Medical Practice Financing: A Quick Guide

Are you a practicing healthcare practitioner who has his/her own clinic? Running an own clinic is not a joke as you would be giving lots of importance to the operations, right?

Yes, being a practicing doctor, the expenses of your clinic can range from maintaining a robust cash flow, keeping an inventory, paying your staff, purchasing or repairing medical tools/equipment.

And that’s when having some money at your disposal will help you easily manage the operations of your medical practice. In the same context, availing the medical practice finance from leading banks and non-banking finance companies (NBFCs) should help you. Yes, lenders consider doctors as respectable citizens of the society and offer them up to Rs.35 lakh as the medical practice finance.

Medical Practice Financing: A Quick Guide

Let’s go ahead and provide you with some vital insights about the medical practice finance quickly.

Medical practice finance eligibility conditions at a glance

Anyone applying for the medical practice finance should aim to fulfil the below conditions to become loan eligible such as:

✓Super specialist doctors such as MD/DM/MS need not have any experience to grab the loan
✓A minimum of 2 years of post-qualification expertise is a must for graduate or MBBS doctors
✓For dentists (BDS/MDS), the minimum years needed post-qualification is 5 years
✓Ayurvedic and Homoeopathic doctors should have 6 years of experience post-qualification and have own house/clinic

What is the medical practice finance?

The medical practice finance is nothing but a customized doctor loan option available only to medical professionals only for the sole purpose of running the medical practice. A higher loan amount of up to Rs.35 lakhs at a lower doctor loan interest rate is available. If you have the doctor loan eligibility, you can easily avail a loan.

Medical practice finance – A quick look at features and benefits!

If you are willing to apply for the medical practice finance, here are some vital benefits that you would grab:

●Grow your practice with a higher loan amount
You won’t need to worry about funding for your clinic as you would be able to run the operations without issues with loans up to Rs.35 lakh.
●Pay only interest as EMI
With flexi loan facility, you can withdraw an amount out of your total limit as many times as per your wish within the tenor, and pay nothing else. You get to settle the remaining amount after the conclusion of the loan tenor.
●Get money in your bank in less than 24 hours
Why wait for the loan money when you have the urgency to operate your clinic now? Leading lenders disburse the loan amount in less than 24 hours to help you use the amount for the purpose you are availing the loan.
●Collateral free loan facility
The medical practice finance is a collateral free loan facility. It means that you need not provide any collateral, assets or security.
●Wider repayment tenors
With tenors as wide as 12 months to 96 months to help you stretch the loan repayment, you get to pay lower EMIs and never feel the burden of servicing a loan.
●Minimal documentation to ease your loan processing
Since this type of doctor loan is available only for practicing doctors, the only thing needed is professional degrees and fewer eligibility terms. You also need to furnish only basic documents while applying for the loan.
●24/7 online account access
You can know the progress and details of your loan via the digital customer portal of the lenders 24/7 and from anywhere.

The Bottom Line

Lenders have made the option of this doctor loan in the form of medical practice finance available to help fund the operational needs of your clinics. Now that you are aware of its benefits and other elements, you can apply for it online if you need it!

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