The demand for personal loans is increasing exponentially among doctors and medical practitioners. Right from starting their clinic to purchasing new medical equipment, doctors need funds to fulfill their entrepreneurial dream. Keeping in mind the requirements of these medical practitioners, various non-banking financial institutions have introduced personal loans specifically designed for doctors.
After considering different aspects such as income, past credit history, age, and experience, doctors are offered loans at varying interest rates by various non-banking financial institutions.
Fullerton India personal loan provides doctor loans at affordable interest rates. It is one of the esteemed leaders in the market that offer hassle-free documentation and an easy online process. Fullerton India gives freedom to the customers to access their accounts anytime, anywhere. Further, if you need to know the status of your loan application, just log in to the website and check it in no time.
Various financial lenders provide loans with numerous features to attract medical practitioners. Flexible repayment time, lower rates of interest, lesser documents, and quick disbursal are some of the qualities of a doctor loan.
These institutions specialize in making the loans affordable and the loan process as smooth as possible. Technology advancement boosts the straightforward approach with online forms, mobile applications for instant support, and a live support desk for all other issues.
Five ways doctors can avail of a personal loan from Fullerton India
Let’s have a look at the five ways you can get a personal loan for doctors in India.
1. Know your credit score
Before applying for a personal loan for doctors, you must check your credit score. Credit score plays a crucial role in determining the interest rate you get. Higher the score, the lower the rate of interest, and vice versa. Knowing your credit score helps you determine if you are eligible for the loan and what interest rates you can get.
2. Compare different options
After you check your credit score, it is time to shop around and investigate as many lenders as you want. The goal here is to find a lender that offers a doctor loan at an attractive rate of interest and also according to your borrowing requirements. Some lending institutions also provide quotes based on your financial information. So, compare these quotes and also consider other factors, such as loan term, extra charges, prepayment penalties.
3. Decide the loan amount
Next, you need to decide the amount of personal loan you wish to avail. The amount depends on multiple factors, like your repayment capacity, interest rates, loan tenure, your financial needs, and more. But always remember, you should never borrow more than you can repay. You can use online personal loan calculators to make an informed decision.
4. Check the rate of interest
After determining the loan amount, you should check the interest rates you will be charged on your loan. The interest rate is calculated on the practitioner’s eligibility, credit score, and the policy of the lender. Fullerton India takes all these factors into account and charges you a competitive rate of interest that suits your needs.
5. Fill out a loan application
At last, it is time to fill out the loan application. Since you don’t need to keep any collateral with the lender, the loan application process is simple. First, you need to log in to the Fullerton India website, and fill out a loan application with the required information. Self-attested documents for personal loans can be uploaded on the online portal to make things quick and straightforward.
Thus, Fullerton India’s personal loan application process is fast and hassle-free. However, you must check the eligibility criteria and the basic terms and conditions before filling out the form.
Once all documents are submitted, Fullerton India reviews your application. If approved, the loan amount with the specified interest rate is disbursed in your bank account within few hours.
Whether the funds are for the expansion of clinics, adding advanced machinery, or hiring staff, personal loans to doctors benefit society as a whole.