Calculate Your Monthly Repayment
Doctors' loans enable doctors and medical professionals to finance their various financial needs, ranging from establishing a clinic to purchasing medical equipment. A doctor's loan EMI calculator allows you to estimate the monthly EMI you are required to pay. Besides calculating EMIs, it also helps you manage your repayment and monthly budget effectively.
How to Use the Doctor's Loan EMI Calculator
Poonawalla Fincorp's doctor's loan EMI calculator is a free and easy-to-use online tool. Here are the simple steps you can follow to calculate your monthly EMI or outgo:
- Step 1: Enter the loan amount you want to borrow, such as ₹10 lakh, ₹20 lakh, or ₹50 lakh.
- Step 2: Enter the annual interest rate charged by the lender, starting from 13% per annum.
- Step 3: Select the repayment period in months or years, typically 12 to 60 months.
The calculator automatically shows your monthly EMI, total interest to be paid, and the total amount to be repaid. If you need funds to finance your practice, you can click on Apply Now to apply for a doctors loan of up to ₹75 lakh
Note: The calculated amount is just the estimation of monthly EMI based on the details entered in the calculator. Your actual monthly EMI may change based on other loan terms and conditions.
Doctor Loan EMI Calculation Formula
The doctor's loan EMI is calculated using a standard formula. This guarantees the even distribution of principal and interest over the repayment period.
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1] Where:
- P = Principal loan amount (the amount borrowed)
- R = Annual interest rate
- N = Number of instalments (months of loan tenure)
Example of Doctor Loan EMI Calculation Suppose you borrow ₹10 lakh at an interest rate of 13% per annum for 5 years:
- P = ₹10,00,000
- R = 13/ 12 / 100 = 0.010833
- N = 5 x 12 = 60 months
Using the formula, the EMI comes to ₹22,753 per month.
Factors that Affect Doctor Loan EMIs
The amount of EMI on a Professional Loan is directly dependent on these factors:
- Loan Amount: The more the amount borrowed, the bigger the EMI. This is why you must evaluate your actual funding requirement.
- Interest Rate: The interest rate directly influences the cost of borrowing. Even a slight change of 0.5% can increase or decrease the EMI.
- Loan Tenure: The longer tenure reduces the EMIs but increases the interest paid. Lower tenure increases the EMI but reduces the total repayment.
- Prepayments: Prepayments lower the outstanding principal, which reduces future EMIs or the tenure.
Benefits of the Doctor's Loan EMI Calculator
Here are the key benefits of the doctor’s loan EMI Calculator that simplifies the process of financial planning:
- Accurate Estimates: The calculator eliminates the possibility of human errors. It provides accurate EMIs, which help doctors create effective repayment plans.
- Quick Results: Unlike complicated formulas, the Poonawalla Fincorp doctor loan EMI calculator provides results immediately.
- Better Financial Planning: Knowing your EMI allows you as a doctor to align repayments with your anticipated monthly income for cash flow management.
- Loan Comparison: You can use the calculator to compare interest rates, tenure, EMI and repayment to choose the affordable loan.
- Transparency: The free calculator provides a detailed analysis of principal and interest, which provides doctors with transparency on their borrowing obligation.
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Frequently Asked Questions
A professional loan can be used for multiple reasons, such as:
- Purchasing equipment.
- Professional course.
- Business growth.
The different types of loans to professionals offered by us are:
- Loans for Doctors
- Loans for Chartered Accountants (CAs)
- Professional Loans for Company Secretaries (CSs)
Yes, you must submit your degree certificate to prove your qualification as well as your certificate of practice, if applicable.
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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.
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