6 Important Factors For Starting A Successful Hospital

6 Important Factors For Starting A Successful Hospital

All successful hospitals hold a few values in high regard. These include state-of-the art facilities, immaculate premises, patient-friendly interiors, and efficient administration.

If you’re looking to start a hospital of your own, keep these helpful guidelines in mind for maximum success:

1.    Have A Strategic Plan:

  • Any business needs to have a plan of action that details all the long-term goals and objectives.
  • Do the same for your hospital to have a clear purpose and direction to move in.
  • Lay down the achievable objectives including the number of employees to be hired, machinery to be purchased, and so on.

2.   Benchmark Quality And Services:

  • High standards of quality ensure superior service. This will increase patient satisfaction and ensure repeated footfall.
  • The standards should be turned into benchmarks of quality that every employee imbibes and works by.
  • These benchmarks can be related to patient care, staff support, hygiene levels, and confidentiality agreements.

3.   Prepare A Budget To Monitor And Control Expenses:

  • Budgets help you forecast your expenses, plan your finances over a period of time, understand how to spend the money and thus, prioritise your finances.
  • This planning can help you boost your practice’s income and profits. Budgets also set targets for employees to follow and ensure that resources are used wisely.

4.   Acquire The Ideal Equipment:

  • Equipment is indispensable to any medical practice. Good equipment can help detect illnesses faster and aid in speedy patient care.
  • Buying good quality equipment can be expensive, but is a necessary investment. It is also important to maintain and upgrade machinery on a timely basis.
  • Decide on what equipment you will need on a day-to-day usage in your hospital. Try to secure the best possible tools, instruments, waiting room facilities, and medical billing software to treat patients better and avoid errors.

5.   Scout And Hire The Most Qualified And Experienced Doctors:

  • Efficient patient treatment requires specialists. Having an effective hiring process or department that recruits the most qualified and experienced professionals will help distinguish you from other hospitals.
  • This will also widen your hospital’s area of expertise and equip it to tackle a wider range of medical conditions.

6.   Work On Advertising And Marketing:

  • The correct advertising can help create a strong brand identity, increase brand awareness, offer information on your services and ensure positive brand recall amongst your customers.
  • Apart from this, consider social media marketing, content marketing and search engine optimisation to maximise your reach.

Starting a hospital requires a lot of research and planning but these steps break it down into simple, achievable tasks. But, other factors that will influence your success are business acumen and the right funding. You can borrow a loan to finance all of the tasks that we’ve outlined.

To further help you get closer to your goals, Bajaj Finserv offers personalised loans for doctors. Their Loan for Doctors has benefits like flexible tenor and a line of credit, quick disbursal and a high loan limit.

Apply for Doctor Loan Online Know More About Doctor Loan

Did you know that a home loan balance transfer can reduce your EMI_ed

Did You Know That A Home Loan Balance Transfer Can Reduce Your Emi?

If you are tired of paying expensive EMIs on your home loan, perhaps a home loan balance transfer is your best bet. It can introduce you to better customer service, lower interest rates and additional incentives that the new lender has to offer. Check your eligibility for a home loan balance transfer using this simple calculator. If you’re eligible, read on to know how a balance transfer can come to you aid and help you save money.

How your EMIs may reduce after a balance transfer:

EMIs stand for equated monthly instalments and are the pay you pay off a home loan. There are various influencers that contribute to a change in your EMI payments. Having knowledge of these can help your better understand whether a home loan transfer can be the right move for you. Your overall EMI payments may change as a result of various fluctuations in the interest rates, tenor and even part-prepayment of the loan.

Here are the various ways in which a home loan balance transfer can help reduce your EMI payments:

