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Added on 25 April 2022

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What you should know about Hero Fincorp Personal Loan if you are a doctor?

If you wish to borrow a Hero Fincorp Personal Loan, the lender will not ask for any security or collateral, which is an advantage.

If you are a medical practitioner, you will find that some lenders have simplified their eligibility conditions, making it easier to obtain a personal loan for doctors. You will also benefit from a longer and more flexible payback period. You can apply for this type of loan to help you fulfil your needs like financial requirements for high-end medical equipment purchases, clinic renovations, and so on. If you wish to borrow a Hero Fincorp Personal Loan, the lender will not ask for any security or collateral, which is an advantage. Continue reading to learn more about personal loans explained in detail.

The loan for medical professionals includes several benefits like:

· Interest rates

The interest rate may be quite low than what is charged by other lenders if you compare. This is the advantage that you get when you apply for a personal loan categorised by doctors.

· Pre-payment at zero charge

You may get a free pre-payment facility, which means you can repay your entire loan before the repayment period without any penalty or with only a nominal penalty. These charges may vary depending on your loan eligibility. But there is a minimum period of time before you cannot repay back the entire loan amount with interest.

· No collateral or security

For availing of a Hero Fincorp Personal Loan for doctors, you do not require to keep any mortgage or security with the lender. Just required to maintain a high CIBIL score and stable income for approval. Being a medical professional, you may not find it hard to fulfil these conditions.

· Flexible repayment period/tenure

You can request for longer tenures so that the repayment is not a burden and you can pay it off and carry on your regular expenses comfortably. You need not cut down on your expenses or change your lifestyle to pay your EMIs.

If you are a doctor applying for a Hero Fincorp personal loan, you have to fulfil certain conditions to be eligible for a loan. The standard requirements are:

You should be a citizen of India
Have a CIBIL score preferably above 750
Your educational qualifications should be any of the following:

Super specialist doctor (MD/DM/MS) with the MBBS degree registered with the medical council
Graduate doctor (MBBS) and the degree should be registered with the medical council
Dentists (BDS/MDS) with a minimum 5 years of post-qualification experience
Ayurvedic and homeopathic doctor (BHMS/BAMS) with a minimum of 2 years of post-qualification experience
Proof of medical practice like tax registration copy or establishment Proof
Residence proof like a passport/Aadhar Card/Utility Bill/ration card
Identity proof like passport/voter’s ID/Pan Card/Driving license
Latest Income Tax Returns (ITRs)

If you are a doctor, getting a Hero Fincorp personal loan would be easy for you as you need not keep any security or collateral. The interest rates are competitive, and there are no end-use restrictions, so you can spend the loan for whatever you choose. You may also get long payback terms that would make the repayment process convenient for you.