With more and more consumers demanding technologically advanced health care facilities, doctors across India have started upgrading their clinics, services and the kinds of diagnostic equipment they use. However, it has been time and again witnessed that the heavy cost and other installation expenses often make it difficult for them to fulfil their expansion and upgradation plans.
This is where the role of a doctor loan comes in as this collateral-free option can be used for heavy financing needs and comes with flexible interest rates. From hiring staff to investing in machinery, improving infrastructure and more, a loan for doctor can be used for several requirements, without experiencing any kind of restriction. Continue to get better clarity about different types of doctor loans and advantages of availing these loans.
Types of doctor loans available in the markets
- Business loan – If you need funds strictly for business needs such as renovating clinic, hiring more staff and purchasing new equipment, then you can definitely opt for a business loan for doctors. These loans do not require you to submit any asset in the form of security and can be availed for a flexible tenure period.
- Loan against property – This is another loan option that allows you to raise a huge amount of funds. However, since it is a secured loan, you have to offer a residential or commercial property as a security. With this option, you not only enjoy a long tenure of up to 15 years, but can also avail a loan of up to 10-15 crores.
- Medical equipment financing – As the name suggests, this loan option is offered for the purpose of upgrading medical tools and equipment in your clinic, nursing home or diagnostic centre.
Advantages of availing a doctor loan
1. Attractive rate of interest – Doctor loans are offered at favourable interest rates to make it easier for the borrower to timely make the repayments. In addition, a low rate of interest results in a low EMI amount and less financial burden on your shoulders.
2. Flexible tenure period – When it comes to offering a loan for doctor, there are many lenders in the markets who provide a highly flexible tenure period so that the borrower can choose the payment cycle as per his own convenience.
3. No additional charges – Usually, the lenders demand additional charges or a hidden cost during the approval of the loan, but this is not the case with doctor loans as they are provided without demanding any additional fee.
4. Minimal documentation and quick approval – The lenders are very well aware of the importance of time when it comes to doctors and hence, these loans are provided with minimal documentation work. Moreover, a lot of lenders have started using online platforms to make the entire process from application to disbursal as quick and efficient.
To sum up, you can now easily fulfil your dream of setting up a premium grade clinic or upgrading your existing clinic with technologically advanced equipment and tools by using doctor loans. A loan for doctor is available in the form of business loan, medical equipment financing and as loan against property, depending on the amount of funds you wish to raise.
All You Need To Know About Doctor Loans – Read more