India is widely regarded as the fastest growing economy across the globe. And just like other industries, healthcare sector in the country is also experiencing a boom. According to estimates by India Brand Equity Foundation, healthcare market in India is expected to reach 372 billion US Dollars by 2022, fuelled by increasing cases of lifestyle diseases and greater health awareness among the people.
These figures, combined with the fact that a substantial part of the population is overly dependent on private healthcare services, it presents a great opportunity for the doctors to start their own medical practices or expand the existing ones. However, it’s easier said than done as it requires a robust planning and huge amount of financial investment.
To ease the muddle, many banks and non-banking financial institutions have started offering doctor loan to help the medical professionals to establish or expand their own clinic. Read more to know the benefits of medical practice loans and how you can use it to grow your healthcare service:
Build modern infrastructure
As a doctor, you must be knowing the importance of building modern hospital infrastructure to provide top-notch healthcare services to your patients. A robust infrastructure also creates a good impression in the minds of your patients, thereby helping you to enhance and strengthen your patient base. With doctor loans, you can easily meet the financial requirements for revamping the infrastructure of your medical clinic.
Install latest healthcare machines
Medical practice loans are generally high-value loans. It means that you can get access to a large reservoir of funds through doctor loans and use them to install costly healthcare machines, such as X-ray machines, sonography, and ECG machines etc. at your hospital or clinic. It will ensure the best possible treatment for your patients.
Adapt new technologies
In order to provide the best medical facilities, you need to constantly adapt digital innovation and technological transformation. However, with sky-rocketing prices of modern medical equipment and installing digital healthcare software, it’s easier said than done. This is where medical practice loans can aid you with large capital amount required to install the latest technologies at your medical practice.
Boost up your online presence
In this digital era, it is not just essential to have an online presence but is more important to dominate the online sphere. You can use the funds acquired from medical practice loan to create your own website, market your healthcare practice, and use them to convey your medical experience and achievements to a large pool of audiences. This will also help you to expand your patient base.
Meet growing customer demands and compliances
Hospitals and healthcare facilities need to make sure they’re compliant with a number of rules and regulations and meet the increasing demands of their patients. So, its key to have the funds available to invest in meeting compliance guidelines and rising patient demands. With doctor loans, you can integrate latest facilities at your hospital to provide the best possible services to your patients and employees.
Being a doctor, you can also enjoy exclusive benefits on these loans such as faster approval process and easy eligibility criteria. Here are the special benefits of these loans for doctors:
Quick approval process
Doctor loans are approved and disbursed by the lenders as quickly as possible. This means that you do not have to wait for long to start investing in your medical practice and meet all its financial obligations. Also, since these loans are collateral-free, you don’t have to pledge your personal or professional assets to qualify for the financing.
Easy eligibility criteria
Lenders usually follow a lenient approach while approving doctor loans. This implies that you don’t have to worry about meeting stringent eligibility guidelines and undergoing strict verification process to avail the medical practice loans.
Affordable interest rates
Since doctor loans are meant exclusively for medical professionals, they usually come with competitive interest rates when compared with other lending avenues like personal loans or credit cards.