Reasons To Take A Personal Loan For Doctors

A doctor’s career is challenging, but it can also be rewarding. However, you will need a well-equipped clinic and medical equipment to generate high income. The patients may regard you as an untrustworthy doctor if there is any shortage of facilities.

The pandemic made people realise the importance of doctors. Hence, banks and financial institutions offer doctors personal loans readily. Here’s why a personal loan for doctors is a good idea.

Why Do Doctors Need Personal Loans?

1. To Set Up A Private Practice

Doctors face many expenses in the early stages of their careers, especially if they want to set up a private practice.

The first step in setting up a clinic is to rent or purchase a space in a suitable location and create a waiting area and a reception area for patients. There are also costs associated with interior decor, utilities, and equipment. These initial expenses are high, and the doctor may not recoup them. Therefore, loans can be very beneficial to medical professionals in paying their initial costs.

2. Meeting Personal Life Goals

The right personal loan can help doctors of all ages meet any financial needs, whether planning a wedding, renovating their home, or going on a luxury vacation.

Furthermore, a personal loan is a flexible mode of financing that allows doctors to finance various business expenses, including clinic expansion, working capital, new equipment, and operational costs.

3. Consolidating Existing Debt

Debt traps can befall anyone. Consolidating multiple loans is the best way to track your debt, even if you're a doctor.

If you take a personal loan, you can pay off one loan instead of making multiple payments for, for example, a mortgage, a student loan, or a credit card debt. Doctors who wish to consolidate their existing debt should take advantage of personal loans since lenders do not question their end use of funds.

Personal loans offer additional benefits when it comes to consolidating debt. Making a single payment instead of multiple ones also enhances your credit rating and score. A favourable credit report will make it easier for doctors to secure other types of loans in the future.

4. Funding Higher Education

Medical professionals need more than just an MBBS degree to be a doctor. It is a profession that requires specialisation and constant learning. Especially if you're planning to study abroad, these specialisation programs can be expensive. Education loans can cover tuition costs, but a personal loan can cover end-to-end living costs better.

Since personal loans for doctors require no collateral, they are easily accessible to doctors seeking to finance their higher education. Additionally, you can apply for a personal loan online with minimal paperwork, resulting in a quick disbursement process.

5. Meeting Unforeseen Expenses

Several situations may arise in a person's life that requires unplanned expenditures, such as household repairs, car repairs, medical bills, etc. No one can predict the future. Therefore, even doctors may need money in unplanned situations. A medi-claim or insurance may cover some of the expenses, but the sum assured may not cover all of them.

The best option in such a situation is to take out an instant personal loan. Doctors increasingly use this type of finance to pay for high-ticket, short-term expenses due to flexible repayment terms, minimal documentation, and competitive interest rates.

Get A Personal Loan With IIFL Finance

Providing comprehensive and customised personal loans, IIFL Finance is one of India's leading financial services companies. With a fast disbursal process, we offer quick personal loans of up to Rs 5 lakh.

IIFL Finance allows you to apply for the loan online or by visiting your nearest branch and verifying your KYC information. You can also calculate your repayment obligations using our personal loan calculator.

FAQs

Q1. What are the documents required for a personal loan for doctors?
Ans. Documents required for a personal loan with IIFL Finance include the following.
• Proof of identity (copy of passport, driving license, voter ID card, and Aadhaar card)
• Proof of address (copy of passport, driver's license, voter ID card)
• Statement of the previous three months' bank account (passbook of the past six months)
• Two most recent salary slips/form 16s with the most recent date

Q2. Do doctors get a personal loan?
Ans. Yes, personal loans are available to doctors for personal and professional purposes.