5 Tips to Improve Your Chances of Availing A Medical Loan
Given the advancement in technology, especially in the field of surgery and medicines, upgrading one’s clinic or practice to remain up to date is necessary for every medical practitioner. Nonetheless, doing so can require a substantial investment on the part of the professional.
Under such a situation, availing a personal loan for doctors can help meet these financial requirements with ease. With no end-use restrictions, funds availed under this financial product can be channelled towards financing any number of requirements – both personal and professional.
A medical practitioner can avail a healthcare finance to boost liquidity and deal with big-ticket expenses like purchasing equipment, setting up a clinic, etc. However, a borrower must be aware of ways to avail a medical loan without hassle.
Tips to avail a medical loan with ease
- 1-Maintain an excellent credit score
A borrower’s credit or CIBIL score significantly affects the loan amount and disbursal. A lender prefers borrowers with a CIBIL score of 750 and above, alongside excellent repayment history. This ensures the credibility of an individual and assures lenders of his/her habit to repay the loan on time. Hence borrowers must maintain a good credit score to avail a loan for doctors with ease.
An efficient way to increase this score is settling the outstanding dues and maintaining the credit utilisation limit. Moreover, repaying the EMI on time also improves the creditworthiness. One can also check ways like how doctors can increase their CIBIL score to avail a substantial amount.
- 2-Applying for a small amount
A borrower can improve his/her chance of availing a personal loan for doctors by applying for a small amount. Ideally, the repayment structure against a small loan amount is convenient, thereby removing the risk from the lender’s end.
Furthermore, estimating the amount eligible for application beforehand also removes the chances of loan rejection. One can use a medical loan calculator that calculates the loan value against income and expenses. It will also help in determining the interest needed to be paid monthly.
In this regard, individuals can opt for lenders like Bajaj Finserv, who offer around Rs.35 lakh with affordable interest rate against the loan for doctors.
The NBFC also provides pre-approved offers on products like personal loan, business loan, etc. These offers can make availing financial products faster and more streamlined. Check your pre-approved offer by entering your name and contact number.
- 3-Maintain the balance between the debt-to-income ratio
A borrower’s credit report details the consolidated loan and outstanding amount. This can include credit card dues, loan variants, etc. Here reducing the debt-to-income ratio may help in increasing the chances of loan approval.
Ideally, the calculation of disposable income after undertaking fixed financial liabilities should be enough to service EMIs. A doctor can check ways to maintain the debt-to-income ratio to manage timely repayments. For instance, checking financial tips doctor should take before starting a clinic would be helpful.
- 4-Clear outstanding dues
Before applying for a personal loan for doctors, one must ensure that the debt-to-income ratio and outstanding debt is reduced. A borrower with multiple credits cards or loans would have to manage debt efficiently to ensure that there are no difficulties in availing a new loan. Hence, timely repayment would clear the outstanding dues faster, substantiating a borrower’s creditworthiness.
- 5-Submit necessary documents
Individuals must check the list of documents specified by lenders against healthcare finance. Ideally, potential borrowers have to submit KYC documents, and a medical registration certificate to avail the advance. Ensuring that all necessary documents are in place will speed up the application process.
When looking for a personal loan for doctors, following the tips mentioned above can help improve the chances of availing the advance. Apart from these, one should ensure that he/she meets the eligibility requirements set forth against such an advance to ensure that the application process is approved without hassle.
