As a healthcare professional, you never know when you will need money for professional or personal reasons. If you are applying for physician loans, make sure you avoid these mistakes:
Applying for High Loan Amounts
Many doctors end up applying for high-value physician loans that cause the lender to reject their application. You can use an online loan eligibility calculator to determine the amount you can apply for. This calculator takes into account your income, net profit and existing loans and debts to give you a figure that is reasonable.
Not Submitting Required Documents
When applying for physician loans, make sure you furnish all the necessary documents to the lender. Along with identity proof, you will have to submit your medical registration certificate, address proof, bank account statement for the last three months and income tax returns. So, make sure you have these ready when you apply for the loan.
Not Meeting the Eligibility Criteria
All lenders have their own eligibility criteria to extend loans to doctors and healthcare professionals. Usually, most mandate the following:
- Dentists should have at least five years experience
- Graduate doctors should have a minimum of three years of experience
- Super specialists should have a minimum of three years of experience
- Ayurvedic and homoeopathic doctors should have a minimum of six years of experience
This will enable doctors to avail secured loans from the lenders. However, the eligibility criteria for unsecured loans are more stringent. Also, lenders check the credit score of the doctors. It should not be less than 750 for an unsecured physician loan.