The Indian healthcare sector is witnessing a boom in recent times, and it is projected to reach Rs.8.6 trillion by 2022. This has presented medical professionals with an opportunity to start their practice with financial backing from doctor loans.
However, in this due process, they should be aware of the doctor loan interest rate and the unseen factors that can affect it to make a fruitful decision.
Unseen factors that alter the interest rate of new doctor loans
- Issues with the credit report: Individuals tend to overlook mistakes in their credit report, which can pose a problem later. Issues in the report lower the credit score of borrowers and their ability to negotiate a better rate of interest.
- Location of property: In case individuals are applying for a loan for doctor against property, the property location plays a role in deciding interest rates. Properties in prime location have higher resale value, hence, attract lower interest rate and vice versa.
- Type of interest rate: This debt instrument’s interest rate also depends on whether individuals are opting for a fixed or floating rate method.
- RBI’s policy changes: Reserve Bank of India’s monetary policies play a vital role here. If they alter the key policy rates, it will change the rate of interest as well.
A multi-faceted financial product like a doctor loan can help professionals meet an array of requirements, be it personal or professionals. One can avail the benefits of this product against low rates of interest. For any query, contact bajaj finserv loan number.