Why Do Doctors Need Special Financial Planning?

Financial planning for doctors is a little different than other professionals. This is because doctors usually start their careers at a later age compared to others. Consequently, starting out late has a significant impact on their financial life.

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Thus, consolidation of finances is one crucial issue for which they usually don’t have the time due to their erratic working schedule. However, they can acquire financial support from a doctor loan, for starters.

What are doctor loans?

NBFCs like Bajaj Finserv provide loans that are primarily designed to meet the financial requirements of doctors. Not only can they gather the financial backing for setting up their practice, but they can also efficiently plan for buying a home, or fulfil other needs which require substantial funding. Such institutions grant a finance for doctors in simple terms and conditions.

Additionally, Bajaj Finserv provides with pre-approved offers to their existing customers which further simplify the process of availing finance and save more time.

Besides Doctor Loan, these pre-approved offers are available for other forms such as personal loans, home loans, business loans, EMI product financing and a plethora of financial services. Applicants only have to provide a few necessary details to the lenders to access their pre-approved offers online.

How can doctor loans help?

There are various situations when doctors need additional fund to support their financial needs, like:   

  • Repaying their education loan availed during their academic career
  • Gathering finances for setting up their practice
  • Buying new and advanced medical equipment
  • Planning for a vacation with friends and family, etc.

Apart from these, a doctor loan can also help doctors begin setting up their trusts or hospitals. Plus, these loans help them organise funds for continuously upgrading their skills. This is because doctors need to stay abreast with the latest medical developments for adequately treating their patients.

Therefore, loans for doctors can help them take the first steps towards financial planning.

Positives a loan for doctors has:

These loans have a few positives to them that help doctors gain easy access to required finances:

  • Access to large volume of finance

Customised loans for doctors allow them to access a higher amount as compared to regular loans. While personal loans and business loans for doctors allow them to access funds up to Rs. 35 Lakh, home loans and loans against property grant finances up to Rs. 2 Crore.

  • No requirement of security

A doctor loan does not require any security as collateral. So, borrowers do not run the risk of losing their assets if they fail to repay the loan at the end of the tenure. Also, non-attachment of security reduces the loan disbursal time.

This means that borrowers can access their finances within a short time frame. In fact, lenders like Bajaj Finserv disburse customised Loans for Doctors within 24 hours.

  • Minimal documentation

These loans require minimal documentation from interested applicants. Therefore, borrowers face lesser hassle during processing of their loan application.

What’s more, such loans are also available at competitive doctor loan interest rates. Therefore, applicants can access their finances at affordable percentages.

Secure financial planning leads doctors to manage their personal and professional finances efficiently. They can work on a few crucial areas for efficient management of funds:

  • Planning their retirement corpus, by implementing a prudent investment strategy.
  • Diversifying investments across asset classes. But first, they must have a sound understanding of these asset classes.

In addition to medical expertise, doctors also need financial literacy for handling their financial plans. This reduces their dependence on financial planners while helping them manage their funds proficiently by themselves.

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About the Author: Rahul

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