A report states that the Central Government announced full guarantee under the Emergency Credit Line Guarantee Scheme (ECLGS) for up to 20% extra collateral-free working capital. Backed by such schemes, availing financing has become typically convenient. Such crucial changes in the financial market indicate a suitable time to avail loans for professionals.
Qualified individuals like doctors need substantial funds for the smooth functioning of their practice. Nowadays, several financial institutions offer a professional loan for doctors to help medical practitioners overcome a liquidity crisis with ease. It is a popular form of credit that aids borrowers in availing suitable funding at a low rate of interest.
Here are some reasons why doctors should apply for a customised loan.
5 Reasons to opt for a professional loan for doctors
An individual can avail an unsecured loan for doctors offered by several lenders against minimum documents. The benefits of availing this form of credit are-
- Lease a clinic for practice
A medical professional can organise the services rendered with a facility in place to consult and treat patients. Nevertheless, leasing or buying land for setting a hospital or clinic is a substantial amount. Ideally, a clinic has a reception area, waiting lounge, doctor’s chamber, etc., which is a pricey deal. A medical practitioner can thus opt for a loan for professional and avail required funds to meet these funding needs.
One can choose a financial institution that offers quick loan disbursal alongside multiple features for quick and convenient financing. Bajaj Finserv is one such NBFC that extends the credit at reasonable interest rates.
They also extend pre-approved offers that make availing loans quick and easy. This offer is available on numerous financial products, including home loans, business loans, personal loans, etc. You can check your pre-approved offer by providing your name and phone number.
- Expansion or renovation
A doctor already rendering services usually wishes to expand it to new locations for better patient outreach. Owning multiple clinics and facilities at various locations can help them with this goal of reaching out to new patients and expanding the practice. This goal further requires investing a considerable amount of funds as well. Renovation of existing facilities is another objective that may require financing of high value. Nevertheless, availing a professional loan can help doctors meet these financing needs with ease.
- Buying medical equipment
Every hospital needs upgradation of existing and installation of new and advanced medical equipment as well as the latest technology to provide improved healthcare services. While these equipment options remain expensive, they also vary with the professional’s specialisation. The availability of a loan for doctors might just thus ease the funding needs of a healthcare professional in such equipment installation.
Further, availing a professional loan for a doctor would be equally beneficial in investing in essential technologies every small business needs.
- Hiring trained staff
After setting up a clinic, the first task of a medical practitioner is to hire professionally trained staff. Knowledgeable and proficient employees are essential to run the clinic smoothly.
Further, when expanding a clinic, more number of staff are also required to suffice the increasing capacity of the facility. A business owner must be capable of paying a salary at least for one year of efficient working. Availing a loan for doctors can thus help in resolving financial concerns.
- Working capital
Operating a clinic requires taking care of small expenses like maintenance of equipment, offering an advance to staff, unwanted repairs, etc. To maintain the costs, one needs sufficient liquidity.
Further, there is a constant need for working capital to keep a business agile. Choosing a professional loan will thus ensure sufficient liquidity for the practice. A healthcare practitioner already rendering services can easily lease or buy space for setting up a clinic by availing this form of credit. A professional credit offers an individual with substantial funds to deal with such types of expenses.
Apart from these reasons, there are multiple benefits of availing a professional loan for a doctor. Before applying for this loan, it is imperative to check lender availability and compare interest rates prevailing in the market to avail the best funding option.