To ease the process of estimating your EMIs, financial institutions and NBFCs provide a doctor loan calculator that is available on the official website of your lender. You can also use formulas to calculate your EMIs.
The formula is –
EMI = P x R x (1+R) ^N / ((1+R) ^N – 1);
Where,
P = the amount availed or principal amount,
R = rate of interest,
N = loan tenor.
However, this process is cumbersome and prone to several mistakes. Alternatively, borrowers can use a doctor loan calculator, as it is more convenient and precise.
To use such calculators, you can follow the steps as given below –
- Visit the official website of your lender.
- Click on the calculator section.
- You will be redirected to a page where you will have to share the required details like total credit amount and loan tenor.
- Monthly EMI payments will be displayed instantaneously.
Consider the examples given below to understand how an EMI calculator for healthcare finance works –
Example a)
- Amount availed = Rs. 25 Lakh.
- Loan tenor = 48 months.
- Interest rate = 18%.
EMI amount = Rs. 73,437.
Total cost of loan = Rs. 35,25,010.
In case the EMIs are too high for your budget, you can extend the credit tenor to reduce your EMIs. Nonetheless, the total cost of your loan may increase. Refer to examples b and c.
Example b)
- Amount availed = Rs. 25 Lakh.
- Loan tenor = 60 months.
- Interest rate = 18%.
EMI amount = Rs. 63,484.
Or,
Total cost of loan = Rs. 38,09,005.
Example c)
- Amount availed = Rs. 25 Lakh.
- Loan tenor = 96 months.
- Interest rate = 18%.
EMI amount = Rs. 49,308.
Total cost of loan = Rs. 47,33,574.
If you are comfortable with EMIs of Rs. 60,000, you can alter the loan amount on the doctor loan calculator for varied results.
Example d)
- Amount availed = Rs. 23,62,810.
- Loan tenor = 60 months.
- Interest rate = 18%.
EMI amount = Rs. 60,000.
Total cost of loan = Rs. 35,99,984.
Or,
Example e)
- Amount availed = Rs. 25 Lakh.
- Loan tenor = 48 months.
- Interest rate = 18%.
EMI amount = Rs. 60,000.
Total cost of loan = Rs. 38,09,005.
Note that, a lower EMI amount will increase all other variables attached to loans.
Example f)
- Amount availed = Rs. 27,88,590.
- Loan tenor = 96 months.
- Interest rate = 18%.
EMI amount = Rs. 55,000.
Total cost of loan = Rs. 52,79,988.
To use the doctor loan calculator, you must know the interest rate that your lender offers. Consider selecting financial institutions offering minimal interest rates to keep your EMIs affordable.
NBFCs like Bajaj Finserv offer such Doctor loan at attractive interest rates to keep the total cost of your loan low. Use a calculator to estimate your EMIs conveniently. You can benefit from no-charge prepayment and foreclosure facilities, instant approval, quick disbursal, substantial loan amount of up to Rs. 2 Crore, flexible tenor, etc. on such professional loans provided by the lender.
Existing customers can additionally enjoy pre-approved offers that ease the process of application and saves time. These offers are available on several financial products, including home loans, professional loans, personal loans, business loans, etc.
To be eligible for a doctor loan, you are required to have the required experience and degree. After you are eligible you can apply for a credit on the official website of your lender and fill an application form with the required details.
You will also have to submit some documents needed to apply for a doctor loan such as KYC documents, medical registration certificate, etc.
Consider the examples provided above while you avail healthcare finance and calculate the EMIs by altering your credit amount and credit tenor.