The number of registered medical practitioners in India is nearly 13 lakh, out of which 80% is employed in the private sector. Running a medical practice involves sizable financial investment via options like hospital loans.
As the per capita valuation of India’s healthcare sector stands at $34, only 15% of it remains publicly funded along with the next 5% covered by social and private insurance.
The recipients mostly meet it through their savings and investments, and healthcare providers have even greater financial requisition. This forces them to rely on external funding options, such as a doctor loan.
The high quality of clinical equipment and outcome at affordable rates has made India a medical hub. However, financing clinical set up on a large scale still requires assistance from various sources of funding.
Although no specific financing scheme has been introduced for the purpose, healthcare professionals can still access funds of high quantum via available hospital loan options.
Financial institutions bring the loan options as both secured and unsecured advances to allow an individual to borrow flexibly.
Here are some of the loans for doctors you can resort to when seeking financing to invest in your healthcare facility.
Business loan for doctors –
A business loan for healthcare professionals is a high-value advance that can suitably meet the intensive investment requirements for expanding a clinical set-up.
Business loans bring funding in a high quantum to suffice for the purchase of equipment and technology that is high-priced.
Financial institutions provide funding of up to Rs.37 lakh as an unsecured advance. Practicing healthcare professionals can apply for the advance by fulfilling simple eligibility requirements and providing minimal documents.
An extended tenor of up to 60 months also allows you sufficient time to repay the doctor loan with ease.
Loan against property for doctors –
A form of secured financing, loan against property for doctors comes with increased scope for funding.
Large-scale expansion of your healthcare facility can include setting up a unit at a new location, along with purchasing equipment and upgrading technology, involving high-cost investment.
Utilize it as a hospital loan to expand your facility’s capacity and improve existing services, among other healthcare investments.
A loan against property for doctors is an advance with no end-use restriction. You can thus utilize it to fund various objectives related to your profession.
Investing in medical tourism to expand the reach and providing services through Lybrate can be among these. Platforms like Lybrate are among the top networking platforms that doctors must utilize.
Apart from funding clinical and professional expansion, you can also utilize the advance of up to Rs.2 crore to fulfill personal funding objectives.
Personal loan for doctors –
Similar to a loan against property, a personal loan for doctors also comes with unrestricted end-use. Meaning, it allows you to fund diverse expenses, both personal and professional.
Under circumstances that require immediate funding, this loan can be typically suitable as some financial institutions offer it with instant approval and a quick disbursal facility.
The unsecured nature of this reduces paperwork and verification requirements, while simplified application processing ensures quick disbursal possible. With lenders like Bajaj Finserv, availing these financing options is easier than ever now.
They bring pre-approved offers that make the process of availing finance hassle-free and help save valuable time.
These offers are available on several financial products, including personal loans, business loans, and more.
As for the hospital loan, you can proceed to apply for the advance with your selected lender.
Make sure that you check how to be eligible for a doctor loan and fulfill all the eligibility requirements.
In case of a secured advance, keep the documents of your property to be mortgaged handy to streamline the application process.