Every business deserves to grow. When it comes to the healthcare industry, it’s not just about making profits, it’s about saving lives. Thus, business growth and expansion are two inevitable factors for entrepreneurs associated with health care industry. Therefore, doctors planning to expand can use doctor loan to expand their business and reach more and more people who need their facilities.
How personal loan for Doctor's is Useful?
Professional doctors who want to start their own clinic, or set up a 24X7 medical health care facility of their own, or for expanding the footprints of an existing business; can leverage from personal loan for Doctor. Not just that, the same can be used also for extremely private reasons, or for inevitable home expenditure.
How to manage and save on your Doctor loan EMI?
Opt for ‘Flexi loan repayment’ plan: If possible, you can opt for flexible loan repayment plan which is offered on almost all business and professional loans. Flexi loan repayment plan streamlines the process of repaying the loan. You can choose to repay the interest as EMI and settle the principal amount with regular partial prepayments.
Leverage loan transfer facility: Just like loan balance transfer facility offered to home loan customers, the similar facility is also available for professional loan customers as well. If ever you find a lender offering personal loan for doctors at a lower rate of interest, you can switch your lender and avail the benefits.
Redirect your investment towards loan prepayment: It goes without saying that EMI and loan tenor depends upon the size of the loan. So, if you use a significant amount on regular basis for loan prepayment, your EMI will reduce drastically and even the loan repayment time will decrease. As a suggestion, most experts advise using the investments towards loan prepayment to lessen the burden. The suggestion is a must-follow in case income generated from investment<money paid as interest on the loan taken. Voluntary loan prepayments are non-chargeable and they bring down the total outstanding debt.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.