As the Union Budget 2020 saw fund allocation of Rs.69,000 crore to the healthcare sector, it indicates a possible improvement in India’s medical care facilities.
Nevertheless, the utility of such funds is restricted to healthcare schemes and other autonomous bodies such as AIIMS, ICMR, etc.
The availability of funds to standalone practitioners running their clinics, hospitals and other medical facilities thus remains limited.
More so, under the current scenario where the healthcare sector remains the epicentre of an unprecedented global medical emergency in 2020, an investment in the healthcare sector is required now more than ever.
Policies and expenditure in the healthcare sector encompass the turf of the union and state government/s.
Nonetheless, standalone practitioners can contribute their bit by extending their service to a larger recipient base.
They can do so through healthcare financing provided by various financial institutions as loans for doctors.
Investment in the healthcare sector through loans for doctors
While the healthcare sector is a broad spectrum of services, facilities and providers that combine to form the industry, contributions from unit service providers can count to strengthen this sector.
Practising doctors can thus expand and upgrade their healthcare facilities to extend their services to more and more patients seeking treatment for medical conditions.
Such expansions or up-gradations, nevertheless, require substantial financial investment, which can be conveniently met through medical care financing such as loans for doctors.
Falling under the umbrella term loans for professionals, they are customised to fulfil high-value funding needs of medical practitioners. Doctors can thus avail these funds to meet their facility expansion requirements with ease.
Some of the typical features of this form of healthcare financing include –
- Available as both unsecured and secured advance
Lenders provide these loans as both secured and unsecured advances to suit borrowers’ requirements.
A healthcare professional needs to meet only the minimum eligibility requirements to avail unsecured advances like personal and business loans for doctors.
On the contrary, healthcare practitioners in need of sizeable funding for investment in their practice can mortgage their residential or commercial property to raise funds as a loan against property.
Note that a loan against property for doctors is an advance with unrestricted end-use, thus making it suitable for both personal and professional funding needs.
- Funds of substantial ticket size
These are high-value healthcare financing options that suffice the fulfilment of diverse monetary requirements for business investment.
Unsecured advances like personal and professional loans sought from the best lenders can fetch an amount of up to Rs.37 lakh. A loan against property for doctors comes with a maximum funding limit of up to Rs.2 crore.
- Minimum eligibility and document requirements
Financial institutions lay down minimum eligibility and document requirements a healthcare practitioner needs to fulfil to avail such a loan for professionals.
To be eligible for a doctor loan, you primarily need to fulfil certification, registration and experience requirement and provide corresponding documents.
- Convenient repayment through tenor flexibility
It is also convenient to manage repayment of these healthcare financing options as they come with an extended tenor you can choose as per your capacity.
With the best lenders, you can avail a business loan for up to 96 months, whereas the tenor extends up to 18 years in the case of loan against property.
Add to it the quick approval and fast disbursal facility among other benefits to doctors from a Bajaj Finserv loan, and it becomes convenient to fulfil immediate investment needs of a healthcare practitioner.
The lender also makes financing convenient and helps save valuable time with their pre-approved offers. You can avail these offers on several financial products, which include business loans, personal loan, etc.
As investment in the healthcare sector is more needed today than ever before, doctors can contribute to fulfilling the increasing medical facility demand through such investments.
With easy availability and convenient repayment facility, loans for doctors only become a suitable financing option to meet these investment requirements while making way for individual practice expansion.