Doctor Loan: Loan for Doctors to Enhance Infrastructure
Rajat Jani was a doctor, working in a renowned hospital in Jodhpur. Jani always wanted to start his own clinic but was worried about the expenses involved in it. The cost of medical equipment and a space to start the clinic was beyond his budget. He knew he had to arrange the finances to fund his dream clinic. After much research, he came to know about doctor loan.
A doctor loan is a professional loan that is specially designed to suit doctors in India. A physician can take this loan to set up a new clinic or refurbish an existing one. If you are a doctor, take a look at this article to find out how this loan can help you.
What is a Doctor Loan?
A doctor loan is a financial product designed by Bajaj Finserv to aid the healthcare professionals of India. A doctor can take this loan to buy a new office space. This could include a new plot or building to set up a hospital, nursing home, or a chamber. He or she can also renovate an existing facility with the loan. A doctor can also use this loan to buy office equipment or medical inventory for practice. Finally, a doctor loan can provide the necessary cash flow for a medical facility.
Medical Equipment Loan:
Medical equipment can be quite costly. An X-ray machine costs about Rs 3 lakh while a hydraulic OT table costs close to Rs 1 lakh. For a young doctor setting up a practice, these expenses may be too high to bear. This is where a doctor loan comes into play. You can take a loan to purchase medical equipment and set up your clinic without a hassle. The upper limit of a medical loan is Rs 30 lakh. But it is better for you to prepare a budget first. Then borrow only as much as you need.
Using a Doctor Loan
Listed below are the different ways in which you can use the loan:
Do you already have a hospital, nursing home, chamber, or pathological lab? You can use a doctor loan to enhance the infrastructure. You can use the doctor loan for clinic expansion. You can also get the structure painted or repaired, buy new furniture, and the like.
A medical loan could help you out to buy another CT-scan machine. Or it can let you purchase a new ultrasonography equipment. You can even convert your nursing home into a bigger hospital with the medical loan. It could give you the right kind of financial help to buy such expensive machinery. You can then take your medical facility to the next level.
You can use a doctor loan to buy vehicles related to your practice. You can buy an ambulance or other vehicles to, say, carry the portable X-ray machines.
As a young doctor who has just set up a practice, you may be a little short of funds. A doctor loan can help you gather some working capital for your practice. This can help you establish a strong foothold in your professional life.
The bottom line:
Bajaj Finserv provides loans to doctors at attractive rates of interest, which makes it easy to repay. You may want to set up your private practice or build a hospital along with a colleague. A doctors’ loan could help you out to a large extent. But first, prepare a budget and calculate how much you need. Also, assess your current financial health. Can you afford the loan? Find out the eligibility criteria for a doctor loan. Once you have done that all, you can go ahead and take a medical loan. Add to that a little bit of hard work. There would be no stopping you from achieving your goals.