Get quick approval on a loan of up to Rs. 80 lakh with convenient repayment tenure of up to 96 months from Bajaj Finserv Doctor Loan.
Medical professionals, including doctors, nurses, and healthcare specialists, play a crucial role in promoting public health and well-being. Despite their expertise in healthcare, they often face unique financial challenges. From starting their own practice to investing in advanced medical equipment and technology, the financial needs of medical professionals can be substantial.
In such situations, securing a loan with favourable doctor loan interest rates can make a significant difference in your financial journey. Doctor loans, specifically designed for medical professionals, offer tailored financing solutions to address these unique needs and offer competitive interest rates, flexible repayment terms, and easy to meet eligibility parameters compared to traditional loans.
However, obtaining favourable terms and interest rates on a loan for doctors depends significantly on your creditworthiness. Your credit score reflects your creditworthiness and your ability to manage debt responsibly.
Here’s how you can improve your credit score to secure the best doctor loan interest rates.
1. Understand your credit score: Before you can improve your credit score, you need to understand what it is and how it’s calculated. In India, credit scores typically range from 300 to 900, with higher scores indicating lower credit risk. Factors that influence your credit score include your payment history, credit utilization ratio, length of credit history, types of credit accounts, and recent credit inquiries.
2. Check your credit report regularly: Your credit report contains detailed information about your credit history, including your credit accounts, payment history, and outstanding debts. It’s essential to review your credit report regularly to ensure that all the information is accurate and up-to-date. If you spot any errors or discrepancies, such as inaccurate late payments or fraudulent accounts, you should dispute them with the credit bureau to have them corrected.
3. Pay your bills on time: Payment history is one of the most significant factors that impact your credit score. To maintain a positive credit history, it’s crucial to pay your bills on time, every time. Whether it’s your credit card bills, loan EMIs, or utility bills, make sure to pay them by the due date to avoid late payment penalties and negative marks on your credit report.
4. Reduce your credit utilization ratio: Your credit utilization ratio refers to the amount of credit you’re using compared to the total credit available to you. A high credit utilization ratio can negatively impact your credit score, as it may indicate that you’re overextended or struggling to manage your debt. To improve your credit score, aim to keep your credit utilization ratio below 30%. You can achieve this by paying down existing debts and avoiding maxing out your credit cards.
5. Avoid opening too many new credit accounts: Every time you apply for a new credit account, whether it’s a credit card, loan, or line of credit, the lender will perform a hard inquiry on your credit report. Too many hard inquiries within a short period can lower your credit score and signal to lenders that you’re a high-risk borrower. To avoid this, be selective about applying for new credit accounts and only apply for credit when you need it.
6. Build a diverse credit portfolio: Having a mix of different types of credit accounts, such as credit cards, loans, and mortgages, can positively impact your credit score. Lenders like to see that you can manage various types of credit responsibly. If you don’t have a diverse credit portfolio, consider opening a new credit account or applying for a small loan to diversify your credit profile.
Why consider Bajaj Finserv Doctor Loan?
Bajaj Finserv Doctor Loan offers specialised financing of up to Rs. 80 lakh tailored to medical professionals’ unique needs. With competitive interest rates starting at just 11% p.a., convenient repayment tenures of up to 96 months, and easy online application process, it provides reliable financial support. By improving your credit score, you can access funds for your professional goals and practice expansion. Take steps to enhance your creditworthiness and secure the financing you need. Download the Bajaj Finserv App today!
