Once you get down to it, setting up a medical practice is like setting up any other business. There are certain initial expenses—the establishment costs. For a doctor’s chamber or a clinic, for example, you need both specialised and general equipment. You need blood pressure monitors and the like. But you also need seating for the waiting room.

A standard blood pressure monitor may cost in the range of Rs 500 to Rs 2,000. That is not much at all. But add to that all the other equipment—diagnostic tools, examination tables, office supplies and more. Taken together, it adds up to a hefty sum. Is this something a young doctor without deep pockets can afford? Of course not! That is why a professional loan for doctors can be useful.

The Right Equipment

Investing in the right equipment is important for setting up a successful medical practice. Imagine if you went to a dentist for a tooth extraction and the procedure chair was wobbly. You cannot afford to cut corners here. The cheapest option may save you money in the short term. But you may have to replace it sooner due to wear and tear. That means you need to carry out a good bit of research and product comparison first. This will help you create an estimate for the medical equipment loan you need. To help you start, here are some overheads to consider:

  1. Medical Equipment:

    Good diagnostic tools that last will keep you going for years. Thermometers, blood pressure monitors, pulse oximeters, and stethoscopes are all must-haves. An autoclave for sterilising reusable tools like scalpels may also be necessary. You may want an electrocardiograph machine eventually. But it may come under the nice-to-have category. If so, set it aside for later.
    Depending on your specialisation, you may need specialised tools. So, an obstetrician would need devices for monitoring the foetus. A dentist may need a top-end dental chair. And a paediatrician’s clinic may need special weighing scales for toddlers and child-sized treatment tables.
    Adding to the costs are consumables like disposable syringes, gloves, and sample containers. Although cheap when considered singly, you will be buying these in bulk. That will push up your overall costs. You would also need to keep first-aid kits, antibiotic ointments and injections, and various basic medicines.

  2. Non-Medical Equipment:

    Even a no-frills clinic will need at least chairs for the waiting area. You and the receptionist would need good desks and chairs. In your chamber, you would need an examination table, a telephone, and maybe a computer. The reception would need a telephone and a computer as well. You should also invest in a printer and scanner for administrative work. Add to that stationery, filing cabinets, and the like.

The Right Funding

Calculate your EMI Cost:

A professional loan for doctors can set you on the right track when setting up your medical practice. Once you estimate your starting costs, Use a Doctor Loan Calculator. This will help you calculate your financial outgo. Simply insert the loan amount, the tenure, and the interest rate. The Doctor Loan calculator will tell you the exact equated monthly instalment (EMI) you would have to pay. Test this out for different permutations and combinations of the input data. In this way, you could find the most convenient repayment option.

Doctor Loan Interest Rate:

Different banks and financial institutions offer different rates. Bajaj Finserv, which offers up to Rs 30 lakh on doctors loans, charges interest of 14–16%. A 2% processing fee also applies on the loan during disbursal. If you take Bajaj Finserv’s flexi loan option, you incur zero charges on prepayment.

Doctor Loan Eligibility:

Bajaj Finserv’s Doctor Loan in India is open to graduate and post-graduate doctors. You would need to submit certain documents with your application form. This would include proofs of education, income, identity, and address.

Also Read: Check Your Eligibility And Required Documents For Doctor Loan

A professional loan for doctors can relieve a lot of your financial burden when you are just starting out. A medical equipment loan can help you get the equipment you need. Once you have the right funding, there is no need to cut any corners.

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