A medical practice loan is a financial facility tailored for medical practitioners’ unique needs. It is a funding solution that can help doctors meet their wide range of needs, such as expanding their clinic, paying salaries to the staff, and buying new medical equipment.
Leading financial institutions offer doctors an array of high-value loans to help them meet their needs. Physician loans come with simple eligibility and minimal documentation. Medical practitioners can choose a loan based on their needs.
Here are a few types of medical practice loans for physicians:
Business loan for physicians
If you need funds to expand your medical practice or open a new clinic, a business loan for doctors is one of the best financial solutions available for doctors. This loan facility usually requires no collateral, and you only need to submit just a few documents to get instant approval. You can get collateral-free funds up to Rs. 50 lakh with a business loan for doctors and can repay it easily over a long repayment tenor. These hassle-free funds help you provide instant financing for big-ticket expenses.
Loan against property for physicians
In case you need to buy an expensive medical instrument or build a hospital, you can opt for a loan against property for doctors and get up to Rs. 2 crore. This high-value loan is a secured loan, and to get funds, you need to provide property (residential or commercial) as security. Based on the property value, you can easily get funds up to Rs. 2 crore and manage your big expenses. This loan comes with flexible repayment tenors to spread your EMIs over a long tenor.
Personal loan for physicians
When it comes to financing an expensive overseas vacation, a wedding, a home renovation, and other personal needs, a personal loan for doctors is one of the best financial solutions. You can take out a loan of up to Rs. 50 lakh and use it however you want. Depending on your financial situation, you can choose to repay this unsecured loan over a flexible repayment period of up to 96 months. You can also take advantage of features such as minimal documentation, which requires you to submit only KYC documents and the medical registration certificate.
Medical Equipment Loan
Medical Equipment Finance, which is part of Healthcare Finance, was established with the goal of capitalising on India’s growing healthcare market. It provides funds to professional doctors (both general and specialists), diagnostic centres, speciality clinics, nursing homes, and small to medium hospitals specialising in diagnostic/health care in radiology, gynaecology, cardiology, etc. With this credit facility, you can get up to Rs. 150 lakh and repay it easily over a long period of time. This high-value loan helps you to fund big-ticket purchases for your clinic like an ultrasound machine, CT scan machines, etc.
Depending on your need and eligibility, you can apply for a loan that suits your requirement. Before you decide which facility you wish to avail, you must do third party research and choose a lender of your choice that offers you the most competitive deal. There is a medical practice loan available for doctors and specialists. Your best fit will be determined by your specific requirements as well as those of the lender.
Leading lenders like Bajaj Finserv provide an exclusive suite of loans for doctors and offer a mix of secured and unsecured loan facilities.