NBFCs personalise their loans depending on the customer type; this enables applicants to apply by fluffing eligibility criteria based on their profession or occupation.
Personal loans for CAs, doctors, and others are en example of such products. With easy availability and numerous advantages, this is one of the ideal choices to fulfil any financial needs.
These professional loans like a personal loan for chartered accountant are easy to apply online only in 4 steps –
- The first step is to fill up the personal details like name, contact details, address, and date of birth.
- Next, the representatives from the preferred financial organisation can collect all required documents after a confirmation call stating the available offer.
- Applicants need to submit KYC documents, financial statements, mortgage documents, and account statements, CoP or Certificate of Practice.
- As a final step, verification of the credentials and if required, further documents may be needed. Loan disbursal will follow up after successful verification.
Here are some advantages and features of this personal loan for professionals –
- Considerable loan amount
Depending on the past credit history and CIBIL score, financial organisations decide the loan amount. However, with a credit score above and around 750, the personal loan for chartered accountants can be higher compared to other customers. Also, borrowers can use the loan as per their needs without any restrictions on their purpose.
The loan amount can be used for overseas travel, home renovation, higher education, wedding, consolidating debts, and others. Borrowers must know about the fee and charges on personal loans for debt consolidation before applying.
- Flexible tenors
Professionals can repay the loan with flexible tenor options starting from 12 to 60 months. It is preferable to opt for a shorter tenor. Even though shorter tenor accumulates higher EMIs, it also accounts substantially lesser payable interest amount.
- Affordable interest rates
Professionals who are looking for financial assistance must consider the rate of interest. To keep up with the market competition, they offer attractive chartered accountant loan interest rates. Thus, borrowers must compare different options available before applying for loans.
- Quick loan disbursal
Once applicants meet the basic eligibility criteria, the loan approval process requires only the necessary documents. After the same, the loan can be disbursed within 24 hours. Thus, CAs can consider this financial aid even in emergencies.
- No need to pledge any collateral
Another crucial advantage of a loan for a chartered accountant is that it does not require collateral or a guarantor. Professionals with strong credit ratings and credit history with zero defaults can easily avail this loan facility. Furthermore, without asset valuation, the loan approval process becomes quicker and hassle-free also.
- Online facility
Not only the application process but borrowers can also manage their loan account online. With this online facility, they can check their current loan account status and pay their EMIs.
In addition to the above, reputed NBFC Bajaj Finserv also provides pre-approved offers to provide a hassle-free loan approval process. To sum it up, professionals like chartered accountants, doctors, etc. can opt for personal loans when they require external financial assistance.
With an easy loan approval procedure, flexible tenors, attractive interest rates, online facilities, borrowers can avail a loan to meet their different financial commitments. For instance, a personal loan for CA can help deal with a liquidity crisis, consolidate existing short-term debts, meet multiple small financial needs, etc.
After completing the CA articleship and passing the finals, chartered accountants can avail a personal loan to establish a firm. They can utilise the loan for any purpose whether it is to lease an office space, purchase equipment or any other.
Reasons For Obtaining One Of These Loans
There are many reasons why it might be sensible to consider one of these types of loans, especially if you’re in the medical profession or studying to enter this medical profession. Below is an in-depth look at some of the situations that may merit the use of a loan.
For Starting Your Own Clinic
Many people within the healthcare industry dream of starting their own private healthcare clinic and becoming their own business manager. This is usually something that those with vast experience in the medical field do, after first obtaining all the skills and reputation they need to go it alone.
Some of the most popular medical facilities that professionals start up are private dental practices, family practitioner centers, physiotherapy, and more. When starting your own independent clinic, it is best to try and do so with money that you’ve saved up over the years, as this will ensure that you’re starting the business with no debt and that all the profits you make can be reinvested to help the business grow.
Despite this being ideal, it’s far from attainable for most people, and because of that, getting a loan to start this business can be a good idea to help it get off the ground. A loan can help with covering the costs such as renting or buying a workspace, obtaining all the necessary medical equipment, and hiring any staff.
Furthermore, a clinic will need a set amount of working capital to help it stay afloat. A loan can be used to help ensure that you always have this working capital so that your clinic can function without problems or issues. There is also a lot of licensing and documentation that a medical facility will have to pay for and obtain that can be pretty pricey when first starting out. A loan for a doctor can help you pay for these requirements and licenses.
