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PERSONAL LOANS FOR DENTISTS
Advancement in the Medicine field has reached new heights; mysteries of the human anatomy are now being unravelled speedily. Dentistry has become an important branch of medicine, a Dentist from being a responsible for the basic oral care & hygiene is now a field with specializations in all aspects, these include –
- Dental Surgeon: General Dentist.
- Endodontic: Root canal specialist.
- Oral and Maxillofacial Surgeon: Oral surgery specialist.
- Orthodontist: Alignment specialist.
- Paediatric Dentist: Kid dental specialist.
- Periodontist: Gum specialist.
- Prosthodontist: Replacement specialist.
Whatever the specialisation to become a Dentist requires many a study for many years, hard work & perseverance; which is rewarded with a progressive career & good income.
Major Banks & NBFC’s look to financing a Dentist & offer beneficial terms & conditions. Personal Loans are available to a Dentist to meet financial needs for personal or professional needs.
A Dentist being closest to a Doctor the procedures for a Personal Loan are similar.
Dentists employed in hospitals, private clinics & other organisations who are earning salary are classified under the Personal Loans category, whereas Dentists who are self employed & are running their own business are treated in the Business Loans category.
Personal Loans are available for both the salaried & self employed for Personal needs where as Self employed Dentists can avail finance for their Personal needs & business requirements.
MAJOR BANKS OFFERING PERSONAL LOAN TO DENTISTS
To be a Dentist is a thriving profession with good future prospects, thus leading Banks are willing to provide Personal Loans to Dentists whether salaried or self employed. Some organisations classify both under the category of Business loans while others process applications from salaried dentists under the category of Personal Loan & self employed Dentists working as a professional & running their own clinic under the category of self employed.
The rate of interest offered will vary for the salaried & self employed category as so will the Loan amounts & terms & conditions offered.
Given below are the salient feature & current offers features of Major Banks providing Personal Loans to Dentists.
Rate of Interest & other Charges for a Personal Loan for Salaried Dentists & Practising Dentists
SALARIED DENTISTS
| HDFC BANK | KOTAK BANK | AXIS BANK | ICICI BANK | YES BANK | ADITYA BIRLA FINANCE LTD | |
| Rate Of Interest | 11.5% to 15% | 13% to 16% | 13% to 16% | 11.5% to 16% | 10.75% to 16% | 12.75% tO 16.50% |
| Processing Fees | 1% | 2% | 1.5% | 1.5% | 1.5% | 1% |
| Pre Closure | After 12 Months | After 12 Months | After 1 Emi | After 6 Months | After 12 Months | After 12 Months |
| Charges On Principle Balance | nil to 4% | 5% | nil | 4% | 4% | nil to 3% |
SELF EMPLOYED DENTISTS
| HDFC BANK | KOTAK BANK | AXIS BANK | ICICI BANK | YES BANK | ADITYA BIRLA FINANCE LTD | |
| Rate Of Interest | 11.5% to 15% | 16% to 18% | 16% to 18% | 11.5% to 16% | 13% to 18% | 14% to 16% |
| Processing Fees | 1% | 2% | 1.5% | 1.5% | 1.5% | 2% |
| Pre Closure | After 12 Months | After 12 Months | After 1 Emi | After 6 Months | After 12 Months | After 6 Months |
| Charges On Principle Balance | nil to 4% | 5% of principal balance | nil | 4% | 4% | nil to 4% |
Standard Schedule of Charges – Personal Loan
| Cheque Return Charges | ₹750/- + GST instance |
| Default Penal Interest Rate | 2% per month + GST |
| Charges for Cancellation of Loan | 4% + applicable taxes of loan amount disbursed |
| CIBIL report retrieval fee | ₹ 50/- per instance |
| Charge For Exchanging PDCs / ECS | ₹750/- per instance |
| Loan Re-schedulement charges | 0.50% + GST |
| Stamp duty | As per Actual if applicable |
| Insurance Premium | As per Actual if applicable |
Finance is available via a Personal Loan for the following personal reasons;
A Personal Loan for expenses of a Wedding or a Family celebration.
A celebration to be well organised needs adequate finance support & planning. A Personal Loan is available to help meet expenses, so that the happy occasion can be enjoyed to the fullest.
