India has a thriving lending market. Short and long term loans are in high-demand across the country, and a significant number of self-employed and salaried individuals opt for such credits to mitigate their financial necessities. The last decade has also seen a significant shift in trend as more and more people started opting for unsecured, short term financing options like personal loans. According to RBI, the number of such credits grew at 20.4% between 2017 and 2018, encompassing almost 96% of the non-food credit market in the last fiscal year.
Such immense popularity and growth has been possible because of the convenience and features these types of credits have to offer. These advances come with no end-usage restrictions, allowing a borrower to utilise the sum as per their requirements. Even professionals like engineers and doctors are resorting to such short-term financing options to tide over emergencies. Personal loan for doctors has become a popular financial product, offered by various lending organisation, tailor-made to help the individual tackle the emergency requirements and repay the debt within a predetermined tenor.
Why a personal loan?
Sudden unplanned expenses are unavoidable in life. The shortage of cash often forces an individual to drain out their savings. A personal loan for doctors can provide the necessary financial backing to tackle any unforeseen incident. The benefits offered with these advances also help a borrower efficiently repay the dues.
Benefits
- Quick approval and disbursal – A medical professional can instantly access a large sum of money with a personal loan. Reputed financial institutions usually complete the online application and approval process within 24 hours. The disbursal process also takes minimum time after the personal loan for doctors is approved.
- Affordable interest rate – An extremely competitive lending market has created a situation where the interest rates are reasonable. Moreover, the affordable doctor loan interest rate and its short tenor ensures that the repayment instalments stay within budget. Affordable fees and charges of loan for doctors also make it an indispensable choice for professionals.
- Unsecured financing – Personal loans are unsecured credits. A borrower does not have to pledge any collateral as a security against the money. This lowers the risk of losing an asset in case of default.
- Simple documentation and eligibility requirements – An easy to meet doctor loan eligibility criteria and minimum documentation makes the entire application and disbursal process time saving and hassle-free. Any medical professional with certain years of practice can apply for such an advance. They also have to submit only the essential documents while submitting their application.
- Regulated market – The Indian lending market is closely monitored by the RBI. It eliminates any chance of malpractice and helps lenders implement a set of transparent terms and conditions for their customers.
These are some of the main reasons why applying for a personal loan for doctors to fill the financial void during emergencies is the best possible alternative. The large loan amount, borrower-friendly terms, and attractive rates make it one of the most sought after and useful short-term financing option available in the Indian lending market.
