If you are a doctor or are going to be a doctor soon, then you can relate to this article very well. A doctor has a long academic period, years of training and internships, huge money required for financing the education, and starts their career late.
After all these, they also need and money to settle down in life. Doctors need special financial planning as they need enough time to reach the peak of earning and usually they retire earlier than others. Plus, they need modernized equipment for treatment of their patients. These equipment and machinery are costly enough to bear it from savings.
In such cases, they can apply for a flexible doctor loan, where they can borrow money as per their need or requirement and can repay it in a convenient way. A Flexi loan helps the applicant to borrow the money whenever required and the applicant is supposed to pay the interest on the amount of loan he/she has taken. For example: If an applicant applies for Rs. 30 lakhs as a business loan, then at 15% interest for 4 years, the EMI counts to Rs. 1 lakh. For Flexible doctor loan term deposit, the EMI counts to Rs. 83K, whereas in a Flexible doctor loan interest-only facility, EMI counts to Rs. 31K. Here the applicant can pay the principal amount at the end of the tenor.They are allowed to choose flexible loan tenor from 12 to 96 months so that they can restructure the loan as per their payment capability. They can even repay the loan EMI up to 6 times in one year at any interval.
They also get benefits on part prepayment, as they can repay any amount in advance without even bearing any extra charge. They can pay 3 or more EMIs amount in advance and lower down their loan principal amount. This eventually lowers the EMI amount or the loan tenor.
They can get a doctor loan up to Rs. 35 lakhs to deal with the financial issues that are coming in the way.
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.