Doctors have several personal goals to fulfil alongside multiple professional obligations. Immediate financing is necessary to suffice those personal expenses on an urgent basis or occasionally. A personal loan for doctors comes handy in this regard. Moreover, this loan comes with no end use restrictions. So, the doctors have the freedom to use the sanctioned fund according to their needs & requirements.

Following are the listed reasons that describe how a personal loan for doctors can be beneficial to meet various short-term cash crunch.

Educational expense

Higher education in the country and overseas requires substantial funding. Personal loans seem to be convenient to fit these expenses. The borrowers can utilise the sanctioned amount for further expenses like field trips, course materials, medical and travel expenses, apart from tuition fees.

Remodelling of home

It becomes difficult to predetermine the exact budget beforehand when it comes to home renovation. There are prominent NBFCs which offers Flexi-hybrid feature with personal loans catering to such unpredictability.

Here, a debtor can withdraw funds from the sanctioned amount whenever necessary and pay when he has surplus money. He needs to pay interest only on the utilised amount instead of the principal. Additionally, he will also pay only the interest as EMI and can reduce the cost of EMIs by up to 45%. Thus, the Flexi Loan facility can be a winner for doctors to furnish such inconsistent/irregular expenses.

Fund for wedding

Personal loan for doctors can also be used to pay for wedding expenses. From meeting the catering cost to decoration, jewellery to hall booking, everything converges to a huge sum of money. In such a scenario, this financial product can give quick and easy access to funds.

Debt consolidation

Additionally, doctors have the opportunity to merge all his existing debts under one umbrella by taking this customised professional loan. This is an economical option as the practitioners will pay single interest for a single debt instead of multiple ones. There are various financial institutions which offer Loan for Doctors of up to Rs. 30 Lakh for debt consolidation.

Procuring equipment

Personal loan for doctors is transforming the healthcare industry by financing the medical equipment. So, purchasing high-end equipment to set up a new clinic or upgrade an existing one is no more a financial burden.

The benefits include:

Firstly, the loan is collateral-free and requires no tangible security. Thus, there is no risk of property/asset seizure even in case of payment defaults. Moreover, doctors get a convenient tenor to ease the process of repayment. Lenders typically provide a schedule that can range from 12 to 96 months.

The borrowers can also get attractive doctor loan interest rate if they meet the required eligibility criteria and possess a sound CIBIL score. Usually, lenders approve the loan by verifying their qualification and work experience.

Hence, applying for personal credit is not much a time-consuming process. An applicant needs to keep the minimum documents handy. Post verification of the paperwork, he can get the money disbursed in 24 hours. Therefore, a personal loan for the doctors is quite resourceful considering their needs and busy schedule.