Loan for Doctors - How to Apply for Doctor Loans Online
The medical profession in India is expanding consistently, with government and private initiatives also making it a hub for medical tourism. As per a report published in The Hindu, India is home to 18% of the global medical tourism market.
Plus, as reported by The Wire, almost 50,000 medical students graduate to become doctors every year, adding to this profession’s strength. While services of doctors remain constant through economic highs and lows, they require updating treatments and technologies to provide advanced medical care to patients or set up new facilities.
The financial market thus brings physician loans to help cater to the professional financing needs of a doctor. These advances are also open to addressing personal funding requirements of a medical professional.
Nevertheless, as financial institutions offer various loans for healthcare professionals, they need to decide on the best option available for maximum benefits. Hence, here’s a look at some of the things you must know before proceeding with a loan for doctors online application process.
Things You Should Check Out for in a Loan for Doctors
Doctors can come across high-value funding needs related to their profession. Like, when setting up a new clinic or hospital, they require advanced medical equipment, cutting-edge diagnostic and healthcare tools like x-ray machines, echocardiograms, external ventricular drains, and the likes.
Plus, hiring skilled staff for various procedures is another requirement along with equipment purchase to improve the facility. Thus, a physician loan of a sizable amount is a priority. Funds that are available with unrestricted end use also make it to the list of the best loans for doctors; they can also be utilised to fulfil personal funding needs such as child’s education, marriage, etc.
Additionally, a minimum loan for doctors loan eligibility requirement makes it easy to avail the funds instantly to fulfil emergency funding requirements if any. Not to mention, a low interest rate is always a lookout so that interest accrual over time does not become a financial setback.
While these outline the basic parameters, doctors can proceed to conveniently apply for an online physician loan they have selected in the following few steps.
The Online Application Process for a Loan for Doctors
Once you have decided on the lender, you can apply for the loan in the following few steps.
Step 1 – Go to your selected lender’s official website.
Step 2 - Select your loan option and proceed to apply.
Step 3 – Fill in the online application form with necessary personal and professional details.
Step 4 – Attach necessary documents required like proof of business existence, income proof, identity proof, etc.
Step 5 – Submit the application form to complete the process.
Once you have applied, the lender will process your loan application as per their regular processing time.
While it is a standard method to complete the loan for doctors loan online application procedure, some loan options like gold loans also come with a more simplified application process and paperwork requirement limited to only KYC documents.
The benefit of availing a gold loan as a loan for doctors is not only limited to the ease of application but also extends to other aspects like affordability, ease of loan for doctors loan repayment and the likes.
Gold Loans – A Suitable Financing Option for Healthcare Professionals
Indian households often have gold jewellery and ornaments stored as assets with high value. They can use this asset when in need of financing for either personal or professional purposes. For doctors, these can include –
- Establishing a new clinic or hospital.
- Expanding the services to new locations.
- Installing advanced healthcare equipment.
- Hiring skilled nurses, equipment operators and staff.
- Fulfilling personal travel goals, financing marriages, sending a child for overseas education, etc.
Gold loans are secured advances that allow you to utilise the equity lying in this precious metal to raise finances. You can provide the gold ornaments as collateral to avail financing in proportion to its value.
With Rupeek Fintech Private Limited, availing a gold loan only becomes advantageous as they also make these loans one of the cheapest in the market. Further, available without any end-use restriction, the loan can be efficiently utilised as a physician loan for fulfilling a doctor’s funding needs with ease.
Check out some of the unique benefits you can enjoy when availing a gold loan from the lender.
Gold Loan and Its Advantages
Are you worried about high interest on your loan for doctors, or find it difficult to make repayments with ease?
A gold loan solves several such issues with the following benefits.
- High loan to value
As an asset-backed financing option, gold loan comes with a high loan to value (LTV) ratio that allows a borrower to avail substantial funds. LTV is the proportionate measure of loan that a lender is ready to provide as against the value of asset secured.
With Rupeek Fintech Private Limited providing the highest LTV on gold loans, you can relax as the amount of finance raised on the basis of gold value provided will be high.
- Loan at your doorstep
Available as a typical and first-in-market facility provided by Rupeek, doorstep service for gold loan approval and disbursal makes it one of the easiest advances to avail. Once you apply for the loan online, a loan manager is sent to the provided address to complete the approval and disbursal process, giving you access to the funds with minimum hassle.
- Quick approval with immediate disbursal
Once the loan manager arrives at your house, he/she completes the valuation of gold ornaments or jewellery to ascertain the suitable loan amount you can avail. If you have already utilised the online calculator to ascertain the loan amount, you can also enjoy a pre-approved offer. Once approved, the loan is then disbursed to your account. The complete process only takes 30 minutes. The loan manager leaves your house with the gold only after the disbursal is complete.
- High security for the pledged gold
Also, particular care is taken when transporting and storing gold during the pledged period. It is carried in a GPS-trackable bag and stored in the safety vault of the nearest partner bank branch within 3 km of your house. The pledged gold is further insured to eliminate any risk of financial loss.
- Repayment with convenience
You can repay the loan within 6 months to 1 year with ease. Also, you can opt for a suitable repayment method. Choose to defer the principal payment until the tenure’s end and meanwhile pay only the interest accruing to your lender.
Or, you can also opt to defer the entire repayment liability to the tenure’s end and make bullet repayment at a go.With these widespread benefits, a gold loan comes off as a typical financing option serving as a physician loan to meet high-value funding needs with ease. Doctors can thus proceed to apply for the advance and pledge their gold to avail funds in no time.