Doctors Loan is a prevalent financial instrument provided by lenders to Doctors. It is an honourable profession to be a Doctor. They are considered well-educated and ethical people, so lenders provide separate loans to them with better interest rates.
Doctors can require loans for various reasons like business purposes, medical equipment, expansion of business, starting a new clinic, working capital requirements, Marketing/Advertisement of business, etc.
Doctors Loans are not just for business purposes. Lenders provide personal loans to the Doctors too. As a separate head, with lesser interest rates. Doctors can avail these loans for their personal financial needs, like shopping, travel, tuition fees, remodelling of the home, etc.
Doctor loans are specifically for the needs and requirements of Doctors. Availing of a doctor’s loan is an easy process with the technological world we live in, a person can easily apply for a loan online through his laptop sitting at his home.
Below you can find how you can Apply Doctor Loan Online in 5 easy steps:
1. Research different lenders
Finding the right lender for yourself is the most important part. A person should look for a reputed lender and has been around for a long time. The borrower should never randomly choose any lender for his loan requirements.
Many financial institutions provide loans at very low-interest rates but charge a lot of hidden charges from their customers.
So, choosing a lender in the industry for a long time provides you with peace of mind. Thorough research is critical when deciding the right institution for you. You should look for a lender with all the necessary features, like prepayment options, Flexi payment plans, tax rebates, etc.
2. Check for the eligibility criteria
After choosing the right lender, you need to ensure that you are eligible for the loan according to that lender’s criteria. You can find the eligibility criteria of the lender on their website.
There are several additional requirements that a borrower needs to adhere to for a doctor’s loan, like an MBBS Degree, or some specific years of job experience, registered with the medical council, etc. Different lenders require different qualifications or experience. Some also depend on the kind of loan you want to take.
Once you meet all the lender’s requirements, only then you can avail of the loan easily and properly.
3. Ready your Documents
After ensuring that you meet all the lender’s requirements, you need to ready your documents with the latest updated information. The documentation process is highly crucial for the quick approval of your loan application. So, you must prepare your documents before applying for the loan.
When applying online, you may have to do the online KYC on the web portal. For doing an online video KYC, you must have your documents handy whenever required, along with your certificates and degree documents.
Some other basic documents required are Aadhar Card for Identity Proof, PAN Card for address proof, and your bank details for further verification.
4. Apply online through the lender’s website
In the fourth step, you have to apply online through the lender’s website. It is a very simple process for people who understand the basic working of a computer. You already have the documents ready, and you need to fill in the required information.
However, make sure whatever information you feed on your application is legitimate and correct as the lender verifies all the information. If a single piece of information is found incorrect, you risk losing the approval for your loan application.
Therefore it is imperative to make sure all the data is put correctly in the right place.
5. Please wait for the approval
Once you are done with your application and have successfully submitted it, all you have to do is sit and wait for the lender to verify your documents.
Generally, the application verification process takes 24 hours with most lenders. But if you don’t hear back within that time, you can directly call the institution and find out the latest update regarding your application.
If the information provided by you were legitimate and correct, and if you rightly meet all the lender’s eligibility criteria, then you don’t need to worry. You will get the approval within 24 – 48 hours.