  1. As a result of low interest rates: Interest rates can be described as the amount paid to the lender for offering the loan service. It is added to the principal and contributes to the amount which you repay over the tenor. Interest rates are the primary reason why borrowers seek a home loan balance transfer. They are also the primary reason for a change in your EMIs. Lower interest rates would lead to lower amounts of interest being paid and thus contribute to a lower sum of EMIs to be paid.
  2. Change in the tenor: Tenor is the period over which you make EMI payments towards the loan. The duration of the tenor varies from lender to lender and is different for different loans. Home loans usually have the longest tenor, since they offer a substantial amount loan. Lenders also offer you a tenor suitable to you according to your financial needs. While opting for a home loan balance transfer, if you choose a longer tenor, your interest would spread across a longer duration and your EMIs will decrease. If you choose the same tenor and your new home loan interest is lower than before, your EMIs will still reduce. If you choose a shorter tenor with a low interest, your EMIs may remain the same and you would be able to pay off the loan faster.
  3. A difference in interest rate system: Interest rate systems are the function on which interest rates are based. There are two kind of rates, floating rates and fixed rates. Certain lenders have floating interest rates that fluctuate with market forces and some have fixed rates. If your new lender has a low interest rate that is fixed, then your EMIs would automatically reduce. Thus you would end up saving more of your income as compared to before.
  4. Part-prepayment of your home loan: Part-prepayment can be described as paying part of the principle before the end of the tenor. This amount is more than what you pay as your EMI, and lenders usually ask for the minimum prepayment to exceed the value of three EMIs. When you make a part-prepayment, your principal reduces and this in turn reduces your EMIs.

These are some ways in which a home loan balance transfer can help you save income spent on EMIs. If you are tired of paying high EMIs, don’t hesitate to opt for a Home Loan Balance Transfer from Bajaj Finserv, which not only offers you’re a low interest, but also flexible tenor and other features like no charge on prepayment.

Transfer your Home Loan Online Home Loan Balance Transfer Calculator

Also Read : Benefits Of Availing An Engineer Loan

Engineering Loan: Maximising the Value of Your Company

Maximising the value of your engineering company helps you to improve your market position and revenue, and places you on a faster track for growth. You can maximise your firm’s value by improving its performance. You can do this via clever finance and resource management. One way of fuelling these activities is to plan them in advance and finance them with a loan customised for engineers.

Take a closer look at the steps for maximising your company’s value:

1. Look For Opportunities To Diversify

  • Diversification expands your consumer base and attracts clients from new and unexplored sectors.
  • Since engineering is a field that covers various sectors including electrical, mechanical, software, systems and more, you can find related sectors to diversify into. Do your research and explore opportunities before taking this step for best returns.
  • For example, a civil engineering firm can diversify into transport, water and energy engineering. This discipline complements the business’ expertise, thus adding value to it.

2. Take Active Measures To Improve Cash Flow

  • Optimise the cash flow of your company to maximise its value. You need to ensure that your inflows are more than your outflows.
  • To do this you must repay all your old debt and release cash that is stuck in idle assets and investments.
  • This helps improve any deficits in your firm’s cash flow and as a result, increases its value.

3. Discover Your Strengths And Form A Competitive Advantage

  • There are various areas an organisation can build on. For an engineering practice, this could be the services offered, technical know-how or turnaround time.
  • It is important for you to constantly aim to do better and set a benchmark for yourself.
  • Once you have set a standard, it is crucial to effectively market this to gain an advantage over your competitors.

Also Read : Benefits Of Availing An Engineer Loan

4. Implement Financial Control, Planning And Monitoring

  • It is important to manage your finances to maximise the value of your company.
  • This can be done by drawing up balance sheets and profit and loss accounts of your firm. These documents give you a clear view of the financial standing of your business, including your debts.
  • You must also draw up a financial plan to monitor spending and ensure that your business is on track to achieve its goals. Consider hiring an expert to ensure that your business makes all the right financial decisions.

5. Purchase Advanced Machinery

  • Machinery is an important aspect of any engineering practice. It directly controls the output, productivity and profitability of your firm.
  • The newer your machinery, the more output it will provide. This directly translates into higher profits. So, check your machinery from time to time and take necessary steps to maintain and upgrade it.

6. Employ Skilled Human Resources

  • This is essential for an engineering firm as the field requires you to invest in the right labour that is skilled and highly educated.
  • Having employees that have studied engineering from prestigious universities can improve the value of your business over time, as employees are assets too.
  • Moreover, skilled employees bring with them their professional network, superior work ethic and managerial abilities. These qualities, apart from their core skill, are beneficial to your business.

Implementing these steps is sure to add value to your organisation, help it grow and even get you easier access to investors. But, it is important for you to take these measures one at a time, keeping your financial condition in mind. To help you achieve your value maximisation goals, you can avail a Loan for Engineers from Bajaj Finserv. This customised loan offers engineers a high loan amount up to Rs.15 lakh with easy online application and simple eligibility criteria. It also comes with a nominal interest rate and a convenient line of credit option.

