The first step in starting a practice is to draw up a detailed plan to respond to the different outcomes, unexpected events, and unpredicted challenges. Thus, it’s wise to estimate various expenses from the outset, starting from purchasing clinical equipment to the cost of office space.
The Indian healthcare sector has witnessed significant developments over the past few years, owing to rapid technology and digitalisation advancements. To sustain and grow one’s practice in today’s competitive healthcare industry, it’s vital to have the necessary financial backing.
A professional loan can be ideal for that end. It can help budding medical practitioners to cover the costs of purchasing medical equipment, hiring staff, leasing a chamber, marketing, etc. Medical practice loans start up comes with a range of features and benefits, designed to enable doctors to set up and grow their practice, capitalise on latest developments, and see to an array of requirements without any strain.
What are the benefits of a loan for doctors?
The following are a few reasons why a professional loan is conducive to setting up your own practice –
- High loan amount
The sizable costs of medical equipment can strain an individual’s savings considerably. Also, there are several outlays that are essential to developing a clinic. These are listed below:
- Investment in administrative technology
- Clinic management software
- Accounting management software
- Investment in diagnostic technology
- MRI machines
- X-ray machines
Individuals can obtain a doctor loan of up to Rs.35 lakh from financiers like Bajaj Finserv to meet the aforesaid costs. Since the loan comes with no end-use restriction, borrowers can address a range of financial obligations with a professional loan hassle-freely.
- Online loan management
Borrowers can manage a loan for doctors without any hassle via the lending institution’s dedicated app or online portal. It’s substantially easier this way, as individuals can check up-to-the-minute details of their loan. They can keep track of the upcoming EMIs and manage the same efficiently.
Some financial institutions provide flexible tenor to ease the repayment procedure for borrowers. A lengthy tenor is more favourable to monthly savings as it eases the burden of EMI. However, a shorter tenor is suitable for overall savings as interest calculated over a briefer period. Prospective borrowers must plan their repayment and select a tenor that suits their earnings prospects and plans. Not chalking out a feasible repayment plan is one of the mistakes to avoid while applying for a doctor loan.
- No collateral
Usually, borrowers do not need to provide any collateral to obtain a business and a personal loan for doctors. It makes the application process straightforward and easier.
- Quicker processing
Individuals can receive approval for a professional loan as early as 24 hours* from the time of application. Since this loan is collateral-free, the processing of an application is less time-consuming. Thus, medical practitioners can use a professional loan to address any financial obligation, like upgradation of medical equipment, hiring new staff, etc. efficiently.
- Eligibility and minimal documentation
Traditionally, applying for a loan includes detailed documentation. However, with digitalisation, financial institutions shifted from the tedious process to a paperless approach. Hence, individuals can apply for a loan by fulfilling a few simple eligibility criteria and submitting a handful of documents. For instance, the only documents needed to apply for a Bajaj Finserv Loan for Doctors are medical registration certificate and OVDs for KYC.
- No hidden charges
There are usually several associated costs involved with loans. Before availing of a professional loan, borrowers need to have a thorough look at all the charges to ensure efficient financial management. It’s also crucial to select a lending institution that maintains 100% transparency concerning all charges.
Who can obtain a professional loan for doctors?
To avail of hassle-free loans from reputed financial institutions, individuals must satisfy a few standard eligibility criteria that are mentioned below:
- Super-specialist doctors (MS/MD/DM) – Do not require post-qualification experience certificates. But they need to have their MBBS degree registered with the medical council.
- Dentist (BDS/MDS)- A minimum of 5 years of experience from the date of registration with the medical council is mandatory.
- Homoeopathic doctors – At least 2 years’ experience from when he/she registered with the medical council.
- MBBS – Eligible only after registration with the medical council.
Individuals also need to possess a credit score of 750 to be eligible for a professional loan. Prospective borrowers can also find personalised pre-approved offers that expedite the application and disbursal process. These offers apply to several financial products, including personal loans and business loans. To check the pre-approved offer, applicants need to provide their name and contact information.
Nevertheless, individuals must be prudent concerning the cost when setting up their practice. A well-thought-out investment can go a long way in ensuring its sustainability. Medical practitioners can leverage a professional loan to strengthen their capital base and keep it suitably poised for development.