Understand Doctor Loan and It's Benefits

Be it a small clinic or a  24X7 nursing home, every medical practitioner needs a regular flow of adequate funds to streamline the business. However, what matters more is, are you using the right financial instrument to meet your financial needs. Doctor loan has emerged as a perfect financial instrument to help doctors meet all of their financial needs, from business to extremely personal ones. 

Understanding Doctor loan:

Two different people have two different needs and expenses. Even when it comes to professionals, they have a similar story to narrate. Some professionals have higher capital needs from personal loan than what is offered. In such circumstances, a professional loan, which is customized depending on applicants profession like Doctor loans for doctors, CA loan for CA’s etc is a suitable alternative.

Personal loan Vs Doctor loan:

Your loan application has higher chances of procuring a bigger capital with Doctor specific personal loan as compared to regular personal loan. Doctor loan which falls into the category of ‘professional loan’ is a customized loan scheme available only for professional doctors. Thus, depending on the needs, the max loan limit is usually higher than regular personal loan scheme. 

Benefits of Doctor loan:

There are several benefits of availing a Doctor Loan which are given below

Higher Loan amount: As mentioned above, the regular personal loan may not be able to satisfy the capital requirement of every salaried professional, thus a doctor loan can be considered to obtain a bigger amount as loan. However, the higher loan amount facility is only available if the applicant fulfills all the eligibility requirements. 

Faster Loan disbursal: In general, a personal loan from banks take approximately a week for processing and disbursal, even after you meet the eligibility requirements. However, Doctor loan, after you meet the eligibility and furnish all documents, take at most 24 hours for processing and money disbursal. 

Online Account Access: Though every kind of loan comes with an online account management facility,  but the benefits associated with an online account for doctor loan applicants are higher. You can manage your account, do all the mandatory changes, and do all kinds of deal with your lender using the online account. 

Tenor Flexibility: With doctor loan, you get tenor flexibility. You can choose from a range of 12-96 months to repay the loan.