Whether to finance big-scale expenses like weddings or travel or to meet any profession-related expenditure, individuals like doctors of chartered accountants may require substantial funds to meet variegated financial requirements.
Under such conditions, availing a professional loan can be extremely beneficial. Such a suit of advances, including various secured and unsecured credits, can offer substantial funding against affordable interest rates. Moreover, a medical practitioner can take advantage of such loans to settle professional indemnity for doctors when facing liabilities like a lawsuit, misdiagnosis, etc.
Few of the benefits of availing professional loans are discussed below.
6 reasons to avail a professional loan during emergencies
- High loan amount
An individual irrespective of the profession requires substantial funds to ascertain liquidity. There are several minute expenses, like purchasing equipment, hiring experts, staff insurance, etc, which again requires financial stability.
To deal with the expenses, one can avail a professional loan from NBFCs that offer up to Rs.35 lakh under unsecured advances. This credit form comes with no-end usage restriction, making it apt during emergencies as well. Moreover, medical practitioners can also utilise these funds to upgrade their medical equipment today or introduce new treatment techniques.
- Quick disbursal
For personal and business loans, there is no hassle to pledge collateral, the disbursal process against a professional loan is relatively swift. A situation like an emergency is unforeseen, which may strain an individual’s savings. This credit form requires borrowers to fulfil a simple eligibility and documentation process, ensuring easy disbursal of funds.
NBFCs like Bajaj Finserv usually disburse the professional loan within 24 hours. They also provide pre-approved offers on their selective products like personal loan, business loan, etc. This feature makes the loan application convenient and swift. Check your pre-approved offer by entering a name and contact number.
- Simple documentation
The best feature of a professional loan is simple documentation. For instance, a doctor needs to submit papers like-
- KYC documents like PAN card, Aadhaar card, voter card, license, etc.
- Medical registration certificate
If a borrower’s credit history is 750 and above, and the documents required are submitted on time, the loan amount is disbursed instantly.
- Minimum eligibility requirements
The eligibility criteria to avail a professional loan are quite convenient. A medical practitioner needs to fulfil specific parameters like-
- Super specialists (MD, DM, MS)- Individuals under this category must have to be registered under the Medical Council.
- MBBS- Borrowers with this qualification can apply for an unsecured advance under professional loans post registration with the Medical Council.
- Dentist- These specialists must have a minimum of five-year experience in the profession, post-registration.
- Ayurvedic and homoeopathic doctors- Individuals under this category must have a six-year work experience.
- Easy application process
Digitalisation has made the loan application process hassle-free. Individuals requiring a professional loan can initiate an application online. This again removes the hassle of visiting lending institutions for loan procedure. Most NBFCs offer a step by step guide on how to apply for a doctor loan and other credit forms. This again aids the individuals unaware of the online loan application procedure.
- Flexible repayment tenor
The professional loan comes with an affordable interest rate. This removes the hassle of repayment from the borrower’s end. The tenor against an unsecured loan for doctors can extend up to 84 months. This aids borrowers to ensure savings from their disposable income. This feature makes a professional loan an apt financial source during emergencies.
Professionals like doctors and chartered accountants require sufficient funding to deal with day-to-day expenses and liabilities. Rather than utilising the savings, a borrower should opt for a professional loan that offers generous funds against a low-interest rate. Moreover, the quick disbursal and minimum documentation make it an apt credit variant during emergencies.
