Tips To Manage Your Personal Loan for Doctors EMIs Smartly

Tips To Manage Your Personal Loan for Doctors EMIs Smartly

Personal loan for doctors can be of great help to them if they want to set up or expand their clinic or upgrade their equipments. Bajaj Finserv offers loans to doctors and have a very quick approval and disbursal time. You can get everything disbursed in your account within 24 hours. Usually, personal loan interest rates are higher than doctor loans and there is always the question of repayment. Repayments of such loans can take anywhere between 2 to 20 years and it is essential to manage the EMIs smartly if the loan amount is a particularly large one.

The best idea is to make use of partial pre- payment. Loan repayment becomes a priority over other expenses since the longer one takes to pay back the loan, the interest is charged. However, a simpler way of ensuring that the interest payment is kept the lowest in the long run is to make higher EMI payments. In case one gets hold of some extra money, through office bonus or as a gift, it is advisable to make a pre- payment on the loan. And though there are fixed payment cycles for repayment process, most banks do not object if someone wants to make voluntary pre- payments and there are also no additional charges to be borne on that account as well. Making pre- payments can help bring down the total outstanding debt and one does not have to make all those extra payments towards interest in the long run.

EMIs are fixed payment and are to be paid on a particular day of each month. Usually, the EMIs these days are deducted automatically from the bank account if one so deems fit to go into such an arrangement with the bank. A relaxed loan experience is one where one does not have to stress about the loan repayment. One can increase the amount of the amount as one’s salary increases and one can repay much of the debt over a shorter period of time. In case there are any endowment insurance plans that one might have taken, the extra money towards EMI can go from there. It can also happen by cutting down additional expenses and diverting money into the EMI.

Interest rates often fluctuate a lot and as a borrower it is important you know about the changes of rates. In case you come to know of a bank that is offering a lower interest rate, you can transfer your existing loan there. Bajaj Finserv, for example, gives this opportunity to their customers.  With Bajaj Finserv personal loans, one can get the option to choose between customized EMI options to make your personal loan for doctors experience a smooth one.

Banks also tend to reduce the rates from time to time during interest rate reset periods, and this is mostly in case of a flexible interest system. However, it is only advisable to make the switch if the difference in the rate of interest is a significant one or one would have to go through all the paperwork all over again, which again can be very time consuming.

Tips To Manage Your Personal Loan for Doctors EMIs Smartly Tips To Manage Your Personal Loan for Doctors EMIs Smartly Reviewed by ravish kumar on January 22, 2018 Rating: 5

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