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Financial Wellness for Physicians: A Comprehensive Guide to Personal Loans for Doctors

  • September 23, 2023
  • 3 min read
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Financial Wellness for Physicians: A Comprehensive Guide to Personal Loans for Doctors

If you are in the medical field, then you might be well aware of the fact that personal loan for doctors help meet their unique needs. This can include covering various expenses, such as workspace renovation, new medical equipment purchases, debt consolidation, or sometimes, personal financial goals. 

Around two and a half months ago, I was looking for the same kind of loan as I was planning to expand my current practice. At first, I thought that it wouldn’t require much funds but however, with time, the expenditure saw a rise. This is when I came to know about this loan type.

What is a doctor loan?

Also termed as a physician loan, it is a mortgage specifically designed to cater to medical professionals. These are meant for new medical professionals just entering the field or those who are planning to expand their current practice. 

What are the perks of availing this loan?

  • Setting up own practice

The medical professionals may face many expenses in the early stages of their professional life, especially if they are planning to set up their own private practice. The first and foremost step in setting up a clinic is to rent or purchase a workspace in a convenient location. Further, there are also costs associated with interior decor, utilities, and equipment. 

  • Meeting Personal Goals

The right personal loan for doctors can help them meet any financial needs. This can include planning a wedding, renovating their residence, or going on a luxury vacation. 

  • Consolidating Existing Debt

If you avail of this loan facility, you can easily pay off one loan instead of making multiple payments. For example, a home loan, a student loan, or even a credit card debt. Doctors who wish to consolidate their existing debt should take advantage of personal loans since lenders do not question their end use of funds. 

  • Higher education 

Medical professionals need more than just an MBBS degree to be a doctor. It is a profession that requires constant learning, and if you plan to study abroad, you know that the specialization programs can be expensive. 

  • Unforeseen expenses

Several situations may arise in an individual’s life that require unplanned expenditures. This includes household basic repairs, vehicle repairs, medical bills, etc. 

How to avail of this loan?

It totally depends on the application you are using. Like, in my personal experience, I used the Bajaj Finserv application as the doctor loan interest rate is quite lucrative. Believe me, this application has a lot to offer, and once you start using it, there is no going back.

  1. Download the Bajaj Finserv application from the App Store/Play Store on your device.  
  2. Sign up after entering your mobile number 
  3. On the home page, you’ll see the ‘Loans’ section below the search bar.
  4. Tap on it and go to the ‘Loan for Doctors’ option
  5. Choose whatever your requirement is, and you are good to go.

Conclusion

The financial wellness of every physician is important and the personal loan for doctors is something which works as a helping hand. Long gone are the days when people used to rely on their friends or relatives for financial help. 

Nowadays, you and your smartphone are more than enough. It helps you to stay in your comfort zone and avail the facility instead of traveling to financial institutions and wasting your time, energy, and money. Download the right application on your devices, and you are more than good to go. 

 

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zestful Grace