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Top reasons why medical field continues to be an attractive profession

By Finserv MARKETS - Jul 31,2019
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Top Reasons for Choosing Medical as a Profession

As a nation, we have made substantial inroads in various fields like infrastructure, telecom, science and technology. As a result, many new career options are available for today’s youth as compared to a few decades ago, with many preferring to opt for streams like information technology, engineering, and management. Interestingly, medicine continues to be among the most sought after professions as the demand for doctors is only going to increase as the need for healthcare keeps increasing.

Why Medicine Still Remains Among Indians Most Sought After Professions
With people living longer than ever and the alarming shortfall in healthcare access for the majority of the population, careers in the sector are poised for growth. In fact, by some estimates that nearly a third of job growth will be powered by the health care and social assistance sector through 2022. According to a report by India Brand Equity Foundation (IBEF), the healthcare market is pegged to grow threefold to Rs. 8.6 Lakh Crore by 2022; meanwhile the government of India has plans to increase public health spends to 2.5% per cent of the country’s GDP by 2025. And with policy support like the government’s flagship healthcare initiative Ayushman Bharat, this spending is likely to further increase. For aspiring doctors looking to cash in, there are opportunities abound.

As a result, business loans tailored to doctors have grown more popular in the last few years.

Physicians generally need to borrow money for new equipment or starting a new practice or even to expand an existing one. Given the credibility and reputation of the profession, most of the time loan approval is the easy part. For example, if you are a doctor, you can apply for a professional business loan online, get approval in 3 minutes at Finserv MARKETS.

Perks of Your Own Practice

There are many reasons why, as a doctor, dentist, or another healthcare professional, you might decide to open your own practice. After all, you get to be your own boss and over time, you develop trusted relationships with your own patients and help them and their families enjoy a better quality of life.

And then, there’s also the financial potential. When you own your own practice, you can determine how many patients you see. For example, you might decide to expand your operating hours or see patients occasionally on the weekend to grow your practice and increase your profitability. To facilitate your growth most lenders offer flexible repayments options until your practice gains a footing. For example, you pay only the interest amount as the monthly installment when you take the Hybrid Flexi Business Loan from Finserv MARKETS, with no restriction on principal amount repayment.

Expanding Your Base

New doctors and medical professionals aren’t the only ones who need financing. Established medical professionals face the decision of whether to get outside funding, too.

Even when your practice is successful, you may need financing to cover your operating costs during the slower times of the year or cover new medical equipment expenses, among other things. You may also need a loan if you plan on expanding your practice to another location, assuming you’re up for the challenge.

The good news is that—compared to professionals in other industries—it tends to be easier for physicians to obtain loans for their medical practices. This is because medical professionals tend to have high incomes and generate consistent revenues, increasing the likelihood lenders will recoup their costs and turn a profit. In fact, if you are already a Finserv MARKETS’ customer, you don’t even need to apply again when in need of fresh amount of funds, as you can simply withdraw money from your loan limit from anywhere, anytime.

It is not only lucrative but being a doctor is also an honorable profession. Given the healthcare requirements of the country, there is a need to help them expand their scale of operations so that they can provide better care and service to the patients. Experts say physicians run into trouble not in qualifying for loans, but in shopping for the best terms and the best service and paying attention to the details associated with borrowing. If you are a self-employed doctor, planning to scale newer heights in your profession, you can safely rely on Finserv MARKETS for custom-made business loans of up to Rs. 30 Lakhs.

Also, read about SME Loan meaning and its benefits

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make It Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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