Everything You Need To Know About Personal Loan For Doctors

Personal Loans

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. 

Advantages of Navi’s Personal Loan for Doctors

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.  

Also Read: Instant Personal Loan Apps

Easy Steps to Apply for a Personal Loan for Doctors at Navi 

Here are the steps you need to follow to apply for a personal loan for doctors at Navi: 

Step 1: You can either visit the official website of Navi or download the Navi app to start this process.

Step 2: 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. 

Step 3:  You will need to submit employment and income-related details as well in the next step. 

Step 4: Enter your Aadhaar and PAN details. 

Step 5: 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:

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 personal 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. 

Also Read: How To Choose A Proper Personal Loan Tenure?

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: 

• 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.

• 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 personal 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. 

Frequently Asked Questions 

Before you go…

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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article. 

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