A Personal Loan for Home renovation & redecoration
Do not wait to carry out the much needed repairs for your home; a Personal Loan can help cover expenses required for maintenance of your home. Being house proud refurbishing & renovating your home to make it comfortable for your family is now possible, take a Personal Loan to bear the expenses without burning a hole in your pocket.
A Personal Loan for Travel & holiday expenses.
Saving up for a holiday could take a long time, visit your dream destination & take your family for the much needed vacation with the help of a Personal Loan. A personal loan can help cover all the expenses for a holiday from travel & living expenses & also shopping. So why wait, avail a personal loan to cover costs & enjoy the travel.
A Personal Loan for buying consumer durables.
Electric appliances & gadgets form essential part of a household. From kitchen appliances to geysers & television sets they have become a necessity to make life easier & comfortable. Not to mention luxury items like the latest mobile phones & home theatre systems which are very desirable, though the costs are exorbitant. It is now possible to afford the latest gadgets by availing a Personal Loan.
A Personal Loan for education costs
A good education is the gateway to a promising future: whether it is a need for further qualifications for self or spouse, basic schooling for children or a professional degree the expenses involved are increasing. Simple schools have now been replaced by modern institutions that offer an extensive curriculum, there is a wide spread desire to give children the best professional degree in India or universities out of the country. Applying for a Personal Loan to cover cost of education works well, as the loan amount needed can be appended easily & paid back in instalments.
A Personal Loan for expenses of medical emergencies & hospital expenses
An emergency or an illness always comes unannounced; no expense can be spared at this critical juncture for the care & recovery of your loved ones. Medical insurance may not cover all expenses & advantages of the insurance may not be availed immediately. A timely Personal Loan can be immensely benefited from to cover initial medical costs & extra expenses faced during these trying times.
Personal loans for the payment of pending Credit Card dues
Pending Credit Card dues can create an overload as the interest rate charged on the amount due is 36% per annum. Applying for a Personal Loan to settle pending Credit card dues is a wise move.
The interest rate charged for a Personal Loan is most reasonable & the amount can be easily paid back as per the schedule. With this manoeuvre the applicant is spared of paying a high rate of Interest, usage of the Credit Card can also be resumed as needed after paying the balance amount.
Personal Loan Usage for Professional & self Employed Dentists
Setting up a Dental Clinic & running of a Dental practise.
Dental equipment is essential for setting up of a Dental Clinic. Extensive infrastructure & equipment are required such as Dental Chairs, specialised lighting & instruments. Though Dental treatment is a costly affair the charges are applicable as per the expense involved. Daily running of the Clinic involves investment too for provision of supplies such as filling materials & artificial fixtures.
To remove the stress of Finance & enable a smooth running of Dental Practise, finance is available via a Personal Loan. Maximum Loan amount can be achieved as per the requirement & can be paid back in easy installement.
What are the Benefits of a Personal Loan/Business Loan for a Dentist?
UNSECURE LOAN
A Personal Loan for a Dentist is an unsecure loan, given without any guarantee or security. The amount of funds approved will be purely on the basis of the profile of the applicant & the documents submitted as proof therein. Thus no property, jewellery or an asset needs to be mortgaged to secure funds for Personal or business use.
CONVINIENT & FLEXIBLE
The process for the application of a Personal Loan is simple & hassle free. No amount needs to be given upfront for processing the loan. The amount can be received within a week of the submission of loan application .Applying with help of Your Loan advisors can ensure that the process is smooth & there are no delays. The amount can be paid back over a predetermined tenure of up to 60 months via monthly instalment.
QUICK PROCESS & DELIVERY OF FUNDS
The requirement for finance is always an urgent one. The success of the funding when needed is in the timely delivery of funds. The process for a Personal Loan is tracked by the lender from the time the documents are received for processing to the transfer of funds; all lenders endeavour to serve the customer’s need in the shortest time frame.
MINIMUM DOCUMENTATION & TRANSPARENT PROCESS
The documents required for processing a personal loan are simple & readily available with most self employed & salaried persons at all times. They include a proof of the regular income of the applicant; to ascertain that the loan amount taken can be paid back easily & the KYC documents to establish the identity & contact ability. It is important to give clear & authentic copies of all documents to avoid any delays in the process.
