How to Avoid the Most Common Financial Mistakes of Doctors? - Loan Trivia


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Monday 18 June 2018

How to Avoid the Most Common Financial Mistakes of Doctors?

If you a doctor, you are bound to commit these mistakes. Do you know you are continuously doing some mistakes regarding managing your finances? You should know about those mistakes and try to avoid them.

Some of the common mistakes of doctors are:

Selecting the first option

If you do not go for comparing the various options and various offers in different financial institutions, banks and non-banking financial companies (NBFCs) and choose the first option coming up to you, then you are committing the most common mistake. Proper comparison helps to choose the best lender that offers you the best facilities.

Ignoring the CIBIL score

Doctors made one more vital mistake that is ignoring their credit history. As a professional, it should be their prime duty to maintain a good credit score or CIBIL score, for that, they should not ignore it, rather maintain a good transactional behaviour.

Hiding the existing debts

If you have too many debts and liabilities and you hide the fact from the lender to apply for a doctor loan, it is one more mistake. When you already have so many loans, how will you repay so may amount at a time, you are bound to become a defaulter.

Applying for loan above capability

If you apply for a loan that is above your capability, it is one more vital mistake. After seeing your capability, a certain amount has been set for you. You must take a loan within that budget and not above that.

To know more about other mistakes, read:

Common Financial Mistakes Doctors Make And How To Remedy Them

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