Apply for Engineer Loan Online Check your Engineer Loan Eligibility

7 Secrets that will make your home buying experience smarter

7 Secrets That Will Make Your Home Buying Experience Smarter

Buying a new home is a big decision that requires a lot of research, especially if you plan to apply for a home loan. If you proceed without caution, you may end up facing problems such as delay in procedure, poor quality of construction and paying excessive interest rates. In order to lay proper groundwork before you proceed, here are our 7 best-kept secrets that will help you in taking a smart purchase decision.

  1. Maintain Good Creditworthiness: To raise the finances for purchasing a new home, you require a home loan, and for a home loan, you need a good credit score. A credit score determines your financial ability to repay a loan. It is calculated on the basis of numerous factors like your credit card balances, payment of previous debts and new credit acquired. Hence, even 5 months prior to your purchase, do not acquire any new credits or make any big purchases. This can lead to an immediate dip in your credit score.
  2. Go for preapproved or online loans: Applying for an online home loan has made the process of buying a home a lot simpler and less time consuming. Most lenders have user-friendly websites where you can fill a form and submit your application along with the documents. This process is much quicker than the manual procedure and requires absolutely no paperwork. It also offers more competitive interest rates.
  3. Negotiate when purchasing the home: When placing your opening bid on a home, decide on a figure that you can afford, which justifies the worth of the house. A common practice is to place a bid much lower than the seller’s asking price and then to drive a hard bargain. However, don’t risk offending the seller by bidding a price that is too low. Come up with a reasonable quote and then arrive at a final price that is mutually bebeficial to you and the seller.
  4. Avoid anticipation associated with market: Prices in the real estate market rise and fall continually. It is common for people to delay their purchase decision in anticipation of the market going down, which not only causes anxiety and delay but can also make you miss out on a good deal. As long as you find a good house that meets all your requirements at an affordable price, don’t stress too much about whether the timing is right or not.
  5. Avoid emotional attachment: The key to making a sound home buying decision is to be practical rather than emotional. Falling in love with certain features of the house can cause the big picture to blur and lead you to make a bad financial decision. Thus, while viewing and evaluating properties, focus more on the technical aspects, price points and credibility of the seller or agent before you make the final decision.
  6. Analyse the neighbourhood: The neighbourhood is an important aspect when purchasing a property. It is vital for you to know how the people who live around you are. Also, if you have children, it is important to see if the neighbourhood has good schools and an environment that is safe for children to grow up in.
  7. Visit the property: This is the primary and most important stage of purchasing a property. You should not at any cost purchase a property by only seeing pictures. A physical visit is a must to make an accurate and safe decision. Images and videos can be edited to make the property look more appealing than it actually is. A physical visit can help you identify the details much better. You can also take a professional opinion from a home inspector or architect concerning the value of the property.

These are the 7 essential secrets every home buyer must know. Once you are ready, you can instantly apply for a home loan with Bajaj Finserv at attractive interest rates and other features for added convenience.

Apply for Home Loan Online Check your Home Loan eligibility

Questions Your Business Loan Lender May Ask When You Take

Questions Your Business Loan Lender May Ask When You Take Small Business Loans

“How I planned to repay the loan, was the first thing I was asked by my creditor,” recalls Shalini Mehra, proprietor of a mid-sized saree dealer in Rohtak, Haryana.

While it is one of the many questions creditors ask while approving small business loans, the list is quite comprehensive.

Securing funding for business is a challenging task. Hence, thorough preparation on your part can go a long way in the loan application process. Below is a guide of the possible questions you need to answer while opting for small loans:

What Is Your Business Plan?

Creditors base business loan eligibility criteria on the business plan. “The focus is to show the opportunity the lender finds attractive,” says Naresh Pradhan, mortgage loan officer of a reputed NBFC institution.

You must also highlight adequate contingency schemes to give your plan a more reassured look. Considering the various socio, economic, and political factors will help you develop a concrete plan.

How Much Money Do You Need?

This is an obvious question, which requires a careful answer. “A correct estimation of the funds shows fiscal awareness and entrepreneurial maturity on your part,” opines Naresh. You must break down the use of money at each stage of development to enhance the chances of funding.

