Bajaj Finserv extends personal loans for doctors at competitive rates and without levying any hidden charges. This helps applicants gain transparency about the cost of borrowing and plan repayment accordingly.

The financial institution also provides pre-approved offers, which helps to streamline the entire loan process and simplifies it significantly. Such offers accompany financial products like credit cards, business loans, personal loans, etc. Check your pre-approved offer online in a few steps with your name and contact number.

Nonetheless, before applying for a personal loan for doctors, professionals should find out the amount they would need to meet the specific requirements they have in mind. This will help them avail the advance they need without unnecessary debt accumulation.