A chamber packed with patients six nights a week is a good thing. It is a sign that your medical practice is flourishing. But the constant pressure can bog you down. Do you feel you are unable to cope with the inflow of patients? If yes, it may be time to expand your clinic.

Taking the step towards expansion has two big benefits:

  1. It can make your practice more efficient.
  2. It can help you grow your business.

Now, the big question is this: How do you fund such an expansion?

A Doctor Loan can be of help!

Grow Your Practice

You are doing better than you expected at this point in your career. The huge patient inflow is a testament to that. But your surplus earnings are still not enough to take the next step. That is where a Doctor Loan can come handy.

First things first, look at the bottlenecks in your practice. This will help you estimate how much you need from a doctor loan for clinic expansion.

  1. Space: You started out with a 400-square-foot space. This had a doctor’s chamber, a waiting room, and a washroom. But with the growth in your medical practice, the queues for appointments keep getting longer. On the busiest days, there is barely ay space to sit. To keep up, you may need to double (or even triple) the clinic space. So, there is rent to keep in mind.
  2. Employees: For a young doctor with a fledgling practice, a receptionist may be all the help you need. But this changes as your practice expands. An efficient receptionist may be able to handle the growing inquiries and appointments. But it may not be feasible for you to handle 40 patients alone. If so, it may be time to bring in a young assistant or a nurse. They could help with the preliminary check-ups or give shots when you are occupied. But you would have to factor in their salaries.
  3. Equipment: Perhaps your old exam tables are worn out and you need new ones. Or, you may need to bring in better exam lights and weighing scales. But everything has a cost—whether you need thermometers and stethoscopes or blood pressure monitors. Besides, larger specialised equipment like ECG machines do not come cheap.

A loan will be helpful here. A Doctor Loan for clinic expansion would give you the needed funds to grow your practice. For example, Bajaj Finserv’s has a Doctor Loan scheme offers loans of up to Rs 30 lakh. This is available only to qualified medical practitioners.

Remember, the amount of your Doctor Loan needs to cover all the big costs. Some key expenses are the deposit required on a new clinic space, the initial salaries for new employees, and the purchase price of new equipment.

Also Read: Eligibility & Documents Required For Doctor Loan

Finance Options

Indian banks and non-banking finance companies (NBFCs) offer a variety of professional loans for doctors. An NBFC like Bajaj Finserv priorities quick and easy loans for medical professionals. Here are some of the salient features of a Bajaj Finserv loan for doctors:

  1. Speed: The procedure for getting a medical loan is quick if you are a doctor. Approval comes through in one day and disbursal of the amount takes two days.
  2. No security: You do not have to provide any collateral to get a Doctor Loan. Nor do you need to furnish the details of a guarantor. This reduces documentation requirements and speeds up loan approval.
  3. Easy application: Doctors can save time by applying online. Other ways to apply for a Doctor Loan for clinic expansion include emailing doctorloan@bajajfinserv.in or sending DL as an SMS to 9773633633.
  4. Flexi-loan feature: Doctors get a line of credit that they may use as convenient. Interest charges apply only on the withdrawn amount. Besides, loan prepayment is possible.

Managing a solo practice is not easy in a country like India. But a Doctor Loan for clinic expansion can help you stay abreast of the challenges. It could be your ticket to a more profitable medical practice.

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