At Bajaj Finserv, you can get a business loan worth Rs. 30 lakh at a competitive rate of interest.

Also Read : Important Things You Should Know Before Opting For A Business Loan

What Is Your Business Financial And Credit Score?

Keep the lending history of your business with you while approaching your lender. It includes:

  • Current and past loans
  • Debts incurred
  • Investment and credit card accounts

“Along with business financial details, your lender will look at your credit score. A credit score highlights the financial health and trustworthiness of your business. It is one of the most vital parameters that can decide interest on business loans,” points out Naresh.

Shalini says, “I knew the importance of a good credit score. So, I paid bills on time, maintained a healthy cash flow and invoiced my bills in the name of my company.”

Where is the Audited Financial Statement of Your Business?

Audited financial statements include the balance sheet. It lists out your business assets, liabilities, and capital. “When you present an audited statement to your creditor, there are chances of business loan interest rates going down,” says Naresh.

Because of extra steps taken by an external auditor, these statements are more likely to be error-free. You must at least have profit and loss statements of the past three years.

Where Are Your Personal Financial Details And Credit Score?

Note that your personal financial details also form an important part of the queries made by potential lenders. Personal financial details include your net worth and details on assets and liabilities like investment accounts, credit card accounts, vehicle,and home, among others.

Naresh says, “With increasing cases of bad loans, lenders have become more cautious and use personal financial details and credit score to judge business loan eligibility criteria. A good personal credit score has a positive impact on the creditor.”

How Will You Use The Loan Proceeds?

Lenders need to know how will they get a return on their investment. A careful approach on your part in investing the loan amount for a productive business operation goes a long way in securing the funds at competitive interest rates.

“A detailed plan for the expenditure of loan amount is critical in the application process. Expenditure data along with ROI figures allay fears on the part of the investor,” quips Naresh.

Does Your Business Have The Ability To Repay The Loan?

From an investor’s point of view, loan repayment is the biggest concern. As a businessman, your best bet is to list out similar profitable ventures in the past.

“When I faced a similar question, I demonstrated my expertise and research done in the field where I intended to invest the funds,” recalls Shalini.

Some lenders ask for a collateral if there are doubts about repayment. We, at Bajaj Finserv, don’t need any collateral while processing your loan application.

What Is Your Repayment Strategy?

The chances of loan approval hinge on your repayment strategy.

“Lenders need a clear strategy to gauge the safety of their investment. They want reassurance that you will survive the difficulties of business and still repay the loan,” opines Naresh.

This EMI calculator can help you plan your repayment strategy.

A business loan interview can work to the advantage of both the lender and borrower. While it helps a lender better understand the prospects of future investment, it gives the borrower a chance to introspect about the proposed venture.

Apply for Business Loan Online Check your Business Loan Eligibility

7 Flaws In Your Business Plan You Need To Fix

7 Flaws In Your Business Plan You Need To Fix

When Varun Singh, a computer peripheral dealer in Pune, took a close look at his business plan for securing a business loan, he immediately knew there was something wrong.

“I didn’t find the plan attractive enough to entice my potential creditors. I called my team and after some brainstorming, fixed the flaws,” says Varun. His judgment was spot-on. The edited plan struck a chord with the creditor and helped his company get the required funds.

“While an idea is central to a successful venture, it is not enough. A solid strategy needs to transform the dream into a reality and business plan is the keystone of a venture. Often, a plan determines business loan eligibility criteria,” opines financial expert Sambit Rao. It’s a known fact that many promising endeavours fail due to flaws in business plans.

Below are some mistakes you should avoid if you are seeking to give your dream a smooth flight to success:

·         Unrealistic Projections And Mismanagement Of Cash Flow

The financials are one of the most important aspects of running a business. Cash is the fuel driving the engine of your business. Hence, it’s important to have a clear idea of the sources of funding and cash flows into the project.

Sambit warns, “Mismanagement of cash flow may also push you into bankruptcy. Thus, it’s vital that your plan shows realistic cash projections and potential earning channels.”

·         Overlooking Idea Vs Execution

In your enthusiasm to turn an exciting idea into reality, you can least afford to overlook boring but important factors. A business idea needs to survive the rigorous test of socio-political and economic acceptance to survive and thrive.

