The demand for quality healthcare has increased significantly with improved awareness among the Indian populace. It has attracted investments from various sources, leading to the growth of the Indian healthcare industry. According to reports, this sector is likely to reach $372 billion by 2022. The recent Union Budget also reflects the Indian Government’s commitment to invest more in this sector to develop its prospects.
This has presented Indian medical professionals with an opportunity to set up their clinic and be a part of this growth. However, setting up an independent medical practice is a costly affair and requires significant investments. In this regard, professionals can resort to healthcare finance for assistance.
Know why healthcare finance is crucial for doctors
A significant investment is required to serve the rising demand for quality healthcare services, which healthcare loans provide. This specially designed financial product provides adequate monetary help to medical professionals to begin their practice or expand their existing one. Here are some ways in which one can utilise doctor finance –
- Investing in the infrastructure
The lack of any usage restriction allows professionals to invest doctor finance in improving the infrastructure of their clinic, essential in the present scenario. They can purchase the latest equipment, refurbish the interiors, and install disinfectant-proof lighting, etc., using the funds.
- Hiring experienced staff
Every medical practice thrives on experience and well-trained staff to ensure that patients get the necessary treatment without any hiccup. However, hiring such well-drilled and experienced staff incurs a high cost. Nevertheless, with financial assistance from healthcare finance, one can hire and pay salary to such employees. Borrowers can also follow some tips to hire the best front office staff for their practice.
- Buying required machinery
Reasons to upgrade your medical equipment today abound. It improves the quality of service, instills patient’s faith in your facility, and so on. However, medical equipment is costly and requires adequate funds to finance it. A loan for a doctor can solve this crisis. It offers necessary funds without much delay that can fast-track this process. Also, the repayment flexibility makes it easy to pay off the debt.
- Bolstering the working capital
Working capital is important to manage the day-to-day expenses of any business. Doctors can take the assistance of this debt instrument to manage and strengthen the working capital of their practice, which helps them withstand any financial difficulty with ease.
- Use it for marketing
Marketing helps an organization gain visibility, and the same can be said about medical practices as well. In its initial stages, marketing can help people be aware of a new clinic and its facilities. However, it is a costly affair. To that end, professionals can use a loan for doctors to support this expenditure.
- Debt consolidation
Doctor loans have no restriction over their usage, and they come at competitive interest rates. Thus, they are ideal for debt consolidation.
The varied usage of healthcare finance has provided medical practitioners access to a credit option that can meet their requirements. Moreover, it is possible due to the features of this specific financial product.
Advantages of healthcare credit options
Here are some notable advantages of a healthcare credit option, which makes it ideal for medical professionals –
Collateral free: It’s an unsecured loan, meaning individuals do not need to provide any collateral to avail it. It eliminates the hassle of arranging security to get funds.
Minimal paperwork: One of the major advantages of this financial product is its minimal paperwork. This is mainly due to the lack of collateral. Therefore, one needs to submit only a handful of documents to avail of this credit.
Quick disbursal: Doctor loans are available without any hassle. Being an unsecured loan, the paperwork is comparatively less, which accelerates the approval process. Also, the lack of collateral reduces the burden of verification. As a result, leading financial institutions like Bajaj Finserv quickly approve and disburse the loan amount within 24 hours* of approval.
Attractive interest rates: The rate of interest charged on financial products like this is competitive, making them affordable.
Repayment flexibility: The repayment options available with this financing scheme are more than one. Besides regular EMIs, one can make part-payments or foreclose their loan as per their convenience. Additionally, reputed lenders allow their customers to select a loan tenor that aligns with their repayment capacity.
No end-use restriction: Last but not least, financing schemes for doctors come without any limitation on their usage. It means one can use the funds to meet an array of financial commitments, as mentioned previously.
Alongside these, leading financial institutions also extend pre-approved offers that further elevates the convenience of borrowers. This offer, exclusive to existing users, streamlines the loan application process and saves time. Borrowers can check their pre-approved offer online without any delay by inputting their name and phone number.
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Healthcare finance has presented a financing opportunity for medical professionals to start their journey as independent practitioners. They can now find required solutions that suit their convenience to invest in their medical practices.