How to Calculate EMI on a Doctor’s Loan?
Last Updated : April 6, 2020, 12:22 p.m.
Doctors have a pretty important place in our society. They take care of people’s health and literally the backbone for the holistic growth of any country. A country with more number of unhealthy citizens can not grow economically or culturally. That’s why it is important for any country to fulfill their needs. If you are a medical professional working in India and looking to acquire funds to satiate your various needs regarding your clinic, medical equipment or anything else, you can take a Doctor’s Loan from several lenders available at affordable rates of interest.
But there is one important question that arises before taking the loan from any lender. How to get an estimate of the EMI amount on a Doctor’s Loan? A lot of people would not consider this as an important aspect, but let us tell you that such people usually end up being a defaulter by not paying their dues on time. The reason behind this is their unorganized financial management, which could be corrected by estimating the EMI on a doctor’s loan. When you will have a certain figure in your mind, you will be able to manage your spending and finances in a better way.
In this article, we will tell you about the one such amazing tool known as the Doctor’s Loan EMI Calculator, through which you can calculate your EMI amount. So if you are thinking of finding anything like this, your search ends here. Keep reading to know more about it!
What is Doctor’s Loan EMI Calculator and How does it Work?
Suppose an individual, who is a medical practitioner, wants to avail a certain sum of money to fulfill his professional needs through a Doctor’s Loan. But he is confused about the EMI amount that he will be paying every month to repay the loan. No need to be confused anymore, as with the help of the Doctor’s Loan EMI Calculator, you can easily get an estimate about it.
This tool is used to know your EMI amount by putting certain details in it. Like any other calculator, it needs a few inputs to function. When you feed these inputs into it, you will be getting the desired output within a second. You can look at the details that you will need to use in the calculator.
Required Loan Amount
This is the first and foremost thing that you will need to get the result. When you decide to opt for a Doctor’s Loan, you have a certain figure in your mind that you will need. Assume you want INR 30 lakhs to set up your clinic and buy some important equipment then this is the amount that you should feed into it. The loan amount tends to change from one lender to another. Like Bajaj Finserv gives a maximum loan amount of INR 37 lakh, while State Bank of India (SBI) Doctor Plus Scheme gives you to take upto a loan amount of INR 5 crores while the minimum is INR 10 lakh.
Rate of Interest
You need to keep this in mind that this factor directly affects your repayment. Higher the rate of interest, the higher will be your EMI amount and vice versa. So while choosing the rate of interest, you should choose wisely and choose the one that fits your repayment capability. Otherwise, you may end up missing your repayments due to higher EMI amounts. Look for various options before settling for the one that is best for you.
Required Tenure
This is the third and last thing that you need to fill in the calculator – the required number of years within which you repay the loan amount. Usually, it ranges from a period of 3 to 7 years. So, you can choose according to your income and repayment capacity. Choosing a longer tenure will make you pay more interest, so if your finances allow you, you could choose a shorter tenure.
As soon as you feed all these details into the calculator, you will get the desired EMI amount. The whole process is so easy and hassle-free that you won’t feel a thing while doing that. Plus, you will know the accurate amount that you will be paying over the loan term.
Let’s understand through this an example. Suppose you want to opt for a loan amount of INR 30 lakhs for a tenure of 4 years. The rate of interest is 15% per annum. When you feed all these details into the Doctor’s Loan EMI calculator, you will get the EMI amount as INR 83,492. Other than this result, you will also get the total interest amount and the total amount you will pay during this period. Knowing this amount beforehand will help you in managing your finances in a better and organized way.
Top Lenders Providing Doctor’s Loan
You can have a look at some of the top banks and financial institutions that provide Doctor’s Loan in India.
State Bank of India Doctor Plus
Medical practitioners who want a loan to set up their clinics, pathology labs, nursing homes, and other things can opt for the SBI Doctor Plus Scheme. The loan amount can also be used for renovating existing premises. The loan amount ranges from INR 10 lakh to INR 5 crores. Upto the loan amount INR 2 crore, you don’t need to submit any collateral. You can pay the loan amount within 7 years.
HDFC Loan For Professionals
If you want to get a loan amount upto INR 75 lakh, you can opt for the HDFC professional loan available at affordable interest rates as low as 13.29% per annum, The loan amount will be highly dependent on your credit score. Higher credit scores can get you a higher loan amount and vice versa. You can choose the repayment period from a maximum of 60 months.
Bajaj Finserv Doctor Loan
With the help of Doctor’s Loan from Bajaj Finserv, you can easily fulfill your both personal and professional needs. You can easily get the required amount upto INR 37 lakhs at lower interest rates. The best thing about this facility is that you can either use the full amount or in parts according to your choice. The interest will be charged on the used amount only. You can also prepay the amount which is greater than 3 times of your EMI amount, without any charges.