“Forgetting the who, why, when and how associated with a business plan will most likely result in its failure,” opines Sambit.

For example, you may come up with a radical idea of a fuel cell. However, the environmentally damaging components and high price compared to other available options will make the plan very unlikely to take off.

·         Ignoring Competitors

Michael Porter lists ‘Threat of New Entrants’ as one five forces of his industry analysis model. Business is not a one-man game and every venture, old or new, is under a constant threat from rivals.

“An idea may be unique. However, in the modern world, the shelf life of a unique idea is very short. Before preparing the documents required for business loans , a plan must figure out how to deal with competitors,” points out Sambit. He further adds, “This will help you get loans at competitive interest rates.”

We, at Bajaj Finserv, offer loans as high as Rs. 30 lakh at attractive interest rates without any collateral.

Also Read : Apply For Business Loan And Find Smart Ways To Manage Your Cash Flow

·         Not Knowing The Target Market

Alongside segmentation and positioning, targeting is one of the most important aspects of a marketing strategy. The plan must know the audience to which it makes the value proposition.

“Every business plan must consider demographic, economic, and social factors. Wrong targeting may lead to wastage of resources, social rejection and lack of revenues,” cautions Sambit.

·         Not Prioritizing Your Priorities

A modern business is a sum of a series of operations with varying degrees of importance. A plan must know how to prioritize the crucial ones over the ones less important. This was the lacuna in Varun’s plan.

“Proper prioritizing gives a clear idea of where to invest the limited resources,” points out Sambit. For example, you may prioritize to handle operations where you have core competencies while outsourcing the others. This helps you save operational costs in the process.

At Bajaj Finserv, we give a credit line facility for your loan that enables you to expand your business and take it to new heights.

·         Not Enough Research

Note that most modern economies are knowledge-based. If you fail to know enough about your line of business, the chances of success are slim.

“Before gauging your business loan eligibility criteria, build your plan on the foundation of detailed research. It must consider studies from various sources and consider social, political, and legal consequences,” says Sambit.

There are various tools through which you can check the soundness of your business plan to check its test of reality.

·         Lack Of Determination And Organization

A plan is nothing if it doesn’t make sense to all the stakeholders on board. It is like a statement of purpose to all people investing their resources in your venture.

“A business plan must showcase determination and commitment on the part of the entrepreneur,” points out Sambit.

While there are teething problems, you must review your plan repeatedly to weed out flaws and inconsistencies. As an entrepreneur, you must master the art of creating a holistic and detailed business plan before giving wings to your dreams.

At Bajaj Finserv, not only do we offer you a high loan amount at a competitive rate of interest but also don’t screen you with the same rigidity as banks while offering loans. You can take your business to greater heights with our collateral free business loans.

Apply for Business Loan Online Check your Business Loan Eligibility

A snapshot of all the charges and fees your home loan incurs_BFL_ed

A Snapshot Of All The Charges And Fees Your Home Loan Incurs

Thanks to the convenience offered by home loans, one need not wait for several years to be able to purchase one’s dream home. However, most lenders charge various hidden costs and other charges apart from home loan interest rates. Potential buyers must be aware of these costs in order to secure their interest and avoid being exploited. Contrary to popular belief, one can also incur these charges when applying for a home loan online.

Here are all the charges and fees you should know about:

  1. Processing Fee: In general, a processing fee can be defined as a charge or a cost that is incurred while processing a particular application. In the case of loans, this is the fee levied for processing the loan. Lenders usually charge this fee to cover the costs that they would incur for processing your application. These costs usually include the cost of credit cheques and even basic administrative costs. The processing fee for a home loan application ranges from 0.5% to 1% of the loan amount disbursed.
  2. Prepayment Fee: Prepayment is when a borrower pays the outstanding loan amount in part or even in full before the stipulated time period. Certain lenders levy fees for prepayment of the home loan. This charge is generally levied on loans that have a fixed rate of interest as compared to floating rate. The lender charges this fee in order to secure his interest as prepayment causes him to lose out on the gains from interest rate over the years of repayment. This fee can potentially be equivalent to a few months’ worth of EMIs.
  3. Fee for home loan balance transfer: A balance transfer is when a borrower seeks to change the lender of the existing loan and move to another lender to gain from lower interest rates. The amount of this fee varies from lender to lender. It is charged to secure the interest of the lender as, after a balance transfer, he/she loses out on the potential interest gains that were decided upon when signing the loan contract.
  4. Charges of technical valuation: Technical valuation is the process of evaluating the property you are purchasing in monetary terms. This process often requires a professional like an architect, engineer or even an accountant. In such a case the technical valuation charge is the fee which is paid to the expert technical valuator. The lenders incur this fee and pass it on the borrower of the home loan.
  5. Legal Fee: As with any financial transaction, taking a home loan entails several legalities. The costs of completing these formalities fall under the legal fee charged by the lender. For example, the scrutiny of various legal documents would cost a certain amount that would be paid by the lender during processing, but later be passed down to the borrower when agreeing upon the final contract.
  6. Franking Fee: When completing a home loan transaction and purchasing a property, the buyer has to certify the payment of the stamp duty of the premise. Stamp duty is a tax that is levied during the sale or transfer of a particular real estate property. The franking fee is approximately 0.1% to 0.2% of the overall loan amount.

