The healthcare segment of India, one of the biggest sectors in terms of employment opportunities and revenue, has grown three-fold to Rs.8.6 trillion by 2022. The robust growth encourages medical practitioners to invest in this sector and develop a strong healthcare infrastructure.
The accessibility of customised healthcare finance options has made it feasible for health professionals to work toward patients’ well-being and expand their medical practice. The best way to get healthcare financing to uplift medical status and service is to opt for a professional loan for doctors.
4 ways to get the best healthcare financing in India
To avail of the best healthcare finance option like a doctor’s loan, medical practitioners should consider the following pointers:
1. Meet eligibility criteria
The best possible way to get healthcare finance options is to meet the eligibility norms set by lenders:
- MBBS qualified individuals with their degrees registered by the medical council.
- Dentists or MDS degree holders with a post-qualification experience of at least 5 years
- Super specialist doctors with MD/ MS/ DM degrees are eligible for a doctor’s loan.
- BHMS or BAMS degree holders with at least 2 years of post-qualification experience.
2. Keep required documents handy
The list of documents varies from lender to lender. However, individuals must keep the following common documents ready to avail of a professional loan for doctors:
- KYC papers
- Employee ID card
- Proof of residence
- Income proof
- Medical registration certificate
- Certificate of the last degree
3. Know application procedure
To receive instant financial support, physicians or doctors must be well-versed with the application procedure:
Step 1: Go to the preferred lender’s official website and head to the product page to select professional loans for doctors.
Step 2: Select ‘Apply Online. On clicking it, get redirected to the online application form.
Step 3: Proceed with OTP verification and fill out the form with personal and professional information.
Step 4: Finally, submit the application form and await approval.
To receive instant approval and streamline the loan application process, borrowers must abide by the checklist while applying for a doctor’s loan.
4. Know fees associated with doctor’s loan
Besides settling for a lower interest rate, doctors should also be well versed with the fees associated. Additional charges like processing fees, statement charges, EMI bounce charges, foreclosure charges, prepayment charges, etc., impact the cost of borrowing.
Not considering the charges will lead to unnecessary hassles and a monetary burden. Borrowers should select a lender offering a high loan amount at a nominal interest rate, with a clear insight regarding these hidden charges.
Benefits of availing of a doctor’s loan as a healthcare finance option
There are several times when medical practice needs financing to ensure top-quality services to patients:
- Renovate and expand clinic: A loan for doctors comes in handy when expanding or renovating a clinic. In this context, there are certain financial tips that doctors should take before starting a clinic.
- Hire staff: A medical establishment can run efficiently only with the skilled assistance of the staff. With a professional loan, it has become easy for health professionals to recruit and skilled onboard staff and manage salaries.
- Purchase inventory and equipment: Adopting advanced technology is the most effective method to improve healthcare services in India. A doctor’s loan helps medicos invest in advanced equipment to extend the best healthcare services.
Moreover, medicos can accelerate the loan application process with the help of exclusive pre-approved offers. These offers are extended by several financial institutions like Bajaj Finserv on various financial products like business loans, personal loans, etc. Intending individuals can check the pre-approved offers by submitting their names and contact details.
To sum up, effective healthcare finance option like professional loans for doctors facilitates arrays of financial needs, from funding the clinic’s expansion to arranging working capital. It helps them recognise financial challenges and mitigate them accordingly without deviating from their busy work schedule and straining their finances.