Successful medical practice involves potential doctors, medical practitioners and a hospital or clinic with advanced equipment and facilities. To become a part of the rising healthcare industry, medical professionals need to invest in staff recruitment, purchasing state-of-the-art equipment, investing in technology and the like. Such investments require adequate financial resources.
In such a scenario, loans for doctors come in handy, specially designed to offer finance to specialists and physicians. So, let's explore the range of financial products available for doctors to support their practice.
Top 5 Loan Options for Doctors to Expand Medical Practice
From lender's approach, potential medical professionals must possess robust earning capacity, stable income and high net worth. Professionals with an established clinic and seeking to expand will be eligible for loans for doctors. While there are multiple loan options to select from, each one of them will have certain pros and cons.
Let's dig into the wide range of loans for doctors to find the ideal match that will meet the necessary medical financial requirements:
1. Business loan
One of the effective funding options is a business loan that can be obtained with minimal paperwork from recognised financial institutions, if the doctors possess a healthy credit score. This financial product provides necessary monetary assistance to medical practitioners to set up their clinics or even expand existing medical practices.
Besides fulfilling daily working capital requirements and paying salaries, medical professionals can also utilise the funds to pay for advanced software tools required for the business. Medical lenders extend a business loan at a competitive interest rate and flexible repayment structure that suits the monetary flow of the clinic or medical practice.
2. Personal loan
Doctors with the best educational background are more eligible to acquire a personal loan to fund their own financial requirements at affordable interest rates in the market. With the help of a personal loan, medical professionals can fund their vacations, fund home renovations or repairs and more. As long as doctors possess decent credit scores and history, obtaining a personal loan will be more convenient.
Not only this financial product is free from collateral, it can be availed within a few clicks and with minimal documentation. With reputed lenders, the process of obtaining a personal loan is online and hassle-free.
3. Medical equipment loan
Doctors may require adequate capital to purchase advanced equipment, such as ultrasound scanners, X-ray machines, ventilators, etc. Therefore, many recognised lending institutions offer personalised loans for a doctor to purchase modern equipment. This type of financial product offers substantial capital and flexible repayment tenor to eligible borrowers.
4. Loan against property
Medical practitioners can conveniently acquire a loan against property, especially if they require a considerable amount to meet their necessary business expenses or personal requirements. For example, to increase patient clientele, medical professionals must procure advanced medical equipment or expand their clinics in different locations. For this, they may require additional funds which can fulfil such purposes.
As the name suggests, a loan against property is a secured variant, and professionals need to mortgage high-end property as collateral to secure funds against it. Doctors can utilise such loans to establish a new clinic, purchase residential or commercial property or lease rent discounts. However, the approved loan amount will depend on the market value of the mortgaged property.
5. Home loan
Doctors can also fulfil their requirements of purchasing a home with a home loan available at a competitive interest rate. However, some lenders often hesitate to extend loans for salaried or self-employed professionals due to multiple reasons, such as layoff, unstable income or salary cuts.
Moreover, doctors with private clinics may face such hassles for several reasons. Nevertheless, various lenders offer substantial loan amounts, affordable interest rates, and better repayment terms to doctors..
Reputed lenders also help prospective doctors with value-added services like property search, assistance with technical and legal matters and ensuring that the property is free from litigations.
How to Apply for a Doctor Loan?
Prospective medical professionals can apply for loans for doctors in 4 simple steps:
- Step 1: Visit the preferred lender's website and apply for the loan
- Step 2: Provide personal and professional details in the form
- Step 3: Select the preferred loan amount and repayment tenor
- Step 4: After verification, the loan amount is sanctioned within minutes and credited into the account within 24 hours
Having said so, to avail of the best loans for doctors, borrowers need to evaluate their business situation and begin the application process.