Apart from these costs, you may also need to pay an EMI bounce charge, which is usually around Rs.1000 for missing an EMI payment, as well as a penal interest of 2% p.a. Some lenders may also charge a secure fee. Now that you know all the costs that you would incur when borrowing a home loan, choose a lender who is transparent about all costs and charges. You can borrow a home loan instantly from Bajaj Finserv at affordable interest and no hidden costs.

Apply for Home Loan Online Check your Home Loan eligibility

How Doctors Can Use Personal Loans To Offer Better Healthcare

How Doctors Can Use Personal Loans To Offer Better Healthcare

A personal loan for doctors is a collateral-free option that allows medical professionals to finance several business-related needs as well. Since it is easy to apply for and is disbursed quickly, you can use the money to boost your practice and provide advanced medical care to your patients.

Here are some ways in which you can use a personal loan for doctors to provide better healthcare:

  1. Improve facilities to cater to urgent patient needs
    It is important to ensure that your hospital has all the facilities needed for emergency services. For example, having a separate casualty ward stocked with the right equipment and specialised staff can help treat injuries, asthma attacks and strokes. Also, adding or improving facilities gives you an edge over your competitors.
  2. Buy state-of-the-art equipment
    High quality equipment is indispensable and all medical practices can benefit from state-of-the-art equipment as it helps diagnose and treat illnesses, and even aids in performing surgeries. You can use the loan to purchase essential equipment like EKG machines, electrosurgical units, stress systems, diagnostic ultrasounds, defibrillators, patient beds and surgical tables.
  3. Create improved infrastructure
    It is important for your hospital or practice to have spacious and comfortable interiors that also offer you and your patients the best security. This involves ensuring that your facility is replete with access control systems, CCTVs, proper lighting, waiting areas and recovery rooms.
  4. Hire more staff and specialised doctors
    The right staff ensures that the various departments that you have set up are working optimally. It will also improve delegation and internal communication. Having dedicated staff to handle various concerns is also a good idea for your practice’s effectiveness and growth. It also builds credibility and improves the service quality.
  5. Set up an in-house lab or pathological department
    To give your patients a holistic experience, you can invest in an in-house lab or pathological department. When you offer multiple services under one umbrella, patients are more likely to choose you over other clinics. This also supplements your revenue.
  6. Offer pharmacy services to patients
  • A pharmacy inside your clinic or hospital completes the eco-system and will be extremely convenient for patients.
  • Setting up a pharmacy will involve hiring a pharmacist and stocking the necessary medicines. You can efficiently track inventory by buying management software.

Taking a customised Personal Loan for Doctors from Bajaj Finserv helps you meet all these needs. India’s most diversified NBFC, Bajaj Finserv offers doctors like you several advantages. They include:

  1. Finance up to Rs.30 lakh on a Personal Loan customised for you
  2. Flexible repayment tenor ranging from 12 to 96 months
  3. Line of credit facility for financing unpredictable needs
  4. Easy 4-step online application process
  5. Simple eligibility criteria
  6. Nominal rate of interest
  7. Part prepayment facility at no extra charge
  8. Minimal documentation
  9. Collateral-free credit option

Now that you know what’s in store, apply for a Personal Loan for Doctors from Bajaj Finserv to upgrade your practice.

Apply for Doctor Loan Online Know More About Doctor Loan

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