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9 Questions To Ask Before Signing a Business Loan For Doctors

Posted December 26, 2017 by Aman Khanna to Finance 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

Are you a doctor and want to expand your business and need some funds? You can avail a business loan for doctors, but before you apply, here are some basic aspects! If you would like to avail a loan to grow his/her business? If yes, a business loan for doctors perfectly fits the bill to compliment your needs.
However, before you go ahead and sign a business loan for doctors with a lender, you might have some questions for which you may need answers.
This write-up will help you get answers to some common questions regarding a business loan for doctors. The clarification will help you comfortably manage your business loan for doctors in the future. All set to begin? Let’s begin!  

How much amount can I avail?

A business loan for doctors helps your funding needs for business. You can avail an amount to the tune of Rs.30 lakh.

How soon can I expect the money?
Once you have furnished all documents and matched the eligibility criterion, you can expect the loan money to be credit in your bank account in 24 hours.
Can I use money from my total amount as per my wish?
Yes, the facility of Flexi loans let you do that! You are free to avail an amount out of your total figure in a tenor as many times as you like. Flexi loans help you manage your monthly cash flows as you pay only the interest as EMIs and rest once the loan tenor ends. Flexi loan assists you save up to 45.3% of the amount that you pay in term loans.
What about the loan tenor?
A business loan for doctors is an unsecured type of loan which lets you repay in a tenor between 12 and 96 months.   
Are there too many documents to submit?
Not at all! A business loan for doctors requires minimal documentation along with a hassle-free application process. Simply submit your KYC documents and details of your medical degree, and you are good to go!
Do I have to visit the office of a lender to submit documents?
Nope! Lenders understand that doctors have a busy life and that’s why they offer them with a doorstep service. You can relax as a lender’s representative will come to your doorstep to collect documents no matter where you reside!

Also Read: Questions To Think About When Looking For A Doctor Loan Provider

What about the interest part of the loan?
A business loan for doctor is offered at a competitive rate. It means that efforts are taken to make it affordable so that it’s not a burden and you comfortably repay the EMIs.

Can I access my loan details online?
Yes, of course! Lenders provide online access to your business or home loan for doctors. It means that you are free to access your loan details right from anywhere and as per your wish 24/7.

What kind of doctors can avail the loan?

  • Since you want to avail a business loan for doctors, following types of doctors are eligible to avail it:
  • Super Specialist Doctors (MD/DM/MS/ FNB/DNB) – No minimum post-qualification expertise needed
  • Post Graduate Doctors (MBBS) – 2 years of post-qualification experience is a must
  • Dentists (BDS/MDS) – 4 years of post-qualification experience and must possess a house or clinic of his/her own
  • Ayurvedic and Homeopathic Doctors (BHMS/BAMS) – Should have own house or clinic and 4 years of post-qualification experience 
  • Homeopathic Doctors (DHMS) – A post-qualification experience of at least 15 years

The Bottom Line
Now that your most basic business loan for doctors questions are answered, you are in a better position to apply for doctor loan online without hiccups. Grab a loan today and fulfil your goal to expand your own business! Best of luck! 

About Aman Khanna: Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms

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