Why is CIBIL Score Important to Get a Doctor Loan?
A Professional Loan for doctors is designed to cater to the unique financial needs of medical practitioners. To avail of an instant doctor's loan, you need a good credit score. Lenders assess your credit score before making a lending decision. A good score ensures you are creditworthy and improves your chances of loan approval.
Minimum CIBIL Score Required for Doctor Loan
While the minimum credit score requirement may vary from lender to lender, most financial institutions prefer applicants with a score of 750 or above for a Loan to Professionals. A higher score may grant you access to more favourable terms, including affordable interest rates and higher loan amounts. However, some lenders may consider applicants with slightly lower scores if they have a strong income and repayment capacity.
Things to Keep in Mind Before Applying for a Doctors Loan
Before applying for a doctor's loan, you must ask yourself a few questions to understand the loan offer and plan your finances accordingly. Here are 7 things for you to checkout:
1. Assess Your Funding Requirement: The first step when applying for a Professional Loan is to know your monetary requirements. It is advisable to understand how much you need to borrow before approaching any lender for a doctor's loan.
2. Minimum and Maximum Funding Available: Each lender – bank or financial institution – sets a minimum or maximum loan limit. You should check the minimum and maximum funding available from the concerned lender and see if that meets your professional financial requirements.
3. Interest Rates: Each bank or lending institution charges a different interest rate for professional loans. Usually, the interest rate for Professional Loans is between 10-18% p.a. The higher the interest rate, the higher would be the loan repayment burden in the form of EMI.
4. Collateral Requirement: Generally, Professional Loans are unsecured loans available without any security or collateral. However, some lenders may require collateral. Therefore, when selecting the loan provider, check if the professional loan requires collateral and if you are willing to meet the requirements.
5. Processing Fee: It is the one-time charge you pay to the lending institution when you avail of a loan. The processing fee covers the cost incurred by the lender on the loan process. It is advisable to check the processing fee applicable before applying for the loan.
6. Pre-payment or Foreclosure Charges: Pre-payment or foreclosing your professional loan might require you to pay a penalty. Hence, you must check if any pre-payment or foreclosure charges are applicable.
7. Repayment Tenure: When applying for a doctor’s loan, you must opt for a flexible repayment tenure. Some financial institutions like Poonawalla Fincorp offer flexible repayment tenure that you can tailor according to your preference and repayment capability.
Happy Customers, Happy Us
I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
To improve your score, pay bills on time, reduce existing debts, keep credit usage low, and check your credit report regularly for any errors or discrepancies.
Yes, some financial institutions offer specialised doctor's loan products with attractive features, such as flexible repayment options, competitive interest rates, and higher loan amounts tailored to doctors' unique financial needs.
To be eligible for our loan to professionals, you are required to submit KYC details, financial proof, and qualification documents like a certificate of practice and degree certificate.