The profession of a doctor is highly respectable in the Indian society. Every year thousands of people graduate in medicine and become doctors. Doctors have quite some hefty expenditure to expand their stream of operations to boost their career. Whether it is for setting up their clinic or buying modern medical equipment that cost a bomb, a doctor loan is what comes to the rescue. They cover personal expenditures too like home loans or personal loans to sponsor children’s education and foreign vacations. Doctor loans are therefore easily approved by lenders and companies as the procedure is simple and less time consuming. But there can be instances where the loan might not pass. It may be because of a couple of reasons. If you have been rejected of a doctor loan then you must be curious to find out more about the decline.
Let’s see the top reasons for a doctor loan rejection.
- Low credit score- Before approving or rejecting a loan application, the lender takes your credit score into consideration first. If you have neglected to pay your EMI on time for a previous loan, then your credit score is likely to be low. And similarly if you have failed to pay your credit card bills on time then too your credit score have been affected to stoop lower. Therefore with a low credit score even a highly popular doctor can be denied of a doctor loan. It is advisable to maintain a good credit score always when you take a loan as it affects your future loan approval possibilities.
- More than one existing loans- Financial companies are going to sceptical to approve a loan if you have more than one loan to pay back. Your ability to repay the loan will be a question for them. With multiple pending loans you will be a high risk borrower for the loan lenders and your credit score or punctuality of repayment of earlier loans won’t be taken into consideration. Your chances of getting a doctor loan will be negatively affected thus facing a rejection.
- Little or no job experience- If you are a freshly graduated doctor then it may be an impossible task for you to get your loan approved. Job experience matters a lot for the lenders to pass a doctor loan. A certain level of income is to be maintained for your loan to get approval. So it will be a wise choice to wait until you have gained some years of experience in the profession before applying for a doctor loan. The chances of rejection are less that way.
Also, the financial companies look into your job history before lending out a loan. If you have been frequently switching between jobs, then that’s not a very good impression to your lender. The companies look for applicants who have been stable in their company for longer periods.
If you are planning to apply for a doctor loan in India then you should consider taking it from Bajaj Finserv as they have the best possible schemes for all. The doctor loan interest rate is quite low and a loan amount up to Rs.35 lakh is given out. You have the option to repay your loan up to six times a year. You need no collateral or guarantor to obtain a loan from Bajaj Finserv. You are not penalised if you wish to foreclose your loan. The online process is very convenient as you do not need to go anywhere out of your home. Check the eligibility criteria for doctor loan and the documents required to apply on the website.
The documents you would need to apply for a doctor loan are:
- Form 16 or pay slip or bank statement for income proof.
- Passport or Aadhar card or voter ID card for identity proof.
- Passport or utility bill for address proof.
- Certificate of graduation or post-graduation in medicine for qualification proof.
With a Doctor Loan from Bajaj Finserv you can give that added boost to your career. The array of benefits that come with the doctor loan is unique and best suited for anyone. No other financial companies will be able to offer you the benefits that Bajaj Finserv can through its doctor loan.