CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Securing a doctor loan can be a smooth process if the borrower understands how to meet the eligibility criteria. For doctors in India, securing loan approval involves more than just proving a stable income; it also requires showcasing your experience, qualifications, and ensuring that all necessary documents are in order. The doctor loan eligibility criteria can vary for different types of doctors affecting their chances of loan approval. In this article, we’ll discuss how to improve your doctor loan eligibility and increase your chances of receiving the doctor loan when you need it.
How to enhance doctor loan eligibility
Here are key tips that can help boost the chances of loan approval:
- Maintain a strong CIBIL score
A score of 685 or higher is generally required to enhance doctor loan eligibility. Borrowers should check their scores regularly and resolve any outstanding debts to ensure a healthy credit profile.
- Complete and accurate documentation
Ensure all necessary documents are prepared in advance to avoid delays during the loan application process.
- Highlight professional credentials
Doctors with advanced specialisations or experience should emphasise these credentials in their loan application. Surgeons and specialists often have higher earning potential, which can significantly improve their loan eligibility.
- Age and career stability
Most lenders offer loans to doctors between the ages of 22 to 80 years. Younger doctors, particularly those in residency, should demonstrate their future income potential, while older doctors may need to show steady financial stability to improve eligibility.
- Opt for the right loan products
Making sure to choose the right loan or loan variant can help borrowers meet the lender’s expectations easily.
- Choose an appropriate loan amount
Doctors should carefully consider the loan amount they apply for. Lenders are more likely to approve loans that are proportionate to one’s income and repayment capacity. Borrowing within reasonable limits can significantly increase loan eligibility.
Having said this, once eligibility is taken care of one must choose a reliable lender. Out of many options, the Bajaj Finserv Doctor Loan stands out for its multiple benefits and flexible options. Borrowers can choose from three loan variants – Term Loan, Flexi Term Loan, and Flexi Hybrid Loan, depending on their financial goals. With loans ranging from Rs. 2 lakh to Rs. 80 lakh, borrowers can access funds for both small and large financial needs.
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