4 Reasons Why You Should Avail a Personal Loan for Doctors

There will never come a time when doctors will not be in demand. Whether it is a normal world out there or bearing the onslaught of a novel virus, doctors will always be the constant support system to the community at large. 

For most doctors who have established their own clinic(s) or hospital, the level of income may take a while to stabilize. This typically happens when healthcare practitioners are able to firmly establish their practice within the community at large. Therefore, it is natural that despite being doctors, they may need external financial assistance at times. Under such circumstances, a personal loan for doctors is the best option. 

Reasons Why Doctors May Need to Avail of a Personal Loan

Just like any salaried or self-employed professional, doctors too may need to avail of financial help. Let us understand the reasons why such a situation may arise. 

1. Meeting Personal Life Goals: 

Be it a wedding, a home renovation or going on a luxury holiday, a personal loan can help meet any financial needs for doctors across various life stages. 

In addition to this, a personal loan is a mode of flexible funding that allows doctors to finance any business related expenses such as clinic expansion, new equipment, working capital, operational expenses, and more.

2. Consolidating Existing Debt:

Anybody can fall into a debt trap. The best way to get around it even if you are a doctor is to come up with ways of consolidating it. Taking out a personal loan helps in that process when you pay off a single loan as opposed to making multiple payments for, let’s say, a mortgage, education loan, credit card debts, etc. Since the lender does not really question the end use of the funding provided, availing of a personal loan is the best loan for doctors when it comes to consolidating existing debt.

Moreover, consolidating debt with the help of an instant personal loan comes with additional benefits. When you make a single pay off in place of multiple payments, it also helps improve your credit score and rating. With a positive credit report, securing other types of loans in the future for doctors becomes that much easier.

Must Read: 5 Factors that Can Decide Your Personal Loan Approval

3. Funding Higher Education:

Just pursuing an MBBS degree is not enough for most doctors to establish themselves. The profession demands specializations and constant learning. These programs for specialization can be quite expensive at times especially if you are pursuing it abroad. While an education loan can help cover the costs of tuition, a personal loan is much better equipped to meet the end to end living expenditures. 

As personal loans for doctors do not require collateral, doctors can easily use the personal loan eligibility calculator available on the SMFG India Credit website that runs a near accurate check on you meeting all eligibility parameters for personal loans. Furthermore, personal loans can be applied for online with minimal paperwork and involve a quick disbursal process. 

With a good repayment track record, lenders also provide top-up facilities which can come in handy if there is a need for additional funds whilst medical practitioners are pursuing higher education overseas. 

4. Meeting Unforeseen Expenditures:

No one can predict life. Hence, there may be several situations, for example, household repairs, car breakdowns or emergency travel, medical bills, etc. may crop up where even doctors may need to fund unplanned expenditures. While there may be insurance or medi-claim to fall back on, sometimes, the sum assured may not be enough to tide over the expenses. 

Availing an instant personal loan is the best option under such circumstances. With flexible repayment tenures, minimal documentation and competitive personal loan interest rates, doctors are increasingly leaning towards this type of finance to meet their high ticket, short term expenses.

Must Read: How to Reduce Personal Loan EMI Burden (5 Simple Tips)

Where Can You Get the Best Personal Loans for Doctors in India?

Personal loans are available from multiple financial institutions across the country. However, SMFG India Credit offers one of the best loans for doctors that can be availed through a completely contactless online process.

SMFG India Credit vets personal loan applications and verifies all submitted documents through a dedicated in-house team. If the application and documents tick all the right boxes, the loan is disbursed to the applicant’s registered bank account within 3 business days.

In Conclusion

Whether you are a doctor, or in any other profession, if you happen to need a quick influx of funds, a personal loan, undoubtedly is your best bet. With a good credit score, you can avail additional benefits such as a longer repayment tenure and preferential interest rates. 

Remember to weigh the pros and cons as availing of a personal loan is also taking on debt. However, if you are in need of a ‘no questions asked’ type of finance, you cannot really go wrong with a personal loan at all.