Have you ever thought of financing your medical education? If yes, you can avail of personalized loans such as doctor loans, which can also be used for medical equipment financing. Your dreams now have the chance to come true! This is because you can avail the loan for any reason.
You can plan your future based on the loan you get approved, and it significantly impacts your life, especially if the loan is for your education. These also help medical professionals to set up new clinics or upgrade their medical equipment.
What are doctor loans?
It is a personalized loan available for doctors to pursue medical education, open a clinic, or upgrade existing medical equipment and meet other business needs. It is specifically designed to meet the needs of doctors and medical professionals.
There are special types of loans for medical equipment financing, which are used to obtain a piece of equipment which can be a tangible asset other than real estate. You can opt for this special loan if you need a new X-ray machine or an MRI machine.
What are the benefits of doctor loans?
You can avail of medical loans in different variants, mainly term, flexi-term, and flexi-hybrid. You can choose the option which optimizes the results for you and matches your immediate needs.
- Special repayment option
In the case of flexi variants, you can borrow repeatedly and repay your loan amount partly, and no extra fee is charged for this. This puts the borrower in a uniquely advantageous position, giving him the flexibility to borrow as often as he wants.
- Loan amount
The loan amount in the case of instant loan for doctors can be huge. Most apps offer a limit of up to Rs.50 lakhs, which can help you solve your credit needs instantly and relieve your financial pressure. This is available through an end-to-end online application process.
- Convenient tenures
It gets easy for the borrowers if the loan tenure is long, as the monthly instalment is less than a loan with a short term. You can opt for a tenure ranging from 12 to 96 months, according to your plan.
- Disbursal time
The time taken for the funds to get transferred to your account is significantly less; it takes up to 48 hours for the transfer to take place. This time is calculated after your application has been approved by the lender.
How to apply for an instant loan for doctors?
My husband is a practicing doctor and he wanted to renovate his clinic and add new equipment. He asked me to help him find a reliable and a favorable option to borrow from. After comparison and a lot of deliberation, I chose the Bajaj Finserv app for the same. Following are the steps to get a doctor loan from their app:
- Get the app from the Play Store or the Apple store
- You can sign in/log in using your personal details
- After going to the home page, click on loans.
- Following this, click on doctor loans.
- Add all the details that are required.
- Click on Apply now.
After this is done, a company representative will contact you and guide you through the process.
Which is the best app for doctor loans?
As mentioned above, in my experience, Bajaj Finserv is the best app for instant loan for doctors. It has always helped medical professionals expand their business and renew equipment. It has helped me pursue my medical career. It is easy and convenient to use and offers great deals with many options.
In today’s world, everything has become easy, so a loan. Getting a loan from a formal source is more pertinent to maintaining financial health than informal sources. These easy options have allowed the borrowers to switch to formal options and saved them the extra interest rate as doctor loan interest rate is significantly low and other liabilities that come with it, making a breakthrough in the credit market.