Can a healthcare worker apply for Personal Loan?



Healthcare workers have to deal with tons of expenses each month. Students pursuing their education or seeking higher-end medical accreditation, need loans to continue their aspirations. The practicing healthcare professional needs to defray expenses for maintenance of qualified staff, which is one of the most significant costs. S/He also needs to invest in medical equipment, which can cost a fortune. Added to these numerous costs, there are other unforeseeable costs as well, which can be difficult to finance.


How To Finance all Of the Above Mentioned Costs?

Taking a personal loan is one of the easiest ways to finance your dreams and pay loans and speed up your way to success. Many finance companies can help you get loans at the earliest possible and help you with your expenses. But before you can take advantage of a personal loan, you need to know if you meet the eligibility criteria. The sections below will help resolve all queries and give an insight into the application process for personal loans for healthcare workers.


Eligibility Criteria for A Personal Loan


To apply for a personal loan, a salaried person needs to meet the following eligibility criteria:


  • Age: You must be above the age of 24 and below 55 to apply for a personal loan.
  • Net Income: If you are willing to use the check-off facility, then your net income should be Rs. 20,000. If you are going for a loan without the facility, you need to have a minimum income of Rs. 35,000.
  • Experience: If you work at an organization, you must have at least three years of experience at the place.
  • Citizenship: You need to be a ‘Resident Indian’ of a minimum 1 Year at the current residence including rental arrangements if any.


Documents needed for salaried employees are as follows:


  • Address Proof: Passport/ Driving License/ Voter Identity Card
  • Copy of Pan Card
  • Last Six Month's Bank Statement
  • Payslip
  • Photograph
  • Collateral (For loans above Rs. 7 lacs)


If you are not a salaried individual, you need to follow the following criteria:


  • Alternate proof of income: Form 16, bank account statements, or IT returns may be used as alternative proof of income.
  • Good credit score: Whether you are self-employed or currently unemployed, you must maintain a good credit score. This demonstrates that you have a good repayment history as well as the ability to manage credit effectively. It also displays your current debt situation.
  • Applying with a co-applicant: If you apply for an unsecured loan with someone who has a good credit history, you will have an easier time getting one. A co-consistent applicant's income will persuade the lender of your ability to repay the loan.


Bottom Line

Many personal finance companies can help you get the best loan offers. But the most essential thing is to look for a trustworthy company. Peerless Finance is one of the best companies that can help you get loans with and without a salary slip. It is a brand that has been around for decades, so you need not worry about a thing! So, what are you waiting for? Apply for the best personal loan for yourself today!

Saptarshi Roy Bardhan