Personal Loan for Doctors – Interest Rates, Eligibility and How To Apply Online
Even though doctors have decent earning potential, they often face financial stress. This is especially true for doctors who own a clinic or their personal practice. Therefore, they may require financial aid under certain situations. A personal loan for doctors can fulfil this requirement and make the lives of medical professionals easier.
Doctors can avail high-value personal loans from Navi at competitive interest rates. To know the details, keep reading.
Here are some salient features and benefits this particular credit advance comes with:
- Quick approval and disbursal
- Flexible repayment terms
- Zero collateral requirement
- Basic documents
- Customised offers
Other than these, doctor loans come with prepayment facilities that allow you to pay the outstanding loan amount before your tenure ends. However, you might have to pay a nominal fee to opt for this facility. Make sure to check how much the associated charges are before moving forward.
Personal Loan for Doctors Details
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9% to 45% p.a |
| Foreclosure Fee | Nil |
| Tenure | Up to 72 months |
Here are the steps you need to follow to apply for a personal loan for doctors at Navi:
- You can either visit the official website of Navi or download the Navi app to start this process
- Select the ‘Apply’ option once you find the ‘Personal Loan’ tab. Here, you need to provide some basic details such as your name, date of birth, PIN code, etc.
- You will need to submit employment and income-related details as well in the next step.
- Enter your Aadhaar and PAN details.
- Once the verification process is completed successfully, the loan will be processed within minutes.
Before applying for a personal loan for doctors, make sure to know what requirements are there from your lender’s end. You need to meet these parameters first and gather the required documents before going ahead with the application process.
Eligibility Criteria and Documents Required for a Loan for Doctors
Here is a tabular representation of all the eligibility requirements for a doctor loan:
| Factors | Requirements |
| Age | The applicant’s age should be between 18 years and 65 years |
| Work Experience | At least one year of work experience might be necessary |
| Income | The applicant needs to have a minimum monthly income of Rs. 15,000. |
| Credit score | 750 or above |
Even though these are the basic eligibility requirements every applicant should meet to qualify for a personal loan, some of these parameters might vary across lenders. In order to avoid any hassle, it is better to go through the requirements list beforehand.
You can find the requirements on the lender’s portal or by getting in touch with a representative of the financial institution. Other than meeting the eligibility criteria, professional doctors should pay heed to the documentation process too.
The eligible applicants need to furnish the following documents in order to complete their loan application procedure and get approval:
- Application form (filled out)
- Identity proof (Aadhaar card, PAN, driving licence, etc.)
- Salary slips of the last 3 months (in case of salaried applicants) or ITR of the past 2 years (in case of self-employed applicants)
- Address proof (Aadhaar card, voter ID, utility bills, etc.)
- Bank statements (last 6 months)
- Ownership proof, in case the doctor owns the hospital or clinic
- Passport-size photographs (2)
- Medical registration certificate
- KYC of authorised signatories
If you apply for a cash loan for doctors at Navi, you have to submit only a few documents. Moreover, the documentation process is completely paperless, which ensures fast approval.
Download the Navi app and get a loan of up to Rs. 20 lakh disbursed within minutes.
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Things to Keep in Mind While Applying for a Personal Loan for Doctors
Here is a list of aspects you must keep in mind while availing a doctor loan to avoid any hassle:
1. Choosing the right loan amount
Doctors generally look for high-value loans to meet the cash requirements related to their profession. Whether it is for setting up a clinic or purchasing a new set of equipment, they require a sizable amount to finance the expenses.
Although a personal loan provides access to substantial funds, it is necessary for borrowers to assess their own repayment capacity before availing of a loan. It is ideal to borrow as much as you need so that you can manage other financial liabilities properly while paying the EMIs.
2. Select repayment tenure wisely
While opting for a personal loan, the decision of choosing the loan tenure plays a significant role in your repayment plan. Owing to the unsecured nature of a personal loan for doctors, the interest rates remain comparatively on the higher side, and to make your EMIs affordable, you need to choose the right tenure.
Before jumping in, it is always better to evaluate your monthly obligations so that you can prepare accordingly. You can use a personal loan EMI calculator to compare different combinations of loan amount and tenure to check how much EMI you can bear.
Since doctors may not have a fixed date on which they receive their salaries, they should pick the EMI dates carefully. Failing to do that may land them in financial trouble.
Final Word
With the availability of hassle-free Instant Cash loans for doctors, medical professionals can fulfil an extensive range of financial requirements with ease. This form of financial assistance reduces the stress that doctors often face in their profession, thereby allowing them to provide better healthcare.
FAQs
Ans: If you continue to pay your equated monthly instalments on time, any change of employment does not affect your personal loan. Nevertheless, you should inform your loan manager of any such changes for increased transparency.
Ans: A longer tenure can reduce your monthly outgo for the loan considerably. However, this reduction in the EMI amount comes at a cost. When the repayment tenure increases, the total interest cost on a doctor’s loan surges too.
Ans: Doctors can improve their credit score in the same way that other professionals can. The easiest way to do this is to clear all outstanding dues at the earliest. They must also make sure to not miss EMIs or credit card payments.
Ans: A pre-approved loan is a special facility that lenders offer to customers with a high credit score and a clean credit history. The benefit of a pre-approved personal loan is that it allows borrowers to avail a substantial amount of money with minimal documentation.
Ans: You can apply for a personal loan for doctors with a co-borrower. If the co-applicant has a good credit score, it will boost your personal loan eligibility. Lenders may offer you increased loan amounts at better terms.
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