Typically, to set up and maintain a medical practice in India, professionals may need to spend at least Rs.13 lakh – Rs.17 lakh per month. Though the cost may vary based on the clinic’s infrastructure, the equipment set up and the number of staff hired, the overall expense is significantly high.
It’s a primary reason medical professionals struggle to set up their practice. Nevertheless, with funding options like a doctor loan, medical professionals can easily finance their practice or improve existing ones. All in all, there are multiple reasons in which a loan for doctors can come in handy for professionals and help them achieve their goals.
Top 5 reasons to take a loan for doctor
These are among the top 5 reasons to avail of this credit option and improve the quality of professional service significantly –
Reason 1 – To buy or lease an office space
Be it an experienced doctor or about to begin his/her medical career, one needs substantial capital to buy or lease a private clinic. Above all, the cost of real estate sets new benchmarks each day. In such a situation, many individuals struggle to set up a practice, especially in crucial urban regions. However, with a doctor loan, eligible professionals can avail of a substantial amount of funds without providing any security and buy or lease a space to start their own medical practice.
Reason 2 – For appointing specialized staff and qualified professionals
Besides the doctor’s capability, his/her staff’s proficiency also determines the medical practice’s success to a great extent. This makes it imperative for them to hire medical professionals and staff who are well-versed in this profession. Since hiring and paying staff also depends on working capital availability, having easy access to funds in the form of a loan for dental clinic in India may come in handy.
Reason 3 – To renovate the clinic
Funding is also quite necessary for making a clinic patient-friendlier and comfortable with timely renovations. It is vital to sustaining in India’s competitive healthcare sector, particularly if one sets up their practice in and around major cities, like Mumbai, Chennai, Bengaluru, and Kolkata.
Leading financial institutions extend a high-value loan that helps entities meet several major financial expenses, including the cost of renovating their clinic. Based on the funding requirement, professionals can apply for a doctor loan to cover the renovation cost without much hassle. It will ensure that they do not burden themselves with a large debt unnecessarily and easily repay the loan value.
Reason 4 – For buying the latest equipment
In the past few years, the concept and practice of telemedicine have gained ground in India as more patients are now open to this advanced trend. However, to cater to such a growing trend, medical professionals need to upgrade medical equipment with the latest telehealth tools like a virtual stethoscope, remote vital monitoring, digital otoscopes, etc.
Ideally, the cost of upgrading to telehealth tools is quite expensive. For instance, the cost of digital otoscope with a camera may cost around Rs.59000. Similarly, other tools of Teledentistry are also fairly expensive these days. However, with a loan for a dental clinic in India, one can easily procure the best and latest equipment as and when the need arises.
Reason 5 – To install the latest telemedicine software and required equipment
Besides switching to telehealth tools, professionals also need to upgrade to advanced medical software that supports telehealth. The cost of advanced telemedicine system software is around Rs.24000, whereas the premium ones may cost around Rs.1.5 lakh.
To account for software cost, professionals may avail of a loan for doctors from a leading financial institution. Ideally, leading financiers like Bajaj Finserv extend credit at competitive rates to professionals so that they can easily improve their quality of service.
They also provide customised pre-approved offers to existing customers, simplifying documentation and making the process of availing funds hassle-free. Such offers are available on financial products like personal loans and business loans, among others. One can check their pre-approved offer in a few steps with just your name and contact number.
Furthermore, to increase the scope of loan approval and secure favourable repayment terms, individuals should try to improve their creditworthiness. The best way to do so is by enhancing CIBIL score with timely repayment of existing debt and maintaining low credit utilization ratio throughout. They must also check the loan eligibility in advance to prevent the loan application from getting rejected and avoiding hard inquiries that tend to remain on credit profile for a long time.
Other than these, professionals can also avail a doctor loan to boost their existing working capital. It will help them meet everyday expenses more effectively and allow them to account for unwarranted situations easily.