How to Apply for Doctor Loans for Medical Equipment and The Benefits
Keeping up with the latest advances in medical care is a hallmark of a good doctor. So is using up-to-date medical equipment in your clinic. Owing to rapid changes in technology, you may need to upgrade your equipment regularly. This is a financial strain, but you wish to provide the best medical care to your patients. How do you manage to walk this tightrope? Consider professional loans for doctors.
High Equipment Costs
Medical equipment does not come cheap. For example, a standard ECG machine may cost upwards of Rs 35,000. But the price point would increase based on the specifications you need. It could even run into a few lakhs of rupees.
For minor repairs or refurbishments, you can easily dip into your savings. If you need a new weighing scale for infants this month, that is manageable. Say, you need eye charts some months later. That is manageable too. But overhauling the equipment in your clinic is a whole other matter. For that, you would require a medical equipment loan.
Before you apply for a Doctor Loan, you would need to complete some steps:
Step 1: Research
At this stage, you should compare different professional loans for doctors. Look at the terms, repayment tenure, and interest rate. Put together a list of Doctor Loan programme schemes that work for you.
Step 2: Verify
The focus now should be on verifying the information you have gathered. Look online for product reviews. Inquire about specifics by calling a representative of the lending institution. The doctors loan interest rate of one lender may vary from that of another. Find out all the details.
Step 3: Calculate
Once you have all the specifics in place, do the math. These are all essentially small business loans for doctors, so treat them as such. Use a loan calculator to estimate the equated monthly instalment (EMI) for different tenures. Zero in on the amount and tenure that works for you.
By the end of this stage, you should be able to choose a professional loan for doctors that suits your needs. This brings you to Step 4.
Step 4: Eligibility
Before you apply, ensure that you have Doctor Loan eligibility. Besides needing a degree in medicine, you may need a minimum level of work experience.
Bajaj Finserv asks for eight years of work experience for graduate doctors and five years for post-graduates. You would also have to own a home or a clinic to be eligible.
Step 5: Apply
If you are indeed eligible for the loan, simply fill out the application form. For loans for doctors, Indian banks and finance companies will ask for some documents. These include:
- Income proof (e.g. Form 16, salary slips, bank statements)
- Address proof (e.g. passport, Aadhaar card, utility bill)
- Identity proof (e.g. passport, voter ID, driving licence)
- Educational qualifications (e.g. graduate or post-graduate degree in medicine)
Benefits of Loans for Doctors
A medical equipment loan from Bajaj Finserv allows doctors to enhance their medical service without breaking the bank. Here is a quick look at some of the key benefits.
1. Quick processing: These loans keep the doctor’s time constraints in mind. So, the approval process takes just one day. Disbursal of the loan takes two days.
2. Large sums: The goal is to facilitate big-ticket expenses like an equipment overhaul. Bajaj Finserv extends loans ranging from Rs 3 lakh to Rs 30 lakh.
3. Online features: From application to approval, everything can happen online. You can also check transactions and repayment schedules through your online account.
4. Easy terms: These small business loans for doctors do not ask for collateral or the details of a guarantor.
5. Convenient tenure: Choose a repayment tenure that works for you. It can range from 12 to 60 months.
6. Flexi loans: Get a line of credit to use as per your convenience. Pay interest only on the amount withdrawn and incur zero prepayment penalty.