5 Simple ways that a Professional Loan can help you manage your medical practice

5 Simple ways that a Professional Loan can help you manage your medical practice

As a medical professional with a private practice, you manage a steady stream of expenses at any given point in time. This is true whether you’re running a multi-speciality clinic or have a practice dedicated to a specific field. Patients have also grown to expect a higher quality of service from healthcare centres.

Whether it is better diagnostics, holistic care services or digital provisions, patients expect the best, and delivering this comes at a cost. Now, you can address any funding needs you may have with a specialised professional loan known as the Bajaj Finserv Doctor Loan.

This business loan for doctors is an excellent solution whether you need funds to sustain your practice or improve it. It has several convenient features, which allow you to focus on priorities rather than loan processing. The doctor loan also offers repayment flexibility, thus ensuring that your practice never faces cash flow issues. For tips on how to best use this professional loan, read on.

Access capital for upgrades without risking assets

Typically, when you need to make improvements to your medical practice using credit, you are required to pledge an asset as collateral. This is standard practice for several offerings in the market and can be quite a hassle. For one, it requires extra effort as the lender has to have the asset evaluated and undertake other verification steps. Secondly, pledging an asset is an added risk.

All of these problems can be mitigated with this doctor loan as it is an unsecured offering. This helps you qualify for capital easily and helps safeguard your business and personal assets as well. However, your financial and credit profile will be assessed to determine the sanction you are offered. So, if you’re looking to avail of a sizable amount, ensure that your finances are in order beforehand. Use the funds to add a new wing, create a more spacious waiting room, or even set up another clinic at a popular location.

 Hire trained medical staff on affordable terms

Hiring a skilled workforce can be a challenge as it is not only an expensive undertaking but also a recurring need. You have to account for salaries and ensure that the working capital available can comfortably accommodate them. With this professional loan, you can handle such an undertaking affordably as it is offered at a competitive doctor loan interest rate. This helps control the total interest outgo and ensures that the new salary payments you need to make don’t disrupt your practice’s monthly cash flow.

 Address time-sensitive requirements reliably

A key benefit of this doctor loan is that it is tailored to meet all your professional needs. As a doctor, time is a valuable resource, and you may not have much to spare for loan procedures or processes. To ensure easy and quick access to funds, qualifying for this loan is very simple. All you have to do is meet the basic eligibility requirements and furnish just 2 documents, which are:

  • Medical registration certificate
  • KYC of any signatories

This feature facilitates speedy loan processing and disbursal, thus ensuring access to capital without delay. Simply put, it is an offering you can rely on even when you have an urgent need for funds, be it to repair or service important machinery or meet regulatory compliance norms.

 Bolster working capital with the ample sanction

Based on your financial and credit profile, you can avail of a generous sanction with this professional loan. You can get approved for up to Rs.35 lakh without any collateral whatsoever and use the funds freely for any expense for your practice. This sanction helps cover most costs, even those related to the purchase of high-end medical equipment such as LASIK surgical machines, medical lasers, electrosurgical units and more, as well as Electronic Health Record (EHR) software. Besides upgrades, the sanction can help you sustain the practice. You can use it to bolster working capital and ensure that operation isn’t disrupted due to lack of funds.

 Manage big-ticket expenses comfortably with the flexible tenor

Big-ticket expenses are tough to carry out mainly because of the financial pressure they exert, either on the working capital or your savings. To avoid such a burden, opting for this doctor loan is a smart idea because it allows you to repay over a lengthy tenor. You can opt for a repayment plan that ranges up to 96 months, thus ensuring that EMIs are always within budget. If your priority is to maximise interest savings, you can also opt for a minimum tenor of 12 months

Based on these tips, you can put this professional loan to use in managing and growing your medical practice. To ensure that you have a smooth and hassle-free borrowing experience, be sure to check your pre-approved offer by sharing basic details.

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