Starting a medical clinic of your own can be all that you need to ensure that you have your own independence within this field. By getting a loan to obtain the necessary lump sum to get things started, you can work towards your dream while providing an essential service to the local community.
For Affording Education
To become a doctor, you need to spend years studying so that you can obtain all the knowledge and skills required to perform the role well. This can take up to anything from 3 years all the way up to 7 before you’re able to start working in your desired role and make a nice income.
This time studying usually means that many people struggle to find work at the same time, as they simply don’t have the time to do both. This means that a loan might be a sensible thing to obtain at this time so that you can use the finances obtained to fund your student lifestyle while you learn.
As well as this, there are also other expenses that medical students need to consider that a loan can help them out with. Things such as tuition fees can be expensive, especially if you’re planning on doing multiple courses back to back. If you’re unable to afford the tuition by savings alone, then a loan can help pay for this and ensure that you can get the education that can kickstart your career.
It’s also a good idea to consider how you’re going to pay for your accommodation and medical equipment – such as scrubs, textbooks, and medical instruments. Once again, a loan can help you afford all of these so that you’re able to study to the best of your ability, and once you graduate and obtain a well-paying role, you should be able to pay back the loan without too much hassle and issues.
Of course, a loan to afford your education isn’t a necessity anymore, as there are ways to help you afford an education without it. This is through online education.
Online courses allow those who want to get into the medical field to study a degree from home. This means that they don’t have to relocate and spend money on an on-campus living facility. Furthermore, online degrees usually charge less tuition for the same course, meaning that you can save money when doing a degree this way. Furthermore, due to their flexible nature, you’re able to study at any time that suits you, which can mean that you might be able to work alongside your study to help you afford it. It will be a lot more hard work, but if this option suits you, be sure to get an online doctor of nursing practice.
If you don’t think you can commit to both studying and working at the same time without burning out, then getting a loan to help put you through it might be the best option.
For Addressing Personal Goals
As stated in the previous point, doctors tend to spend years in education before they’re able to start earning a decent salary. This means that many doctors start earning a good wage later on in their lives, and many can easily be in their 30s before they obtain a wage that allows them to be comfortable.
Of course, life is not a competition, and people go through it at their own pace. However, it is common for people wanting to get married, own a house, and even have children before this age. For a doctor who has these same ambitions to do this, they may not be able to afford these expenses on their own at this time of their life but should have no problem later on when they’re earning well.
This is where getting a loan could be a great idea, as it can help a doctor fulfill these life goals without having to wait until they have the capital to afford it themselves. With a loan, a doctor who is still in education or who is only first entering the world of work at an older age will be able to enjoy these key aspects of life at an age that they desire to and then pay it all back later on once they’ve reached the peak of their careers.
For Consolidating Debt
Doctors are just as likely to get into debt as any other individual. If things are starting to get overwhelming, with debts coming from various places, you can obtain a loan to consolidate these debts. This means using the money borrowed to pay off all your debts at once. This might sound like a fruitless and pointless exercise, but the truth is it’s a lot easier to manage one source of debt than it is multiple. So if you have debt on a mortgage, credit card, car insurance, student debt, or more, a personal loan can be used to wipe it all, and then mean that you only have one source of debt.
Furthermore, when you consolidate debt with a loan, it can also help you reduce the rate of interest, which can make the debt a bit more affordable. So, instead of multiple debts building interest, you’ll have a single one that will remain manageable. This is a great option for doctors and can really help things become less stressful.
NBFCs loans are a great option for doctors, as they tailor their loans to ensure that it suits the profession. There are many different types of loans offered to doctors that can suit their needs, and all of them can benefit a doctor’s financial situation or help them obtain a particular goal or dream.
Whether it’s the fact that you can get a considerable loan amount or that you can get your loans online that have affordable interest rates, there are many awesome advantages to getting a loan from NBFCs.
However, perhaps the biggest advantage is what these loans can do for you as a doctor. With a loan, you may be able to obtain the funds required to open up your own private clinic, a dream for many people in the healthcare industry. On the other hand, if you’re just entering the medical world, a loan can help you pay for the education required to help you take the next step and earn a good wage. A loan can also help you achieve your personal goals early, and it can also help you consolidate debt to improve your financial situation.
Whatever way you intend to use your loan from NBFC, it’s sure to greatly benefit anyone who is a doctor or who works within the medical industry.