When we go to the doctor, we expect the best treatment possible. To provide the same service, our doctor would need the best instruments, equipment, infrastructure, support staff, and so on – all of which would necessitate a significant financial investment. While he could take out a business or a personal loan to finance the purchase of equipment or infrastructure upgrades, a better financial instrument is available only to doctors. This is the doctor’s loan. Financial institutions provide medical practitioners with this customized, collateral-free loan at an attractive interest rate. The loan’s end-use is not specified so that it can be used for professional and personal purposes.
When considering the possibilities of life, one should always have an emergency fund on hand. If your emergency fund is insufficient or you do not have enough, you can always rely on medical loans. A doctor loan saves lives and provides all of the medical treatments that you require.
The Benefits of a Doctor Loan
A doctor’s loan has numerous benefits. Some of the most important are listed below:
Doctor loans are tailored to meet the specific needs and demands of medical professionals, as opposed to other types of loans.
- Low-interest rates: Physician loans typically have low and competitive doctor loan interest rate ranging from 14 to 16% per year. Doctors can expand their scale of operation and improve the dental clinic setup of their medical facilities by using this option.
- Higher loan amounts: Medicine is an expensive profession in any country, and a doctor’s loan takes this into account. One of the first things your lender looks at when you apply for a doctor loan is your educational qualification. If you have successfully completed your MBBS, a standard amount is approved. However, if you have specialized knowledge and have been practicing in the same field for many years, you will be approved for a more considerable loan amount.
- Minimal documentation: Being a doctor is a difficult job. Doctors have little to no spare time for other jobs. Keeping this in mind, you only need to provide minimal documentation for a doctor’s loan to be processed and approved. This way, you can apply for the loan without the hassle and have it approved as soon as possible.
- Door-to-door service: This service is only available to medical professionals. On personal loans for doctors, most lenders offer doorstep service. This means that a lender representative will visit your clinic or your workplace to go over all the formalities, fill out the paperwork, collect the necessary documents, and ultimately ensure that you receive your loan on time.
- Without Collateral: A personal loan or a medical loan is an unlocked loan. They can be obtained based on one’s income and repayment ability. A loan seeker is never required to provide collateral or security for the loan. It means that a loan can be obtained online or offline
- Quick approvals: When it comes to expanding your operations as a doctor, time is of the essence. As a result, loans for doctors have some of the industry’s quickest turnaround and disbursement times. Your loan application will typically be approved in five business days or less. Once the paperwork is completed, the funds will be transferred directly to your bank account.
- To cover the costs of all dental treatment instruments: You will purchase dental chairs as well as hard equipment such as dental drills, X-Ray sensors, dental filings, filling material, and dental burs while establishing your clinic. Furthermore, you will have to pay for tooth extraction procedure instruments such as syringes, needles, local anesthesia, dental forceps, and cotton balls. In this case, a personal loan for the clinic will easily cover your initial outlay. Using personal funds, you can set up your specialist dental laboratory while also providing crown fixing services.