The details of the Personal Loan process have been streamlined by all the banks to make it efficient & transparent at all stages.
THE PERSONAL LOAN AMOUNT CAN BE USED AS REQUIRED
The Personal Loan once granted to the customer can be used for personal or for business needs by the applicant. There is no restriction as in a Home Loan, Auto Loan or Loan against property as to the usage for the loan amount. The amount can be used as & when required by the customer to pay bills or as a reserve for expenditures to come. As long as the monthly EMI is paid back regularly by the applicant, there is no constraint on the money being used .Investing the funds in risky enterprises or being used for nefarious activities should be avoided completely.
What is the Eligibility criterion for a Personal Loan for Dentists?
To be eligible for a personal Loan an applicant who is a Dentist by profession should be a citizen of India & meet the following criteria;
Age Requirement
The minimum age required for a personal loan application to be processed is 23 years, whereas the maximum age up to which an installement can be paid is 65 years or till retirement age for salaried Dentists: self employed Dentists can take tenure till actively working up to 70 years of age.
Current Empoyment
To be eligible for a Personal Loan a Dentist must be currently employed as a salaried individual or working as a professional having an own practise. A regular employment is mandatory to apply for a Personal Loan. Applicants who are holding a Dental degree, but are not employed currently or practising their profession is not eligible to apply for a Personal Loan.
Cibil Record
The Credit Bureau of India Ltd or CIBIL as is commonly known keeps a record of all the credit transactions of an individual conducted with major Banks, NBFC’S.A score is generated as per the performance of the repayment & individuals dealings with credit. A reasonable score to procure further credit is above 720 points or more, which shows that the applicant has been paying all dues in time & managing credit well. A good credit score will invite enhanced Loan amounts with better terms & conditions.
A Dentist who has not used credit previously will be given a score of-1 or 0.
Some Lenders demand a Mandatory CIBIL score, whereas other Banks are willing to lend to first time loan seekers. At this juncture Your Loan Advisors are well placed to advise our customers as to the Bank which will best process your loan application & fulfil your Loan requirements.
EDUCATION
To apply for a personal loan a Dentist must be professionally qualified having completed the basic Dental degree of BDS/MDS from a recognised institute. Further qualifications of MD/DM/MS & specialisation will further add weight to the profile.
Working Experience
A Dentist who has completed the basic Dental qualification must have a work experience of 2 years at a minimal to be eligible for a Personal Loan. The work experience needs to be proved with a salary slip.form-16, or Income Tax Return when submitting documentation for a Personal Loan. Dentists, who have advanced degrees & have a specialisation in their field, may not be asked to submit the proof of work experience.
Income
Earning of a regular income is the basic requisite of a Personal Loan minimum income requirement is 25k per month. A Dentist working as a salaried employee will have to submit a proof of income for the last 3 months & a job experience of 2 years, whereas self employed professionals should have a regular track record of consistent earnings for the last 2 years. A salary account with a Bank to which the salary is being transferred is to be submitted with the income documents; for self employed Dentists a current account is to be maintained. The loan amount sanctioned will be based on the current earnings & the ability to pay the EMI instated.
PERSONAL LOAN FEATURES
Loan Amount
The Loan amount which can be dispensed as a Personal Loan for Dentists varies as per the policy of different organisations. The minimum loan amount that can be applied for starts from ₹ 1 Lakhs & the maximum amount that can be funded to a Dentist as an unsecure loan for Personal or business use is ₹ 50 Lakhs.
Tenure
Tenure is the time period which is allotted for the repayment of the Loan amount. Personal Loan tenure ranges from 12 months to 60 months. Tenure is sanctioned by the Lender taking into account the loan amount & the ability to pay back the loan amount. The applicant may request for tenure as suitable, but the final discretion is the Banks to finalise the time period for which the loan amount is sanctioned.
Interest Rate
The interest rate applicable for a Personal Loan taken by a Dentist ranges from 11.49% to 15% per annum. The interest is charged @ monthly reducing balance.
The interest rate is the major charge for a Personal Loan; an applicant who is a Dentist by profession is considered to be a preferred applicant so discounted rates are offered for large loan amounts.
EMI (equated monthly installement)
The EMI is the payback method of the Personal Loan. It consists of 2 components, the principal loan amount & the interest amount. The EMI is calculated taking into account the loan amount sanctioned + the rate of interest applicable + the tenure.
