Dental Practice Funding: What are the Best Loans for Dentists?
With a growing interest of dentists towards computer-aided design (CAD) over the past decade, this particular industry has developed manifold. However, there are about 1,80,000 dental graduates across the country, out of whom only 80,000 are practising the profession actively.
It is because starting a dental practice requires substantial funds which are often tough to arrange. Therefore, despite the presence of such advanced techniques like CAD, the quality of treatment provided by practising dentists is (on an average) pretty low.
To address this issue, leading NBFCs in India offer attractive feature-based dental practice loans tailored for medical practitioners. Dentists can apply for such loans with minimal documentation and simple eligibility conditions.
However, before availing, applicants must know that there are different types of loans available for dentists. So, they must apply for the best one appropriate for their purpose.
Types of dental practice loans:
Following are some of the best loans available for dental practice financing. Each of these has specific features and benefits which cater to particular requirements of borrowers.
- Personal loan
Personal loans are multipurpose financial products which come with no end-use restriction. Dentists can opt for amounts up to Rs. 30 Lakh without any collateral and utilise the fund in diverse personal expenses. Some of those include higher education of child, wedding, foreign trip, medical emergencies or other unforeseen financial expenditures.
- Business loan
This type of doctor loan covers the various expenses of a business or clinic like purchasing new medical equipment, training the hired staff, updating the existing medical software, etc.
You can choose a Bajaj Finserv Business Loan for Doctors which is usually available for up to Rs. 30 Lakh. It also comes with the assured benefit of quick disbursal within 24 hours.
- Home loan
Dentists can apply for an amount of Rs. 2 Crore as a home loan to cover the high-end expenses of purchasing a property or constructing one. You can also opt for an affordable balance transfer facility if your existing home loan attracts higher interest rates. Some lenders additionally offer top-up loans which you can use to buy a car or fund higher education of your child overseas.
- Medical practice loan
Medical practice loans are particularly targeted to aid the doctors in boosting their practice.
Any practice while being set up or refurbished requires the following investments:
- Keeping an inventory of medical supplies
- Hiring skilled staff
- Setting up a clinic
Hence, with the perfect knowledge about how to finance a dental practice, doctors can avail funds of up to Rs. 30 Lakh to meet their expenses without any stress.
- Loan against property
There are certain high-end expenditures which require more funding. One such can be establishing a clinic at an accessible location for the convenience of patients. However, purchasing such a spot requires substantial funding.
A loan against property comes with fund up to Rs. 2 Crore to cover all such expenditures effortlessly. Use it to expand a clinic space, establish a branch of the old clinic, or refinance an existing loan against property.
- Medical equipment finance
With the advent of new technology and its impact on the medical world, it is essential to install the latest medical equipment. However, availing such medical devices with top-notch technologies is difficult considering the expenses involved. Moreover, at times, the best and costliest of medical devices need to be imported.
This calls for medical equipment financing of up to Rs. 30 Lakh. Borrowers can avail the funds without any collateral. Additionally, reputed NBFCs offer competitive doctor loan interest rates which make the loan affordable and repayment easier.
Leading financial institutions like Bajaj Finserv provide Flexi Loan facility, quick disbursals and nominal associated fees keeping all benefits into consideration.
Approaching a trusted lender allows you to enjoy easy repayments with convenient EMIs, online loan account management. Hence, choose the best one from these dental practice loans which cater to your needs and utilise it accordingly.