Physicians invest a lot of their time and energy in healing wounds of people, who come to them for help. In the end, their profession takes up so much of their time, that they are unable to understand finances or develop the right way to manage them such as a loan.
If you are repaying off a physician loan, here are some tips to keep your financial status healthy.
Planning your physician loan is an important step to keep your finances on the positive side.
To Know more about the physician loans, you can read the full blog here: A Guide to Understanding Loan Repayment Options for Physicians
If you are repaying off a physician loan, here are some tips to keep your financial status healthy.
- Take care of your CIBIL score is very essential. It is the score that shows your creditworthiness to the financial institutions. You have to keep the score 750 and above.
- When taking a physician loan, do your research. Never take a loan without first calculating the EMI you will pay. It will remain constant for the next few years, and you should judge your repayment capacity before you sign the loan document.
- Look at prepayment facility. Always look at the prepayment options offered by the bank or NBFC. In the future, if you earn enough to pay off the principal amount early, you can use it and lessen your EMI burden.
- Pay your EMI on time will keep your credit score high. If you miss even one repayment, your score will be negatively affected. Hence, keep track of your repayment dates and ensure you make timely payments.
- Plan your loan repayments – If you have taken 2 or more loans, the smarter thing to do is pay off loans with a higher interest rate first.
Planning your physician loan is an important step to keep your finances on the positive side.
To Know more about the physician loans, you can read the full blog here: A Guide to Understanding Loan Repayment Options for Physicians
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