How are Doctor Loans Better Compared to Personal Loans?

1. How are Doctor Loans Better Compared to Personal Loans? Introduction When going for an unsecured loan, there are several options in the market. Personal and professional loans are the most popular out of them all. They are both pretty beneficial and have attractive features that appeal to the various needs of each customer. But having such advantages and similar benefits can make it difficult for customers to decide which is the better option. If you are a doctor, borrowers usually suggest going for a doctor loan compared to personal loans. Here are a few reasons why this suggestion makes sense and how taking doctor loans can be a better option: Interest Rates: Companies go for a loan when they are unable to finance certain aspects of their practice by themselves. Thus, if the interest rate is too high, the loan can pose a burden to the expenses of the company instead of helping them. Unsecured loans for doctors by keeping their interest rates at a minimum in comparison to personal loans can help customers repay their debts without it becoming a burden. Loan Amount: When going for a professional doctor loan, you can avail of a higher loan amount compared to personal loans so that you can cover all your expenses. As a working individual, it becomes essential to be able to cover all your expenses so that you can run your practice smoothly and expand it at the same time. Documents: Collecting documents and waiting for verification can take up a significant amount of time. As a working individual, you may not be able to wait for such a duration, in which case going for a doctor's loan is the better option. In comparison to a personal loan, professional loans require fewer documents and get approval in a shorter time. Lower Processing Fees and Tenure Benefits: Having sufficient time to repay your loan amount is essential so that you do not have to worry about paying back immediately and can concentrate on expanding your medical practice. In addition, you have other benefits like low processing fees to ensure that you get the best deal in the market. Apart from these benefits, you can reap other advantages as well if you go for a trustworthy finance company like Peerless Finance. You get 24*7 assistance to help you out whenever you have any doubts and want clarification. Such companies also allow you to have a certain amount of transparency which is vital when it comes to the loaning system. Here are some features of the unsecured loan for doctors at Peerless Finance that can help you start your clinic: ●Interest Rates: With Peerless, you can avail yourself of a low interest rate of 13%.

2. ●Collateral-Free Loans: If you opt for a loan of up to Rs. 40 lakhs you can avail of unsecured loans for doctors that can reduce hassle as you can get loans with minimum paperwork. ●Flexible Tenure: You can repay for up to 60 months so that you get ample time to use the money efficiently. ●Top Up Facility: Top up your loan whenever you want with Peerless. ●OD/Term Loan: Get the benefit of a term loan with Peerless. Here are some eligibility criteria for a professional loan for doctors that you can avail of at Peerless Finance: ●Age: The minimum age limit for a doctor loan is 24 years of age and the maximum is 65 years of age. ● Field of specialization: 1) MBBS - Minimum one year of experience, post registration with the Medical Council. Super Speciality Doctors (MD/MS/DM) - Post Qualification. 2) BDS - Minimum five years of experience, post registration with the Medical Council 3) Salaried/Self-employed doctors operating as medical practitioners. ● Citizenship: Any individual applying should be an Indian resident with a minimum of one year at their current residence, including rental arrangements. Some documents that you need for doctor loans at Peerless Finance: ● Address Proof: A copy of your passport, driving license, proof of possession of the Aadhaar number, or the Voter’s Identity card can be used for this purpose. ● PAN Card: Copy of PAN card ● Bank statement for the last six months ● Educational Qualification Certificate ● Retainership Letter (if any) ● Income proof: 3-month Pay-Slips (For Doctors in Service) or Form 16A / IT Return for the last two years (for consultant doctors and individual practitioners) as applicable. ● Three-month payslips or Form 16A/ IT returns for the last two years ● Collateral/ guarantee depending on the loan amount ● Photograph: One recent passport-size photograph Taking a loan can help professionals with various expenses and can help with expanding your practice. There can be several doubts and queries that can be solved if you opt for an effective company like Peerless Finance which prioritizes customer service over anything. Contact Peerless for a professional doctor loan today!