According to a report, India is proud with around 1.67 million practising physicians involving AYUSH and MBBS doctors. Moreover, every year, approximately 40,000 individuals are included in this list. However, most medical professionals fail to set up their chamber or clinic to continue their medical practice due to a lack of funds.
In such cases, individuals can opt for a doctor loan to mitigate their financial burden. But before deciding on this credit facility, one should have a detailed understanding of how they can benefit from this financial product.
6 reasons to avail of a doctor loan for dental setup
Eligible individuals can avail of a loan for doctors to meet a host of professional and personal financial requirements. These expenses include purchasing advanced equipment and machinery, incorporating the latest technology, establish/renovate/expanding clinic, recruit skilled staff, and maintaining working capital.
Following are the reasons why a doctors loan is a beneficial borrowing solution for individuals planning to establish their clinic:
- Collateral-free loan
A medical or professional loan for doctors is considered an unlocked loan. One can avail of such a credit facility based on their income and repayment capability. Besides, individuals need to know how to be eligible for a doctor loan and make a sound repayment plan. Individuals need not pledge any asset for availing of this credit instrument. One can apply for this advance both online and offline and fund his/her setup.
During medical emergencies, it is not always possible to avail loans from lenders against pledging a valuable asset as a security. In such a situation, an unsecured doctor loan is an effective borrowing solution for medical professionals as they can be hassle-free finance.
- Flexible repayment option
Availing a loan for doctors from leading NBFCs is easy, and the repayment is also hassle-free. To ease your repayment, you can use a loan EMI calculator to conveniently compute the total payable interest and outline finances. Individuals will be able to determine the EMI and interest component by using this calculator and plan their repayment accordingly to avoid financial distress in the long run.
- Quick loan approval
When applying for a professional loan for doctors, individuals can get quick loan approval if they diligently fulfil the eligibility parameters and possess a good credit score. The online loan processing happens with calculations and document verification side by side, which provides instant approval of loan applications if you have accurately filled all the necessary information.
- Minimal documentation
Leading financial institutions do not keep stringent documentation procedures for a doctor loan. It does not make any difference whether individuals opt for a secured or unsecured credit; eligibility and documentation are quite flexible in both cases. Following are some of the basic documents for both secured and unsecured loans for doctors-
- KYC documents
- Medical registration certificate
- Income return statement, profit and loss statement, the balance sheet of last 2 years
- Ownership documents of the property to be pledged.
Borrowers must note that lenders can ask for some additional documents while processing loans.
- Boost working capital
Whether you are establishing a dental clinic or planning to renovate your establishment, borrowers need to curate a dental clinic setup list for the necessary purchases and avail required amount accordingly. Running a privately-owned chamber independently is not an easy task as individuals need to manage cash flow and other additional expenses efficiently. A doctor loan allows individuals to meet the daily operation expenses, pay salary to the staff, purchase equipment, etc. This way, one can effectively manage their working capital and ensure substantial revenue.
- Flexi-loan and part pre-payment facility
Reputed financiers also extend the Flexi-loan facility where medical professionals can withdraw the necessary amount as per their convenience and pay only the interest component as EMI. Besides, they can choose to part pre-pay as much as they want without paying any additional charge. In this way, healthcare professionals can effectively manage their business costs.
Reputed financial institutions extend various secured and unsecured financial products for medical professionals. A doctor loan is exclusively designed to cater to the specific medical requirements of individuals, professionally or personally.
However, before submitting loan applications, one should ensure meeting eligibility criteria set by the financial lenders. These eligibility parameters vary depending on secured and unsecured credit. These are the reasons why medical professionals should consider a loan for doctors to mitigate their financial burden and pursue their dream of opening a dental clinic.
Moreover, individuals must thoroughly research for the perfect financier for availing doctors loans. Bajaj Finserv is one of the leading NBFCs extending substantial loan amounts to an eligible medical professional at affordable interest rates and flexible repayment terms. Additionally, individuals can also avail of pre-approved offers to simplify and accelerate loan application procedures. You can check your pre-approved offer by mentioning your name and contact information.
Thus, before availing of a doctor loan, one needs to have detailed knowledge regarding repayment options, interest rates, additional charges etc., to avoid financial loss.