Every future depends on the present, and every country’s future relies on solid and healthy medical infrastructure. Health is rightly considered the most crucial parameter of a country’s development, and its medical infrastructure is directly proportional to the well-being of residents. This of course depends on the hospitals, clinics, and doctors available to the general public.
Most doctors establish their new practices in areas where there is a dearth of similar services to serve those who need them more. And finance should never come in the way of a well-skilled doctor trying to help the common man.
Is a shortage of funds impeding your career as a solo physician? Doctors have the power to save life and cure pain, so why should they be unable to access formal credit? Many leading financial institutions like Poonawalla Fincorp provide a wide range of convenient, paperless, and low-interest Doctor Loans. These loans aimed at meeting the financial requirements of doctors looking to expand their medical practice.
Doctors or medical practitioners can avail of these loans for various purposes like establishing a new clinic, paying for initial infrastructure costs, purchasing or updating the latest equipment. Medical professionals can also avail of these loans for extending the range of treatments and amenities offered by their clinic, hiring qualified personnel, renovating their clinic, or purchasing office supplies such as machinery, furniture, and electronics.
However, before you opt for this loan, you also need to have a precise understanding on how to repay your Doctor Loan. Planning your repayment strategy not only saves your precious time but also improves your overall financial standing.
Let’s have a look at these 5 simple tips for paying off your Doctor Loan easily:
1. Choose a short repayment tenure
If you can afford to pay large EMIs comfortably then you should choose a short tenure. Choosing a short tenure may cause you to pay higher Doctor Loan EMIs but this will help you to pay off your loan faster. Also, the amount of doctor loan interest rate you pay will be lower as compared to what you would pay if you choose a long repayment tenure. Furthermore, paying off your loan in a short duration enables you to borrow more debt if the need arises.
2. Timely repayment
If you want to borrow easily in the future, it is essential to repay the loan on time. Late payment of EMI will not only negatively impact your credit score but also you will have to pay late payment penalty. So, make sure you borrow as much as you can repay comfortably on time.
3. Choose EMI according to your budget
The net income of a doctor can vary according to the flow of patients in the clinic. Keeping track of your budget and maintaining an EMI budget is always good. In case of a change in income, you have the authority to change your tenure based on your EMI repayment ability, which means you don’t have to strain your budget to pay off debt.
4. Debt consolidation
A convenient way to deal with multiple loans and service providers is debt consolidation. With a Doctors Loan, you can simplify your repayments. One of the main advantages of this is that you only have to make one monthly payment.
5. Foreclosure of loan
One of the best tips for saving money is to prepay or foreclose your loan when the day arrives. Your best bet is to cancel your Doctor Loan when you have enough funds once the loan lockup period expires. You may have to pay a small penalty but prepaying your Doctors Loan will save you a lot of money and ease your finances.
While financing large-ticket medical infrastructure with the help of Doctor Loans is gradually becoming common, borrowers also need to be aware of how to pay off their Doctor Loans in a timely manner. After all, the aim is to reduce debt with financial stability.
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