4 Reasons Why You Should Go for A Personal Loan for Doctors

The Indian healthcare industry is growing at a rapid speed and aiming to reach the $372 billion mark by 2022. The increasing demand for quality medical services and the popularity of medical tourism have boosted this growth further.

This has presented an opportunity in front of medical professionals to tap into this sector and make most of this development. In this regard, individuals can avail the assistance of personal finance for doctors. The customer-friendly nature of this financial instrument allows individuals to meet their requirements with ease.

Reasons to avail personal finance for doctors

Here are some prominent reasons why one should opt for a personal loan –

  • Expand the existing practice

Professionals with an existing practice can use these loans for doctors to expand their business. Since this financial product has no restriction on its usage, one can use it to renovate his/her clinic, rent a bigger place, etc.

Additionally, medical professionals can also use this advance to hire more staff and purchase new machinery. They can further utilise it to support the working capital and manage day-to-day expenses without any hassle.

  • Debt consolidation

Managing multiple debts can be an expensive and stressful affair. Debt consolidation is a process that allows individuals to streamline their repayments and save substantially on interest repayment.

In this regard, personal finance for doctors is an apt credit instrument. Since it offers a competitive interest rate and does not require any collateral, professionals can use it for this purpose.

  • Support higher education

Medical professionals regularly pursue courses and specialisation to improve their skill-set and elevate their prominence. However, these courses are not cheap by any means, and instead of liquidating their savings, individuals can opt for a funding option like a loan for doctor to finance their specialisation.

This financial product has no restriction over its usage and offers better repayment options compared to a traditional educational loan. Therefore, one can use it to meet the financial requirements of pursuing such degrees. They also get to enjoy better loan terms.

  • Meeting personal expenses

With assistance from this financial product, individuals can meet an array of requirements that are not related to their profession. Borrowers can make a big-ticket purchase, fund their wedding, meet travel expenses, support their home renovation, etc. It is one of the reasons why one should go for a personal loan for doctors.

Apart from these notable points, a personal loan can also help fund an array of other requirements. Since this financial product is easy to avail, it is an ideal option to meet any monetary emergencies as well.

A personal loan’s customer-friendly benefits allow borrowers to manage such planned or unplanned financial situations without any hassle.

Benefits of a personal loan

Here are the top benefits of availing personal finance for doctors –

  • No-end use restrictions: As already mentioned above, this financing instrument has no restrictions over its usage. Hence, one can fund an array of expenses.
  • No collateral required: Being an unsecured loan, it does not ask individuals to submit any guarantee or collateral to avail of it. Thus, one can easily avail of funds without any hassle.
  • Rapid disbursal: This financial product is popular for its swift disbursal nature. It saves time as the approval comes within 24 hours of the online application. This helps meet financial exigencies without hassle.
  • Easy repayment: The availability of multiple repayment options also makes personal loans a product of choice for many. The flexible tenor allows borrowers to adjust repayment according to their preference.
  • Pre-approved offers: The availability of pre-approved offers helps with the application process. Leading financiers like Bajaj Finserv extend this facility to increase their customer convenience. It is available on a host of financial products, and borrowers can check their pre-approved offer online with a few simple steps.

Personal finance for doctors presents an opportunity for respective specialists to meet their personal as well as professional expenses. Nonetheless, it is vital to prepare a checklist to help individuals to apply for a doctor loan without any hassle.