A doctor loan can help fund your personal and professional needs. This customised solution caters to your busy lifestyle and offers finance solutions that you can access in an instant. To ensure that there are no roadblocks in your loan application journey, and that you make the best use of a loan, following certain pointers is key.This will allow you to acquire financingwithout faltering in your application. With this help, you can minimise chances of rejection and streamline the process,resulting in speedy approval and disbursal.
So, take a look at a checklist that you should abide by when you are applying for a loan for doctors.
2. Check to see whether you meet the eligibility criteria
Each loan within the suite has its own eligibility criteria that you must meet. This will make for speedy approval, and allow you to get the loan amount that you seek. When you choose a Loan for Doctors from CRR, you can make the most of easy eligibility criteriabased on your educational qualification and corresponding work experience.
3. Select the right amount according to your needs
To ensure easy repayment, selecting the right loan amount is important. While you can get access to a high loan amount, you must assess your needs before you decide on how much you want to borrow. This will ensure that you don’t over- or under-borrow and will make the borrowing experience more beneficial.
4. Choose between a Flexi Loan and a term loan
Depending on the nature of your financial needs, choose from a Flexi Loan and a term loan. If you need a lump sum of money to buy a car, for example, you can opt for a term loan. This option is ideal because you know exactly how much money you need. But, when it comes to needs such as a home renovation, or paying for an overseas education, you will need funds periodically, and often unexpectedly. In such a case, a Flexi Loan is a better option.
CRR’s Flexi Loan facility is available with all 4 loans and helps you lower your EMIs by up to 45%.With this, you can withdraw funds from the total sanctioned limit as per your needs. Also, you will have to pay interest only on the amount that you use, and not the total limit. You can also choose to pay interest-only EMIs and repay the principal at the end of the tenor to manage your cash flow better. You can also make part prepayments at no charge and even re-avail the prepaid amount when you need it.
5. Gather your documents
Ensure that your documents are ready and in orderso that when you have to submit them, you aren’t wasting any time. Once you qualify for the loan, you only have to submit basic documents like KYC documents, medical registration certification, financial details and a copy of property papers. .
6. Check if you can make use of pre-approved offers
Pre-approved offers allow you to apply for a loan for doctors even quicker. If you’re applying for this loan with a lender where you’re already a customer, you don’t have to go through the application process from the start as your information is already with the lender. You simply have to supply the additional details that the lender asks for. So, if you can approach your existing lender for this loan, do so to make the most of pre-approved offers.
With these pointers in mind, you’re sure to be able to take all the right steps before submitting your loan application.