The EMI remains fixed for the entire loan tenure: it is deducted every month on a pre determined date from the applicants salary account. The date varies as per the organisation, but does not change: the EMI amount is automatically deducted through ECS, thus it is advisable to keep the date in mind & make sure there is enough balance in the account so that the EMI gets cleared comfortably.
Processing Fees
The processing fees or the file charges are the amount taken by the Bank for processing of the loan request. The charges range from 0.5% of the loan amount to 2%. No charges are to be given upfront, the processing is charged only if the loan is disbursed & is deducted from the Loan amount transferred to the Bank.
Part Payment & Pre Closure
The part payment & pre closure clause of a Personal Loan refers to the repayment of a partial or complete amount by the applicant. The applicant does not have the freedom to pay back a partial amount of the Loan when extra funds are at hand, or pay back the entire amount once the need is fulfilled. It is governed by the policy of the Lending Bank.
All Banks have a stipulated policy towards repayment of the loan amount before the tenure expires. A time frame is allotted for which it is mandatory to pay the EMI & charges ranging from 0% to 5 % may be applicable on the principal balance of the loan amount for the pre closure of the Personal Loan.
While some organisations allow a part payment towards the principal loan unlimited number of times, others restrict the amount & the number of times a partial payment can be done.
TYPES OF PERSONAL LOANS OFFERED TO DENTISTS
FRESH PERSONAL LOAN
As a Dentist the requirement for finance will always be necessary, a Personal Loan is an easy & convenient option. The request by an applicant applying for a Personal Loan for the first time will be processed as a Fresh Personal Loan: if the applicant has used any form of credit such as a Vehicle Loan/Home Loan or a Credit card the credit history will be taken into account.
Where as if the applicant is a first time credit seeker the application will be treated conservatively, the lender will be cautious in forwarding large loan amounts to an applicant with no previous credit history. Thus first time Loan seekers should apply to an organisation that does not need a Credit history to process a Personal Loan.
PARALLEL PERSONAL LOAN
Dental Practitioners with existing Personal Loan are eligible to apply for a secondary Personal Loan as a parallel Personal Loan. A parallel loan can be applied to the same or an alternate Bank. Applicants needing finance urgently may like to apply to the same Bank for a secondary loan; the track of the repayment being a good one, the bank will forward the loan faster to a known customer.
A Dentist can apply for as many Personal Loans as eligible for; the eligibility for the personal loans will be calculated taking into account all the current obligations.
All the personal loans can co exists simultaneously with different terms & conditions. The applicant should make sure to remember the EMI dates for all the personal loans to avoid a default.
TOP UP PERSONAL LOAN
A top up of a Personal Loan is an additional amount added to an existing personal loan, the loan amount applied for will be clubbed to the existing personal Loan. The old loan will be closed & a new loan will be instated. The terms & conditions will be as per current policy of the Bank.
BALANCE TRANSFER OF A PERSONAL LOAN FOR DENTISTS
Balance transfer of a Personal involves the transfer of an existing Personal Loan to an external bank.
A better rate of interest, terms & conditions is offered to customers who have a good repayment track & a good CIBIL score to lure them, additional amount are also offered at the same terms. One or more Personal Loans can be transferred to an alternate Bank to achieve a single EMI & a lower rate of interest.
UNSECURED PERSONAL LOAN FOR FINANCING OF PRACTISE
A practising Dentist can apply for a Personal loan to finance a running practise, the need for everyday running of the practice & buying new equipment, or simply refurbishing the existing set up. A personal Loan is available on the basis of the existing infrastructure & practise.
GUIDE TO ELIGIBILITY CALCULATION FOR A PERSONAL LOAN
A Dentist can procure a Personal Loan for Business or Personal needs, the requirement for the Personal loan amount is as per the financial need but the loan amount sanctioned will depend on the eligibility policy of the Bank.
Following are the major factors contributing to the eligibility calculation for a Personal Loan-
EDUCATIONAL QUALIFICATION
The qualifying degree of a Dentist will govern the future prospects & earning: hence if the candidate has a basic Dental degree, he will need to have an experience to be eligible for a Personal Loan. The Loan amount will be calculated on the basis of the present earnings. Whereas a MD or an additional qualification will envisage greater earnings, therefore the loan applicant will be offered enhanced loan amounts.
