Can a doctor get a personal loan without any collateral? - Letsdiskuss
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Posted 24 Jan, 2020 |

Can a doctor get a personal loan without any collateral?

Nancy Ahuja

Blogger | Posted 24 Jan, 2020

Doctors can easily avail a personal loan without any collateral or mortgage. An unsecured loan such as a personal loan for doctors can easily be availed subject to meeting the eligibility criteria of the lender. 

Doctors must understand the distinct features in detail in order to make the right choice on which loan scheme to opt for. The features mentioned underneath sums up the main differences.

1) Less documentation: These loans neither require any mortgage nor does it require any guarantor. Consequently, the documents required for the approval of such a personal loan is much less than those which are granted against a mortgage or other collateral. KYC, bank statements, registration certificate, documents of property as per the medical venture, etc.

2) Faster approval: Lesser documentation directly leads to lesser verification requirements. As a result, the approval and disbursal of the loan amount are much faster. Typically financial institutions require just 24 hours to process and approve these loans.

3) Faster repayment: Since these financial products are of balanced value and not exorbitantly high, they can be repaid fast and easily. Usually, these have tenors ranging between 12 and 36 months.

Doctors requiring sudden financial assistance for anything from higher education to clinic upgrades can avail of these loans. Essentially, doctors can avail this type of an unsecured personal loan for doctors without any mortgage liabilities; thereby enabling them to focus on their practice and consequently faster repayment of the loan.

Refer to leading lenders who offer such loans at attractive interest rates as well as repayment-friendly terms.