The healthcare industry is growing rapidly, and setting up a private clinic has become more competitive than ever. Cutting-edge technology has transformed the overall medical functioning and has enabled the growth of AI-based diagnosis machinery. Doctors might face a cash crunch to equip their facility with the latest technology to attract consumers. Therefore, banks and financial companies offer these medical professionals a business loan known as a ‘Doctor Loan’ to help them with financial requirements. They are the most reliable professionals compared to the rest and have fewer chances of default. While applying for this loan, you can expect a doctor loan interest rate starting from 11% with 0.5% and above processing fees. Want to know more about doctor loans? Keep reading!
How can a Doctor loan help you to expand your business?
Let’s explore different ways aspiring doctors can use doctor loans to expand their medical practice.
Hiring more proficient staff
A doctor’s reputation entirely depends on the technical capabilities of the other staff like nurses, paramedics, etc. Staff that has professional capabilities are in great demand in this industry. Doctor loans can be used to increase the budget in hiring more skilled and proficient staff. A well-functioning staff will decrease the workload on the doctors. Patients can get their results more efficiently.
With a good staff, doctors can pay more time and attention to their patients and interact with them, increasing overall satisfaction levels. It also enhances the reputation of doctors in the healthcare industry. If a hospital is presently facing issues with low-quality administration and doctors are finding it hard to employ the right staff for the hospital, a doctor loan can be availed to hire the best, most talented pool of employees. It will not only help with the comfort level of the patients but also maintain the integrity and efficiency of the practice.
Improving administrative technology
Today’s healthcare industry is significantly automated. The whole process of consultation and treatment can be highly streamlined with the help of electronic tests. Having the latest technological equipment can guide doctors towards the proper diagnosis, serving both doctors and patients better.
Doctor loans will help medical professionals advance their infrastructure and save time on insurance and reimbursement processes. Furthermore, patient records can be used to compare past medical statistics to establish an effective treatment plan for the patients. Utilising business loans for robust administrative technology can assist doctors in increasing the profits of the hospital/clinic in the future, besides enhancing doctors’ prestige in society.
Enhancing marketing campaigns
Often, it is said that doctors do not need traditional marketing strategies to run their business, but in this competitive world, it is all about grabbing the attention of the customers, whether it is through social media or mouth referrals. Cash received from the doctor loan can be used to advertise various medical services both offline and online. You can print a full-page advertisement in a local newspaper directing readers to your services.
A social media manager can be recruited to help manage the image of your medical clinic on various digital channels. Effective marketing strategies can help you gain the top spot in the google search result as your services strategically catch consumer attention. Efficient marketing initiatives are crucial if you want to survive in the fast-moving medical industry. If you find it expensive to implement such plans, a doctor loan will help you with vital funds.
Diversify your practice into other locations
In a big city, patients are scattered all over the place, and they may face difficulty reaching your clinic. Instead of losing these potential customers, doctors can use the doctor loan to set up an additional office in prime cities where they can expect a lot of patients. You get an opportunity to diversify your business into metropolitan areas, which elevates your reputation as the best medical professional in the city.
Increase investment in purchasing medical equipment
As the population increases, we need efficient medical equipment more than ever. Medical machines can save the lives of millions by detecting anomalies in critical areas of the body at an early stage. Modern medical technology saves time and concentrates on finding the most suitable treatment plan that likely stretches a patient’s life span. Any doctor can avail of a doctor loan for up to Rs. 50 lakh, which can be used in purchasing medical technology.
Eligibility Criteria for a Doctor loan
Below are the eligibility criteria mentioned for you to look at when applying for the loan.
- Must be at least 25 years of age while applying.
- Graduate doctors with MBBS degrees should be registered with the medical council.
- Specialised doctors like MD, DM, or MS should have degrees registered with the medical council.
- Dentists (BDS/MDS) applying for this loan should have a minimum of five years of experience post-qualification.
- Ayurvedic and homeopathic doctors (BHMS/BAMS) must have a minimum of two years of experience post-qualification.
Documents required for a Doctor loan
Documents required for doctor loan are mentioned below:
- KYC documents like Aadhar card, Voter’s ID, or Driving License should be provided to the lender
- The last 2 months’ income proof or salary slip should be given.
- The last 3 month’s bank account statement should be submitted to the lender.
Make sure to submit all these requisite documents on time for a smooth application process.
How to apply for a Doctor Loan?
Since the application process has moved online, any medical professional can avail of the loan simply by visiting the preferred bank or financial institution’s website and entering all the personal and financial details. Then, upload all the necessary documents along with the above information. The lender will carefully verify all the credentials and papers before sanctioning the loan. Once the lender approves the loan, the loan amount will be credited to your account within an hour.
Advantages of taking a Doctor loan
Doctor loan has incredible benefits that you must know about. Following are a few advantages of a doctor loan mentioned for your convenience.
- Doctor loans can be used for both personal and professional needs. This loan can be utilized to hire more staff and fund any short-term course abroad.
- You can get a higher loan amount by opting for a doctor’s loan. Banks offer this loan at a higher limit than conventional loans to attract more customers. Lenders even negotiate terms and offer exciting prepayment and discount offers.
- Banks offer multiple repayment options at the borrower’s convenience and loan choice.
- As doctors lead busy lives, it is not practical for them to spend their precious time on lengthy paperwork and verification process. This is why doctor loans are custom-made and require fewer documents for loan approval.
- If you have the necessary documents with you at the time of application, verification and approval won’t take much of your time. Now that everything has shifted to online, the application process is quicker without even needing follow-up.
Western medical practice has earned an excellent reputation because of the superior technology compared to third-world countries. In this globalised world, everyone is demanding equal access to modern healthcare. Thus, doctors should consider doctor loans to gain a reputation at a domestic level and expand their talented practice internationally.
