Given the increasing awareness surrounding dental hygiene among individuals, a successful career is quite possible as an orthodontist. Nonetheless, to stay ahead in the competition, your clinic must be well-equipped with the latest equipment and technology.
This can often be a costly affair, on top of securing an expensive medical degree. A loan for dental clinic in India can help aspiring individuals mitigate dental practice costs in several ways. The following are the 5 top reasons why such financial products are necessary for a dental clinic’s profitable operation.
1- Setting up a new clinic
Whether you are willing to purchase a dental practice or building your own from scratch, the most important time to avail a doctor loan should be right at the onset of formulating the plan. Getting a space amidst a populated locality to ensure seamless business operations can be costly, given their high demand. Add to that the initial construction and developmental costs. In the absence of a substantial corpus to support these expenses, external funding is the sole option. If you are considering such options, know how to be eligible for a doctor loan before proceeding to apply.
2- Boosting working capital
It is normal for any service provider, including a clinic, to experience fluctuating income and expenses. A loan for dental clinic in India can help acquire sufficient working capital to address recurring and daily expenses like rent, employee wages, utility bills, etc. Dental practitioners can utilise such funds to bridge the gap in cash flow effectively even when patient invoices are awaiting payment.
3- Dental equipment purchase or upgrade
Nowadays, patients prefer less invasive and more efficient techniques for dental operations. This makes it imperative to stock up on the latest technology and treatments to stand out from other dental service providers and offer the best customer experience. Given the post COVID scenario, the need for additional equipment like sanitary supplies and PPE kits is even more relevant. Whether you are looking to purchase new tools or upgrade existing ones, a loan for dental clinic in India can help to meet such high expenses. To effectively allocate such finances for purchasing dental equipment, here’s what every dentist needs to know.
4- Hiring additional workforce
A sure sign of a prospering enterprise is an increasing demand for its services. However, it can often get challenging to effectively accommodate such an influx of visitors while thriving on the old infrastructure. At the same time, many clinics might not be having enough revenue to take in more employees on board.
It is advisable to not let poor customer service hamper your clinic’s reputation. Utilise a loan for doctors to grow your team and let the increased revenue make for the credit repayment.
5- Venturing into digital marketing
In the age of social media and real-time communication, digital marketing is a master tool to increase your clinic’s visibility and popularity. Most individuals opt for services after researching them online first. Using a loan for a dental clinic in India to appoint a marketing agency or professional is an excellent way to build your enterprises’ online presence effectively. This will make the whole process of reaching out to new customers for your clinic a lot easier.
Make sure to have a detailed knowledge of all the required documents, repayment options, fixed or floating doctors loan rate of interest and other additional charges specified by your lender before applying for this advance.
To make availing financing for these purposes easier, several financial institutions like Bajaj Finserv extend pre-approved offers, which expedite the loan application process. These offers are available on financial products like business loans, personal loans, etc. Check your pre-approved offer by providing simple details before applying for one.