How to Avoid the Common Mistakes Usually Committed by Doctors? - Loan Trivia

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Thursday, 10 May 2018

How to Avoid the Common Mistakes Usually Committed by Doctors?

All doctors have the dream of opening own hospital. They have the knowledge of how to run a hospital or how to treat patients, but they lack in funds. The similar situation was faced by Dr. Jessica Albert, a resident of Goa, and an MD super-specialist who had an experience of 10 years. She had heard of a financing for doctors that may help her out of this situation. But, unfortunately, her loan application got rejected as she committed all those common mistakes that any doctor will do. Those mistakes and their remedies are:

Applying for a doctor loan without comparing various offers- If a doctor does not compare the loan on the basis of interest rate and other factors among all banks and NBFCs, then chances are high that they end up choosing a wrong loan that won’t fit their needs and affordability.

Have a lower credit score- If a doctor has not noticed or has ignored the CIBIL or credit history for a long time, the credit score may not be high. To get an easy loan approval at a lower rate of interest, you need to maintain a good CIBIL score and a strong credit history.

Not mentioning the existing debts to the lender- If you already have too many existing debts and you do not mention them to the lender, then it is the biggest mistake you are committing.

To know about the other mistakes, read:
Common Financial Mistakes Doctors Make And How To Remedy Them

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