A Guide to Understanding Loan Repayment Options for Physicians - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
Trending
Powered by Blogger.
Saturday, September 01, 2018

A Guide to Understanding Loan Repayment Options for Physicians


A Guide to Understanding Loan Repayment Options for Physicians

Physicians belong to one of the noblest professions in the world helping us to stay at the best of our health. 
As a token of appreciation, NBFCs provide doctors with specialised loans to make their lives easier. 
Bajaj Finserv is one such NBFC that has designed tailor-made physician loans keeping in mind the manifold financial requirements of doctors. Such a physician loan can attend to needs like purchasing medical equipment, buying a new home, funding foreign trips, etc.
This lending institution provides pre-approved offers on doctors’ loan, business loan, loan against property and a pool of various financial products and services. With this unique facility, availing finance has become more simplified and time-saving.
One can check the pre-approved offers by entering a few details on the institution’s online portal.
However, a lot of applicants remain in confusion regarding the repayment of the loan amount. So, here’s complete guidance of this loan’s repayment procedure for the physicians by the lenders.
      Flexi loan facility
A doctor can utilise this unique facility of repayment while he takes a physician loan. A flexi loan comes with a pre-set limit. Borrowers can withdraw the required sum from this limit any time without incurring any extra charges.
Doctors availing such loans will pay only the interest portion as EMIs, and the principal repayment at the time of closure of the loan.
Moreover, interest is calculated on the utilised amount only, unlike in term loans. The interest, however, is not considered if the utilised funds are repaid to the loan account within the same day. Bajaj Finserv offers these easy, hassle-free Flexi Doctor Loans that reduce the EMIs by almost 45%.
      Learn the rate of interest
Keep a check on doctor loan interest rate before applying for the same. Making it easier, one needs to compare and contrast the interest rate from various lenders before going for a one.
You should know that lending institutions tend to offer an attractive interest rate when the loan amount is higher.
      Flexible tenor
Another convenient option for making physician loan repayment easier is its flexible tenor. While the tenor of a personal loan for doctors can range from 12 to 96 months; a loan against property for doctors can go up to 18 years.  
So, after assessing one’s repayment capabilities, a doctor may opt for a preferable tenure.
      Foreclosure
Doctors can foreclose a loan whenever they have excess funds. When one has adequate funds to foreclose a loan entirely, it is needless to continue paying EMIs. Financial institutions allow such foreclosures against nominal fees after a certain period of regular EMI payments. 


      Part-prepayment is another way
Lenders also allow part-prepayment of the outstanding doctor loan amount against nominal or no extra charges. If one has surplus funds at disposal, they can choose to part-pay which can either reduce the EMI amount or the tenure of the loan.
However, the prepaid amount should not be less than the value of at least of 3 EMIs having no limit on the maximum amount.
Now that you understand all the clauses of loan repayment, it is time to avail a Doctors’ Loan from Bajaj Finserv. With this lender, get your loans approved against your KYC documents and your Medical Registration Certificate only. Enjoy personal loans for physicians amounting up to Rs. 35 Lakh or mortgage loans amounting to Rs. 2 Crore from Bajaj Finserv.

A Guide to Understanding Loan Repayment Options for Physicians Reviewed by S. Chitra on September 01, 2018 Rating: 5 A Guide to Understanding Loan Repayment Options for Physicians Physicians belong to one of the noblest professions in the world helpin...

No comments:

Google+ Followers