India’s healthcare sector is expanding at a CAGR of 16%-17% and is expected to reach US$ 372 billion by 2022. Additionally, the market for medical equipment in this country is also on the rise. It is expected to reach US$ 11 billion by the end of the same year. Data like these portray the enormity of the healthcare sector in this country. The same also suggests that it is the right time to invest in this sector.
Financial institutions across the country are offering doctor loans to medical professionals to encourage them to invest and improve the healthcare system even further. Doctor loans consist of both secured (loan against property, home loan) and unsecured (business loans, personal loans) advances.
Medical practitioners can avail such credits to fulfill their various needs such as establishing a clinic, modernizing their existing one or purchase equipment, etc.
Usability of doctor Loans Facility
1. Starting a new clinic
Apart from the extensive public medical system of India, the size of private healthcare in this country is also significant. Such private clinics have an essential role in India’s healthcare system. More often than not, these are the ones that provide critical treatment to a majority of patients.
Hence, doctors also become keen on opening their practice due to the wide possibilities it offers. However, it requires a substantial initial investment to start a medical practice.
Thus, financial institutions in the country are offering credit at affordable terms to encourage doctors to open clinics and provide medical support to their local communities.
One such example of credit is a loan against property offered under the umbrella of doctor loans. Individuals can borrow up to Rs.2 crore at a competitive interest rate to start their medical practice. Furthermore, it has a flexible tenor of up to 18 years which makes the repayment easy.
2. Upgrading equipment
Modern and new age equipment are required to provide better services to the patients. However, such modern technology does not come cheap.
To arrange this corpus, doctors can opt for either a business loan or a loan against property. With the former, they can avail a considerable amount of up to Rs.37 lakh and upgrade their medical equipment today.
3. Renovate the existing practices with Doctor Loan
To comply with the rapid growth of the healthcare sector, existing clinics need to reinvigorate their position to be able to attract more patients. A quick renovation of it can help in this cause.
Healthcare professional can avail business loans or personal loans available as a part of doctor loans for this matter. The credit amount can go up to Rs.37 lakh, and the interest rate is attractive.
Moreover, these have a tenor of up to 96 months, making the repayment affordable. Additionally, the quick disbursal nature of this financial product makes it easy to avail.
4. Expanding existing practices
Medical practitioners can also invest and expand their existing clinics or hospitals. They can apply for a secured loan to purchase or lease a property to expand their services.
They can avail up to Rs.2 crore for this purpose at a competitive interest rate. The tenor of this loan is up to 18 years, making it more affordable to repay. Additionally, lenders offer top-up loans for fulfilling further requirements.
Prominent NBFCs like Bajaj Finserv bring such loans to aid medical practitioners in investing in this sector and provide better healthcare services.
The company is offering various Bajaj physician loans at attractive interest rate, flexible tenor, part pre-payment facility and quick disbursal.
Furthermore, the NBFC also brings pre-approved offers to make the loan application process hassle-free and less time-consuming. These offers are available on a host of financial products like business loans, personal loans, etc. Loan applicants can check their pre-approved offers by submitting their essential contact details.
The healthcare sector in India is showing great promise and is expected to grow even further. With financial institutions offering affordable doctor loans to help healthcare professionals to invest in this sector, it is the right time to invest in this sector and serve their country.