For a doctor, running or starting a medical practice can prove to be financially stressful. Doctors must have their clinics updated with the latest medical equipment for delivering top-notch medical services to the huge number of patients they cater to. According to an article published in The Print, one allopathic doctor caters to around 1511 individuals in India.
Shortage of funds can, thus, stop medical practitioners from expanding their business. This is where a loan for medical equipment comes into the picture.
Ways to utilise a doctor loan for growing medical practice
An individual can make use of a doctor loan in many ways to grow his/her medical practice. Illustrated below are some of these:
Installing new medical equipment
Advanced medical equipment and tools aid diagnosis, and doctors owning the best-in-class machinery are much sought-after by patients. Starting from portable MRI machines to automatic external defibrillators, the latest technology, however, accompanies a hefty price tag.
With the help of a loan for medical equipment, doctors can lease or purchase these equipment conveniently. They can then repay the loan over an extended tenor.
Undertaking clinic renovation
Renovating a clinic or hospital can potentially enhance staff efficiency, accommodate a greater number of patients and lower operational costs in the long run. Renovation can include improving the clinic with smart systems, remodelling operational areas or adding a new wing. However, ample financing is necessary to undertake such renovation work, and a doctor loan can help in this regard immensely.
Introducing specialised medical staff
With the growth of the healthcare business, the addition of specialised staff becomes essential to the in-house team. Here, the facility of Flexi loans for doctors extended by reputed financial institutions can be highly beneficial.
Through this feature, medical practitioners can withdraw funds without making new applications. The fund withdrawal can be made from the approved sanction on the go. Furthermore, in this option, interest is charged on the amount withdrawn from the sanction.
Ensuring positive cash flow
Managing cash flow at a medical practice can be challenging for doctors. Improper planning can lead to financial distress in future. A doctor loan helps in cash flow management in multiple ways.
The considerable loan amount proves to be helpful for doctors in treating short-term cash flow issues while keeping a business’ long-term growth within the radar.
Serving a broader clientele
In the healthcare sector, earning the trust of patients is vital, as is getting into new markets once an opportunity arises. As a whole, these are important for the growth of medical practice. Expansion into a new market can imply a new clinic set-up in a different locality or city. It can also indicate venturing into telemedicine and providing newer treatments.
What makes doctor loans a great option for medical professionals to expand practice?
A doctor loan comes with several benefits for medical practitioners. Individuals looking to acquire this loan must be aware of these. Some of these are illustrated below:
- Facility for part-prepayment
Doctors can opt to part-prepay their loans without any additional charges. Having mentioned that, the prepaid amount should be more than three equated monthly instalments.
- Flexi loan facility
Individuals can withdraw the entire amount or a portion of it according to their convenience. They can pay only the interest as EMI and go on to part-prepay or foreclose the loan during the tenor anytime.
- Accessing the account online
Doctors can manage their loan account online through dedicated customer portals designed by financial institutions.
- Hassle-free loan with minimal paperwork
Individuals can acquire a loan for doctors through a simple online application procedure that requires minimal documentation.
- Affordable rates of interest
Opting for a doctor loan from a reputed financial institution would enable an individual to enjoy attractive interest rates with nominal charges.
Doctors seeking these loans to upgrade their medical equipment must, however, keep in mind to be responsible towards their EMI payments. Punctually repaying a loan for medical equipment would boost the credit score of doctors. It would also open doors to several offers for them.
For instance, financial institutions provide pre-approved offers, which help in simplifying and accelerating the entire lending process. These offers are provided on various financial products like business loans, credit cards and more. Individuals can check their pre-approved offers by providing a few details such as name and contact number.
So, if you are looking to grow your medical practice, apply for a loan for medical equipment now, considering all the above aspects.