Despite the evolution of multiple new jobs over the past few decades, the medical profession remains a favorite for many. The recent Covid-19 pandemic has thrown light on the importance of doctors and their timely service. The incident has reinforced the belief that doctors are needed more than ever. However, the doctors do face financial challenges starting from their education phase up to their retirement phase. Most of the time, the savings amount cannot accommodate such huge and urgent costs. Hence the discussion about finance options available to doctors becomes of paramount importance.
Five Reasons Why Doctors Should Opt For A Personal Loan
Among other financial options, personal loans are one of the fastest and easiest loans available. Personal loans are in demand because the borrower does not need to submit any collateral and also due to their hassle-free processing. The lending institutions understand the importance of the doctors’ financial requirements and are ready to provide doctor loans with added benefits. Here’s why we think the medical personnel should consider taking personal loans:
1. Flexible Funding
Most banks/NBFCs do not ask for reasons for availing doctor loans. Doctors can leverage such loans to expenses related to their medical practice like leasing or expansion of the clinic, buying equipment, working capital, etc. Additionally, doctors can also use the funds for personal reasons like travel, vacation, marriage expenses, kids’ education. The borrowers also need not submit any collateral and have flexible tenures & competitive personal loan interest rates. Hence personal loans can be known as the personal favorite of doctors or any other salaried professionals in the country. The recent digitization has empowered borrowers to opt for a personal loan online application process.
2. Consolidation of Debts
Almost everyone knows that studying medicine is a costly affair and involves enormous funds. Medical undergraduates take student loans at the inception of their education, and mostly, they avail additional funds later. However, it becomes increasingly difficult for doctors to manage multiple debts later. And hence they look for a suitable solution. The medical personnel can consolidate their finances through the personal loan and instead find it easier to plan the loan repayment phase. You can use such types of loans to close credit cards, loans against property, student loans, etc.
3. Higher Education Expenses
The doctors are always willing to expand their knowledge through additional education throughout their careers. Most doctors wish to specialize in their field, and the best way to do so is to opt for higher studies. Now it is generally observed that most of the specialization courses are taught overseas. Also, foreign education expenses include tuition fees and accommodation expenses, additional charges related to staying in a foreign country. The medical professionals apply for such courses periodically, and when they get selected, the major hiccup they face is the non-availability of funds. The lending institutions understand such challenges and provide multiple and flexible options to the medical fraternity in loan assistance. Education loans can help cover tuition fees, but since there will be various expenses, a comprehensive borrowing option is all the doctors need to address such requirements.
4. Loans for Emergencies
Most of the salaried professionals or self-employed in the medical sector might not have surplus funds as savings, and in the times of inflation, it is quite difficult for someone to arrange large funds on short notice. Hence personal loans come as a savior here as the medical personnel can borrow any amount within the prescribed limit with flexible repayment options. Often lenders do provide top-up facilities based on the borrowers’ repayment performance, and hence the medical professionals have a higher probability of availing additional funds.
5. Improve the Credit Score
Not many know that the credit score is higher only when one avails loans and pays them within the due time. Assuming that a doctor applies for a loan for the first time, and if he/she has no credit history, the loans can attract higher interest rates and other charges. Hence if a doctor is eyeing a home loan and wants to have a better credit score, he/she can take a personal loan to improve the credit score.
Conclusion
As there are many financial options available in the market, the doctors should make the best of such opportunities by partnering with the right lender and get themselves a personal loan online application. A proper mix of better interest rates, flexible tenure, higher principal amount, superior customer service is what makes an ideal lender.