EXPERIENCE/STABILITY
The experience & job stability of the applicant will be taken into account while calculating eligibility of a Personal Loan: as the working experience of a Salaried Dentist will ensure a steady earning.
A salaried Dentist employed in a government or private organisation should be gainfully employed for minimum of a year to be eligible for a Personal Loan. A regular income will substantiate the eligibility for the loan amount, whereas a break in employment will affect the loan prospects. The loan amount offered will be on the basis of the regular income & experience.
A self employed Dentist running his practise should have sufficient proof of the record of earnings,
Premises for a clinic & an infrastructure to show to receiving finance via a Personal Loan. A personal loan being unsecure finance a continuity of income & a well equipped clinic will be the basis on which the loan amounts will be sanctioned.
INCOME
The net income of the applicant will be the basis on which the payback capacity of the applicant will be determined. The eligibility for the EMI to be paid will be calculated on the monthly salary of a salaried applicant or the monthly earnings of a self employed Dentist. A broad guideline of 50% to 60% of the income is taken as the installement payable. Any other earning member or additional income from other sources can also be included in the total earnings for the month.
The salary account should reflect the salary earned month on month & the current account of a Dental practitioner should be a healthy one with a sufficient balance at all times.
Any cheque bounces or returns will have a negative impact on the loan process. An average of the bank balance should show enough balance for the installement to be cleared month on month.
OBLIGATIONS
The payback of the monthly installement of the Personal Loan should not be a strain for the applicant; the applicant is issued the loan amount which can be comfortably paid back. A portion of the salary is attributed to the regular monthly expenses incurred; taking into account if the house is self /family owned or rented the number of family members.
Other loan secure or unsecure for which an EMI is being paid is added to the monthly obligations. A 5% of all credit card dues are also added to the obligations for the month. The total obligations due are the deducted from the income to arrive at the eligibility for the loan amount.
CIBIL
The CIBIL record reflects the credit history of the applicant: if the EMI’s taken have been paid on time & the loans taken have been paid diligently .A good CIBIL score indicates the applicant manages his finances well & is conscious of the obligations due.
Any defaults or late credit card payments will be duly reported. After assessing the CIBIL the Loan provider will be able to decide, whether the applicant is worthy of lending large loan amounts or the history indicates the unsecure lending will be risky.
AN ILLUSTRATION OF THE COST OF A PERSONAL LOAN FOR DENTISTS
Presented below is an example of the profile of a teacher & the loan amount that can be achieved with the charges typically applicable.
PROFILE DETAILS
| NET SALARY | ₹ 35000/- |
| AGE | 30 years |
| WORK EXPERIENCE | 3 years |
PERSONAL LOAN DETAILS
| LOAN AMOUNT | 2 LAKHS |
| TENURE | 36 MONTHS |
| RATE OF INTEREST | 15% |
| PROCESSING FEES | 2% |
| INSURANCE | optional |
CHARGES APPLICABLE
| EMI monthly | ₹ 6,933.70 |
| PROCESSING FEES | ₹ 4000/- |
| INSURANCE (optional) | ₹ 1500/- |
DOCUMENTS REQUIRED
KYC DOCUMENTS
| Passport size photograph | |
| Current Residence Proof | (Driving Licence/Passport /Voter ID/Utility Bill/Aadhaar Card) |
| ID Proof | Driving Licence/Passport /Voter ID/Aadhaar Card |
| Pan Card Copy | Date of Birth Proof |
| Aadhaar Card | Mandatory |
| Owner Ship Proof | if Residence is self owned |
INCOME DOCUMENTS
| FOR SALARIED DENTISTS |
| Bank Statement for 3 Months |
| Salary Slip for 3 Months |
| Form 16 for the Current Year |
| Proof of for 1/2 years job continuity |
| Educational Qualification Certificate |
| FOR SELF EMPLOYED DENTISTS |
| Educational Qualification Certificate |
| Proof of business/practise existence for the last 3 years |
| Bank Statement for 6 Months |
| ITR return for last 2 years |
| Copy of Memorandum of Association (MOA) for Private Limited Company or Copy of Partnership Deed for a Partnership Firm |