As a medical practitioner, it is essential for you to be aligned with modern advancements and inventions to provide the best possible treatment to your patients. For this purpose, you must expand your clinic, upgrade your equipment, and continue learning. All of this, and much more, is possible with the aid of a Doctor Loan which allows you to borrow up to ₹45 Lakhs for flexible tenures of up to 84 months. This credit facility, designed specifically for healthcare professionals, can help you run your clinic in step with the times.
What Are the Different Ways to Utilise a Doctor Loan?
- Start Your Own Clinic –
As a healthcare professional, owning a clinic of your own brings freedom and provides you with a comfortable space to offer your services. Starting your own clinic requires a huge investment. To start your own private practice, you will be required to lease a property, purchase new state-of-the-art equipment, hire and train staff, amongst other expenses.
Setting up a clinic can be a challenge and potentially strain your finances. On the other hand, even renovating your office can be extremely expensive. Expanding the office space to add space for perhaps an extra treatment room, or to establish an in-house pathology lab, you need a lot of funds. Instant loans for doctors provide you with easy access to a large amount of money, helping you meet your professional needs and keep your clinic up to date.
- Upgrade your Equipment/Software –
It is of paramount importance to provide the best services to your patients. This can be done with the help of equipment powered by the latest technological advancements. Be it an ultrasound or an MRI machine, you could get it all with the help of this loan. Alongside this, you can direct your funds towards adopting digital systems like Electronic Health Records (EHR), to chart the medical data of your patients. You may also upgrade your billing system to ensure smooth payment processes for your patients. Hence, updating the software is also an integral part of running a clinic, which has now become more feasible with the help of a doctor loan.
- Hire & Train Staff –
Running a clinic is not a one-man show. You need the right support and specialised help to provide the required treatment to your patients. For this purpose, it is crucial to hire other healthcare workers and provide them with the required training, as and when needed. Furthermore, the borrowed amount can also be used to pay the salaries of your coworkers and provide them with the required facilities.
- Maintain Working Capital –
Having your own clinic is no less than running your own business. You have to buy new medicines, various chemical substances, utility supplies, and even pay electricity bills. For all these, you need to keep some working capital handy. With a Doctor Loan, you can pay all of this, along with other expenses arising from your practice.
- Spread The Word –
You have opened your own private clinic with high-tech equipment and a great team of staff members, but do your patients know that? Spread the word and make sure that patients can come to you in their hour of need and get the required treatment. You can use the borrowed amount to promote your clinic and have more individuals visit your clinic.
This credit facility can prove to be an exceptionally useful financial tool for young professionals, looking to start their own practice. Meanwhile, veterans can benefit from this loan by expanding their clinic and upgrading their equipment and facility. So, get a doctor loan with interest rates starting at just 14% p.a. and give your practice the required upgrade.
What is the Eligibility Criteria?
Here are some pointers to keep in mind when applying for a doctor loan.
- You must be an Indian Citizen
- You should be a practising doctor
- You must be between 26 and 65 years
- The CIBIL Score of the applicant should be over 720
- The minimum work experience required will vary from lender to lender
What Documents to Keep Handy When Applying for a Doctor Loan?
Depending on your field of specialisation, you may also be asked to submit additional documents and may require additional certifications to meet the eligibility criteria. These include:
- BBS, MBBS, BDS or relevant degree registered with the medical council
- KYC Documents – PAN card, Aadhaar card, passport, or voter ID
In all, a doctor loan interest rates starting at 14%, can help you run your clinic with ease and help you stay on par with technological advancements. You can start your own private practice or expand it with the help of the borrowed amount. The flexible tenure and interest options also allow you to repay the loan as per your capabilities. Continue to treat your patience with your dedication and expertise, with the required help from the doctor loan.