Every Doctor must be Aware of these Financing Schemes Available

As per 2018 data, India is home to approximately 10.41 lakh doctors. While the number of medical practitioners in the country is increasing, these professionals also need funds to improve their diagnostic and treatment services.

Not to mention, financing is also necessary to help them meet big-ticket expenditures. They can thus avail loans for doctors in India to meet their increasing funding needs.

  • 33 lakh – Estimated availability of total doctors actively providing healthcare services.
  • 80% – Total percentage of Indian doctors practicing in urban and semi-urban areas of India.

As a majority of the medical professional populace resides in urban areas, the increasing cost of living and personal funding goals strain their finances. Plus, an increased focus to serve patients with state-of-the-art medical facilities calls for infusing additional capital into their healthcare setups.

  • 60% – Estimated percentage of hospitals situated in and around urban areas.

As hospitals in urban locations also attract patients from other countries, medical facilities need to match international standards.

  • 200% – Approximate increase in medical tourists in India between 2015 and 2017.

So, here’s a list of loans for doctors in India that medical practitioners must know about.

Loans for doctors in India: Customised financial schemes for healthcare professionals

  1. Personal loans for doctors

Personal loans for doctors are unsecured advances that do not require you to provide an asset as collateral. All you need to do is meet the minimum eligibility requirements and provide necessary documents to avail these advances.

With prominent lenders, you can also enjoy availing these advances at competitive doctors loan interest rate. Other essential features include the following.

  • Healthcare professionals can avail personal loan of up to Rs.37 lakh to meet their diverse funding needs like child’s education, marriage, home renovation, travel, etc.
  • A long and flexible repayment tenor of up to 60 months allows for convenient and affordable repayment.
  • Simplified application process and fast disbursal provide immediate access to funds.

When availing this loan, look for lenders who provide an easy online application.

  1. Business loans for doctors

Healthcare professionals can now conveniently meet their funding needs related to medical practice with the help of business loans for doctors in India.

Available with similar features and benefits as mentioned above, these advances allow you to meet big-ticket expenditure requirements such as –

  • Advanced and must-have point of care medical equipment purchase.
  • Installation of medical software for improved service to patients.
  • Improving cash flow of your clinical setup.
  • Up-skilling existing staff and hiring qualified professionals.

You must check out applicable doctor’s loan interest rates and other charges to make an informed decision.

  1. Loans against the property for doctors

If you plan to meet big-budget funding needs like practice expansion from clinic to polyclinic, or to a new location, you can also opt for secured advances like a loan against property for doctors.

Available against a mortgage of a residential or commercial property, these loans for doctors in India can be availed up to an amount of Rs.2 crore with prominent lenders. Some remarkable benefits of these advances include –

  • Flexible tenors of up to 18 years allow you to pay EMIs affordably.
  • Unrestricted end-use provides the freedom to utilize the loan amount as per your requirements.

Lenders like Bajaj Finserv also offer a Flexi Loan facility that allows you to make multiple withdrawals from the pre-sanctioned loan amount. Interest is applicable only on the amount withdrawn and not on the whole loan thus significantly reducing your repayment liability.

  1. Home loans for doctors

Another financing scheme that helps healthcare professionals fulfill their housing dreams is a home loan for doctors in India. Highlights of this loan include –

  • Funding of up to Rs.2 crore.
  • Balance transfer facility at lower doctor’s loan interest rates.
  • Up to Rs. 50 lakh as top-up loans with unrestricted end-use.
  • Long and flexible repayment tenor.
  • Customized services for property search.

Know the why and how of healthcare finance, and choose from the available schemes to fulfill your big-ticket funding requirements, both professional and personal. Make sure to fulfill all eligibility criteria and keep necessary documents handy for improved chances of approval.

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