Why Professional Loan Is Beneficial for Clinic Growth?

When we visit a doctor, we expect the best medical care possible. For our healthcare professionals to offer the same, they would need the best instruments, equipment, infrastructure, support staff, etc. at their disposal. All of these things require a huge financial investment.

While they could opt for a Personal Loan or Business Loan to meet their financial requirements, banks and NBFCs (Non-Banking Financial Companies) offer specialized loans for doctors to open a clinic, finance the purchase of the latest equipment, etc. Such loans are tailor-made so that doctors can conveniently meet their personal and professional financial requirements without draining their savings.

Read this article further to know about Doctor Loans and how they are beneficial for clinic growth.

What is a Doctor’s Loan?

A Doctor Loan, also known as a physician loan, is a special financial offering extended to professional doctors and medical practitioners with a self-owned clinic or those working in a private or government clinic, hospitals, and consultants.

Many financial institutions offer this customized, collateral-free loan to borrowers at an attractive Doctor Loan interest rate. The end-use of the loan is not defined so it can be utilized for both personal and professional purposes.

Benefits of a Doctor Loan

There are plenty of benefits associated with a Doctor Loan. Some of the significant ones are outlined below:

• Personalized Offerings

As compared to other financial products, Doctor Loans are customized to fulfil certain demands and requirements of medical professionals. Lenders offer a loan for doctors to open clinic, purchase the latest equipment, hire skilled staff, etc. Not only this but the loan amount can also be utilized for personal purposes such as home renovation, international travel, etc.

• Attractive Doctor Loan Interest Rate

Professional Loans for Doctors are often offered at attractive interest rates as compared to Personal Loans. Therefore, you can avail of a higher loan amount with an attractive rate of interest. By opting for such loan products, doctors can easily expand their scale of operation and improve the infrastructure of their medical facilities without worrying about paying high loan EMIs.

• High Loan Amount

Medical practice comes with considerable expenses, and Doctor Loan lenders consider this factor. When you apply for a Doctor Loan, one of the first things that your lending institution looks at is your educational qualification. If you have passed your MBBS successfully, then the lender will approve the standard loan amount. But if you have done any specialization in the medical field and have been practising the same for many years, the lender will approve the higher loan amount. Hence, the loan amount depends on your professional profile and eligibility.

• Flexible Repayment Tenure

Professional Loan for Doctors comes with flexible loan tenures that usually range between 12 and 60 months. Borrowers can choose the repayment tenure as per their repayment capacity. The flexible loan tenure makes it easier for medical professionals to manage their debt easily while they are doing their medical practice.

• Unsecured Loan

Just like a Personal Loan, Doctor Loans are also unsecured loans. You do not need to pledge any asset or collateral to secure the loan. You can just fulfil the lender’s eligibility criteria and submit the required documents to get your loan approved.

• Minimal Documentation

Since a Doctor’s Loan is unsecured, it requires minimal documentation. This makes the application process relatively simpler and faster.

• Doorstep Service

This facility is exclusively available for doctors and medical professionals. Most top lenders provide doorstep service. This means that a representative from the lender will either visit your clinic or your workplace to go over all the formalities, fill out the loan application, collect the required documentation, and ultimately make sure you get quick loan approval.

Also Read: Business Finance – Overview and Benefits for Business

• Fast Loan Approvals 

When you are planning to expand your operations as a doctor, time is of the highest importance. And thus, Doctor Loans have some of the quickest turnaround and disbursal times in the industry. Once all the documentation has been completed, the amount will be credited to your bank account within 24 hours.

Conclusion

A Professional Loan for Doctors is beneficial for clinic growth owing to its benefits. With this financial instrument, you can avail of a high loan amount at an attractive Doctor Loan interest rate to not only expand your operations but also to meet your other financial requirements.