The capital cost, and the operational costs differ for clinics depending on the scale, and the kind of services provided. Whatever be the costs, doctor loans by NBFCs are a better way to absorb these costs.
For example, let’s take into consideration the cost aspect of Ross Clinics. The initial costs of Ross Clinics ranged between Rs. 4 lakh to Rs. 7 lakh, back in 2011. 30% of its cost was absorbed by infrastructure, and inventory each. Electronic health record software comprised another 20% of the initial costs. Its operational costs were around Rs. 15 lakh with remuneration comprising 60% of the expenses.
Be it any specialisation, disease or organ that your clinic is dealing with, a doctor loan will provide a single window to address the financial needs of your clinic.
What Makes Doctor Loans Better
Online Access to Loan Account
You can check doctor loan eligibility and apply online. The customer portal Experia allows you to manage your account including transactions. You can borrow, and repay through Bajaj Finserv e-wallet.
These loans are a preferred way of setting up your clinic. Bajaj Finserv provides business loans for doctors for Rs. 30 lakh without guarantors or collaterals.
A doctor loan is a line of credit facility which provides pre-approved loans for a given tenor. Unlike a term loan you need not borrow the whole amount, if you do not need it. You can borrow as you need and pay interest only on the borrowed amount. It is always prudent to get a higher credit line approved, to cover higher costs, if required.
Suppose, as a dentist, you have an approved credit line of Rs. 12 lakh, but you borrow Rs. 5 lakh for adding a dental chair, some air conditioners, and an RVG imaging unit. Then you pay interest only on Rs. 5 lakh.
A flexible doctor loan allows you to borrow several times, till the credit line is exhausted. For example, you can borrow another sum for renovation, or higher studies, without going for a separate working capital loan, equipment loan, or education loan. So, one credit line for all the financial needs related to the setting up of your clinic.
EMIs Have Shrunk for Doctor Loan
Flexible loan for doctors by NBFCs such as Bajaj Finserv lets you pay the principal at the end of the tenor. You pay only the interest component as EMIs.
Suppose you borrow Rs. 5 Lakh at 15% for 4 years. The EMIs come to Rs. 6250. For a business term loan it is more expensive, as the EMIs come to Rs. 16667. If you are working (consultation or surgery) 160 hours a month, then the cost of EMI per hour comes to only Rs. 40, in the above case.
Collateral Free Doctor Loan
You can avail a business loan for doctors without having to pledge any property, or assets. This does away with the time-consuming process of asset evaluation for the guarantee. Bajaj Finserv loans for doctors are approved within a day, if the required documents are submitted.
Part-Repayment of Loan for Doctors
Loans for doctors allow you to repay as you can. You can make part repayment without any penalty, if the total amount paid in a year is less than 25% of the outstanding principal. However, there are part-payment charges if the repayment is more than the 25% of the outstanding principal.