In recent times there has been an onslaught of advancement in medical technology and equipment to improve the framework and accuracy of treatment. Consequently, doctors too need to upgrade the facilities of their clinic from time to time to impart patients the best of treatment. This, however, involves big-ticket expenses, which stands as a serious financial impediment and cause of concern, particularly for doctors new in the field.
To ease out the financial stress, lending institutions in India offer customised business loans for doctors, which prove extremely beneficial to meet certain specific requirements exclusive to the medical profession. These loans are collateral-free and come with convenient features, which makes them beneficial credit options for doctors.
Following is an insight into some areas where doctor loans can be of immense help.
Reasons why you must consider availing of a business loan for doctors
- To buy or lease a clinic
Setting up a clinic is the first step towards initiating a medical practice. However, buying or leasing a clinic requires immediate capital in a lump sum amount, which may pose a significant financial inconvenience. This is where medical practice loans start up can prove extremely advantageous. Most lending institutions in India offer high-value business loans for a doctor for up to Rs.35 lakh with other added benefits, which makes setting up private clinics extremely easy.
- To purchase new equipment
Purchasing new equipment is another fundamental step towards setting up a clinic. Medical equipment is extremely expensive and requires considerable funds to finance them. Furthermore, the range of required equipment can vary depending upon the field of specialisation that a doctor has. For example, purchasing dental equipment will be significantly different than buying equipment for ENT, Gynaecology etc. A business loan for doctors is efficiently customised in these regards to help medical practitioners bear the expenditure on new equipment without any financial hassle.
- To meet operational costs
To run a clinic efficiently, doctors are also required to meet several operational costs like – equipment maintenance, cost towards undertaking certain repairs, and other essentials. Medical practitioners feel the pressing need for liquidity to meet these expenditures adequately from time to time. A professional loan for doctors proves extremely beneficial to this end.
- To hire experienced staff
Running a clinic efficiently also makes it imperative to hire experienced and skilled staff members. As a result, medical practitioners require considerable capital to pay off their salaries without delay. A professional loan for doctors proves extremely advantageous to meet these expenses and becomes all the more helpful if the business is in the stages of expansion.
- For expansion or renovations
Loans for doctors also offer comprehensive financial assistance to those medical practitioners who are willing to expand their scope of operations. It offers them sufficient liquidity to purchase new equipment, skilled staff and meet other associated expenses. A business loan for doctors also comes in handy to renovate the clinic space.
- Other benefits
Several physicians may wonder – doctor’s loan or medical factoring: which is a better financing option?
Apart from offering high-value funds, professional loan for doctors also come with several other convenient features like flexible repayment tenor of up to 96 months, Flexi-loan facility, minimum documentation, loan amount disbursal within 24 hours etc. Furthermore, unlike medical factoring, doctor loans serve a wide variety of purpose like funding higher education, managing working capital etc. This makes it an extremely attractive financing option for medical practitioners.
Doctors must also take note of pre-approved offers provided by several financial institutions like Bajaj Finserv. These pre-approved loan offers are available on a number of financial products like business loan, personal loan, credit cards etc., and effectively simplify the otherwise elaborate documentation process. You can easily check the pre-approved offer by proving simple details like your name and phone number.
Business loans for doctors can help an individual’s medical practice flourish and meet all essential and unique requirements without any hassle. These loans are exclusively tailored with benefits to facilitate financial assistance to doctors who are just starting their business or willing to expand it further by incorporating upgraded equipment.