A large number of medical professionals are now interested to set up their own private clinics to provide much better facility to their patients. If you are interested to go this way then you can avail business loans specifically framed for the doctors.
If you are a self-employed doctor, then it is important for you to know the ways to increase your Credit score. The Credit score adds a vital point which the lenders would like to see before sanctioning a loan.
Your Credit score gives a clear picture of your credit history. You should score 750 or above to avail business loans on beneficial terms. You must bear in mind the following criteria:-
  • The debts should be paid in time: - you must be acutely aware of repaying outstanding debt amount on time. In case there is a penalty the Credit score will be affected and will come down with every such instance.
  • Maintenance of old Credit Cards: - your old credit cards give an overview of your financial history. If you deactivate any of your older credit cards due to some reasons then your financial history is rendered useless to the lenders. On the other hand, if you still have your old credit cards then it will definitely give you a better score.
  • Keep a firm check on your credit limit: - if you are interested in availing a business loan then you must have a minimum or rather zero credit card dues on your previous transactions. It is always advised to stay 40% below your credit card limit.
  • You must be aware of your tenure: - you must opt only for a tenure that you can handle and is suitable for your financial situation.