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Reasons to Take A Professional Loan for Doctors

By Finserv MARKETS - Mar 29,2020
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Reasons to Take A Professional Loan For Doctors

Customized loan products, designed to cater to the needs of an evolving customer base, are here to stay. Online lending platforms ensure that the customer of today, who is exposed to 24×7 engagement gets an array of tailored financial products to meet their needs. One of them is a professional loan. Doctors among other professionals can opt for such a loan. So, what are the reasons doctors would want to opt for a professional loan? Read on.

Setting up private practice

The neighbourhood private clinic in most cities and small towns across the country is often the first point of contact for most patients. A freshly minted doctor or even a more experienced doctor wishing to start private practice needs to set up a clinic. The initial setting up of a clinic would need capital. This could be renting or buying a space, providing infrastructure such as a waiting area/lounge, a reception area, and the doctor’s space. There is also need for interior decor, housekeeping and medical equipment. A customized professional loan for doctors would help them meet these expenses.

If you are a doctor looking to set up your own practice, look for one of the professional loan options, available on Finserv MARKETS. Minimal documentation, easy processing online and zero collateral makes it simple to avail. Loans up to Rs 30 lakh can be availed towards setting up your private practice. Approval for such a loan takes a mere three minutes while the loan can be transferred to your account in 24 hours.

Expansion or renovation

Sometimes, doctors may wish to have more than one centre/clinic and expand their clinic to new locations. This could be setting up new centres and hiring fresh staff at the new locations. Expansion could also mean investing all over again in fresh medical equipment, and infrastructure. Sometimes, a doctor may wish to renovate their space and make it more comfortable for patients. In all these situations, a professional loan will come in handy.

Reasons to Take A Professional Loan For Doctors

(Source: plexusmd.com*)

Medical equipment and supplies

To improve the quality of healthcare, doctors need to invest in medical equipment at clinics or small private hospitals. These could be basic equipment such as stethoscopes, weighing machines, syringes, or advanced equipment. The costs depend on the scale of the clinic and the specialization that the doctor has. A diabetologist may need a different set of devices from a dentist. A general physician may need a wider array of basic medical devices, for instance. Professional loan for doctors comes in handy so as to meet the cost of medical supplies and equipment.

Hiring staff

A clinic needs housekeeping staff, receptionists and assistants. The number of people may depend on the scale of the clinic. Professional loan for doctors may help in meeting expenses of hiring and onboarding staff. Doctors would also need to ensure that they have enough working capital to pay their salaries. This is all the more important if the clinic is on an expansion drive.

Operational costs

Operating a clinic would mean plenty of small expenses that are needed for the upkeep of the premises, maintenance of equipment, repairs or offering an advance or two to staff. There could also be some unforeseen expenses. Some chairs in the waiting area may need replacement or repair, or the clinic may need a new shelf to store supplies. Professionals would need to keep operational costs or some liquid fund handy all the time. Opting for a professional loan will ensure that there is enough liquidity.

In conclusion

A professional loan for doctors can come in handy for a vast number of reasons. To help your medical practice flourish and to meet your unique professional needs, you can avail of the professional loan for doctors on Finserv MARKETS. You can benefit from competitive interest rates, high loan amounts of up to Rs. 30 lakhs and repayment tenures ranging from 12 to 60 months. The eligibility age is 25 and 65 years of age, while the required experience varies with specialization. Super specialist doctors with DM/MD/MS don’t need any experience, while MBBS graduate doctors may need at least two years of experience to avail of a loan. Dentists (MDS/BDS) are required to have at least five years of experience. Homeopathic and Ayurvedic doctors with bachelor’s degrees would need six years of experience with a clinic/house of their own to avail of a professional loan. A homeopathic doctor with a DHMS (Diploma in Homeopathic Medicine & Surgery) may need 15 years of experience with a clinic/house. Loans are tailored to ensure the growth and success of new and relatively young doctors who want to start or expand their own practice and boost India’s robust healthcare system.

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Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522