February 27, 2021

5 Reasons to Take A Professional Loan for Doctors

professional-loan-for doctor

For professionals such as doctors seeking to start a practice or initiating the expansion of an existing facility, funding can be an essential consideration. In such an instance, a customized professional loan can suitably serve with the necessary financing needed. These loans are designed to meet the specific requirements of healthcare professionals who are in need of funding to start to grow their business. 

Further, loans customized for the personal use of these professionals are also available, making all-round financing accessible to them.

Why should doctors opt for a professional loan?

A loan for doctors enables such professionals to take on different activities which would otherwise not have been possible due to inadequate funds. Here’s a look at some of the top reasons that make availing such financing critical.

  1. Starting private practice 

For a newly qualified doctor or even an experienced one, setting up a clinic is required to start a private practice. Putting in place such infrastructure requires substantial funding. A professional loan for doctors would thus offer the much-needed capital to purchase or rent a space, do the interior, or meet the necessary expenditure for equipment set-up. 

  1. Renovation or expansion of practice 

It may so happen that a doctor already has an existing clinic which is in need of renovation, or there is a plan for expansion of the clinic to other locations. In both cases, it would entail fresh investment for infrastructure, hiring or acquiring medical equipment, etc. Availing a professional loan would thus provide a doctor with the required capital.

For doctors looking to undertake any of these, considering professional loan options with zero collateral can ensure quick funding access. In such cases, the loan amount can go up to Rs.25 lakh provided by lenders like Bajaj Finserv. 

The financier also extends pre-approved offers that simplify financing, making it less time-consuming. These offers are available on several financial products, including business loans and personal loans.

  1. Equipment purchase

Even for an established practice, continuous investments are needed for buying medical equipment and improving healthcare quality. It may include essential equipment like weighing machines or advanced set up such as ECGs, MRI scanners, etc. The potential expenditure depends on the specialisation of a doctor and the scale of practice. It provides the scope for doctors to invest in starting their own medical practice. 

For instance, the equipment needed for an oncologist’s practise is different from what is required by a dentist. The specialised loan for doctors comes in handy to meet the cost of such equipment. 

  1. Increasing staff strength 

Running a clinic requires not only doctors but also assistants, receptionists, housekeeping staff, etc. The number of staff needed to be hired depends on the magnitude of the patient base of a clinic. The cost of recruiting and onboarding of clinic staff can thus be met from the funding received from a professional loan

Moreover, doctors also need to ensure that adequate working capital has been arranged for the payment of staff salaries and other day-to-day operating needs. Working capital becomes all the more important if there are plans for expansion of clinic. More often than not, it is one of the common mistakes that affect a doctor’s business. 

  1. Meeting operating costs 

Operating costs include such expenditure incurred for the administration and maintenance of business on a daily basis. It may range from expenses related to premises upkeep, repairs, equipment maintenance or providing advances to staffs. Just like any other business, there could be unforeseen expenditure as well.  

Availing a such a healthcare professional loan would thus ensure that there is sufficient liquidity to keep the operational costs running. Moreover, there would be some liquid funds in hand at all times.

Professional loans for doctors also come with a host of other benefits that cater to their unique personal and professional needs. Some of such features include extending Flexi Loan facility, part-prepayment facility, online account access, etc. Moreover, such advances are provided with doorstep assistance for document collection, making them more accessible than ever. 

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