Union Budget 2021 saw the Finance Minister allocate Rs.2,83,846 lakh crore for the healthcare and wellness sector in an attempt to rebuild them following the global economic disruption. The budget also outlined several strategies to create new opportunities and develop healthcare systems and institutions to detect and cure new diseases.
As such, professionals setting up and expanding medical facilities is a desperate need of the hour as the healthcare sector regains full operational capacity. A cash crunch should not stop doctors on this venture anymore, as they can easily avail of a professional loan to rent or build new premises, invest in new equipment, and implement the latest technologies to extend the best services to their patients.
Eligibility criteria for a professional loan for doctors
The easy to meet eligibility criteria for doctor loans include the following:
- Super Specialist I and II, PG Diploma, Post Graduate and II and Specialised Diploma: MBBS degree to be registered with the medical council
- MBBS: Post-registration with the medical council
- BAMS/BHMS: 2 years from the date of medical registration
- MDS/Dentist: 5 years from the date of medical registration
How can a professional loan help doctors expand medical practice?
- Hire more skilled staff
Running a new or bigger clinic will require more professionals working all hands-on deck, not just for business expansion but also to improve the doctor-patient relationship. Including more doctors, paramedics, and nurses will help professionals diversify the services offered under a single roof, like diagnosis, emergency, and treatment.
- Build or rent new premises
With the newly acquired capital up to Rs.35 lakh, doctors can either set up operations in a new location with better outreach or expand their existing clinic to fit more patients at the same time. The new location can serve as accommodation for surgery, examination rooms, emergency premises, or even an adjoining pharmacy, which should boost the current and future business prospects.
- Invest in advanced technologies
With quick loan processing and disbursal, doctors can invest in better medical machinery equipped with AI to allow quicker and more accurate diagnostics. It is also better in the long run as the medical facility will be better equipped to diagnose and cure diseases.
- Avail working capital
The unique Flexi-loan facility allows for borrowing and pre-paying from a determined loan limit for a fixed tenor, where interest is charged only on the amount utilised. A business loan for medical store can not only be used to invest in better technologies, but it can also be used to meet day to day expenses, i.e., the accounts receivable and accounts payable.
Borrowers can repay the principal at the end of the tenor, pre-pay it at their convenience, depending on the availability of funds.
- Consolidate payments
Professionals may have had to avail of multiple small loans along their career for progression. However, managing multiple loans can get very tiresome, especially for working professionals. A doctor’s loan can help professionals to consolidate their existing debt into a single monthly outgo.
With flexible repayment tenor ranging from 12 to 96 months, borrowers can repay the loan according to cash inflow and repayment capacity.
- Obtain further degree
With no end-use restriction, graduate doctors can use a professional loan to continue their medical higher education, even abroad studies. Unlike an education loan with stringent eligibility criteria, the funds can finance the education cost and pay for food and accommodation, travel, etc.
To make the loan application process quick and hassle-free with minimum documentation, NBFCs like Bajaj Finserv also extend several pre-approved offers. These offers are available on products like business loans, personal loans, etc. You can check your pre-approved offer by providing a few details like your name and contact details.
While professional loans primarily help doctors set up and expand their services, they also contribute directly to rebuilding the country’s healthcare infrastructure. If professionals can capitalise on easy to avail finance options and expand their medical practice, they can effectively aid in reforming the country’s health and wellness sector.
