Doctor Loans are available throughout the country. Different financial institutions are offering different interest rates so to attract the professionals to avail loans. These financial institutions are providing low doctor loan interest rates which can help doctors to kick-start their careers. For Doctors in different phases of their practices, loans play a pivotal role in shaping up their near future.
Many doctors are looking for loans to set up their clinic or to upgrade the equipment in their clinic. For those who are searching for tips to find the best doctor loan interest rates in India, there are few things that you need to know to find the best interest rates on Doctor Loans in India.
1. Checking all the options: When it comes to availing doctor loans, make sure to exercise all the options. There are numerous banks and NBFCs which are offering doctor loans at an attractive rate of interest.
2. Focusing on the loan amount: When it comes to borrowing loan, make sure you ask for the exact loan amount that you have planned. For a new practitioner to set up his new clinic, he will need an amount of INR 10-25 Lakh. Based on this framework and plan, you should choose the lender who is willing to provide you with the desired amount.
3. Considering the interest rate: When it comes to repayment, the interest rate is the most considerable factor. When deciding on the loan amount, it is also essential that you check out the interest rate. A higher interest rate would place a severe dent in your repayment capabilities. Thus, choose the lender wisely based on the best interest rate.
4. Choosing the right tenor: Most borrowers often tend to take tenor for granted. For them and for the first time borrower, the tenor is as important as the interest rate and the loan amount. Higher tenor will give you more room and timeframe to work with and vice-versa. However, longer tenor will also require you to pay a higher interest over time and vice-versa.
5. Selecting a trustworthy lender: Don’t just fall for what you see on paper. At first, it is advisable that you visit the lender in person and understand what they have to offer. Many say that NBFCs are not trustworthy. However, that is just a myth as there are highly accredited NBFCs such as Bajaj Finserv which are a borrower’s go-to-option.
The points above are the research work that you need to put in to get the most favourable lender. When it caomes to deciding the best rate of interest on Doctor Loans, there is an important point that you need to consider:
Credit Score: Regardless of the loan type, credit score matters the most. Your aspirations can sink into the dust if you have a poor credit score. Financial institutions require you to have a credit score of above 750. However, NBFCs are more flexible in their approach, and thus, they consider even if your credit score is slightly lower than the desired score.
There are low doctor loan interest rates available in the country. However, a win-win situation is when you consider every aspect and not just a part. Bajaj Finserv offers one of the best interest rates and a well-balanced loan plan which provides various benefits other than just interest rates.