India is already suffering from a shortage of qualified and experienced medical practitioners. As per a survey, the country needs an additional 6 lakh doctors to make up for this shortage.
Another crucial factor holding healthcare services back in the country is the lack of funds for doctors to set up their own practice.
Home loans and business loans for doctor are crucial sources of funds, which can help such professionals meet their monetary needs.
While both these forms of credits provide different kinds of funding, both are vital for financial security amongst physicians.
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Benefits of business loans for doctors
Doctors often look for self-employment by setting up clinics, pathology labs or personal chambers, other than working at hospitals and nursing homes.
It is often difficult for such a professional to arrange the necessary funds to set up a business. Therefore, these individuals may seek business-funding aid from financial institutions.
Listed below are some reasons to take a business loan for doctors:
- Hiring skilled staff members
A business is only as good as the staff running it. While setting up a private clinic, doctors may want to save money by hiring inexperienced staff.
Nevertheless, doing so can severely hamper the clinic’s reputation in the long-term.
Instead, by using business loans, an individual can hire staff members who more qualified. It is one of the several reasons to take a business loan for doctors.
Although such a move will increase expenses for your business, it leads to a fruitful relationship with your patients.
- Undertake advertising campaigns
Effective marketing can help bring in more patients to your clinic. Whether offline or online, these advertisements create awareness about your venture, boosting business revenue significantly. With business loans for doctors, you can hire external marketing agencies to design and execute such campaigns.
- Invest in state-of-the-art technology
Present-day medicine is greatly reliant on advancement in technology. Clinics housing the best equipment is also often the most successful.
However, such advanced equipment is expensive, making it difficult to afford. Funding such purchases are almost impossible without availing credits from a financial institution.
- Expand business operations
A sole clinic may not fulfil your expectations about profit generation. However, a second branch of the business, especially one at a suitable location, can boost your revenue significantly.
Expansion can not only lead to greater profit generation but will also build your enterprise into a brand. Therefore, expand your clinic with a loan for doctors and take advantage of enhanced reach to increase your income.
These are some of the ways in which a business loan can aid doctors in setting up and improving their practice.
Benefits of home loans for doctors
Doctors seldom secure enough income to afford a home. Thus, to help such a pursuit, physicians can seek hassle-free home loans. Such financial backing ensures that a doctor has sufficient funds available to handle personal and business expenses.
Some doctors also plan to build clinics within their homes, rather than renting a separate property. However, to achieve the same, physicians would need to opt for spacious properties. Such properties tend to be more expensive than smaller apartments. In such cases, home loans for doctors become crucial.
Although home loans do not directly benefit a doctor’s business, such options provide enough financial support to ensure that they can devote resources to build their enterprise. Furthermore, it severely restricts the financial burden, just as business loans for doctors.
Whether you avail a home loan or a business loan for doctors, ensure that you choose one of the reputed lenders. Bajaj Finserv, for instance, offers a Business Loan of up to Rs.37 lakh to eligible doctors, at minimal interest rates.
Additionally, the company provides pre-approved offers, ensuring a speedy and convenient loan application process.
Practising physicians may want to set up their own business or purchase a dream home. Lack of funds should never be a reason to give up on these dreams. With hassle-free doctor loans available from various sources, medical professionals should take advantage of such facilities.