As a doctor, you want to provide the best possible treatment and care for patients. With India emerging as one of the most sought-after healthcare destinations in the world, it’s imperative for medical professionals to arm their clinics with the right medical equipment and staff for better patient engagement.
Over the years, the input cost of medical practices has gone up by several notches making it increasingly difficult for doctors to sustain healthy cash flow. In such a scenario, healthcare financing is a good idea. Let’s learn more about this mode of finance and the various benefits associated with it.
What is healthcare financing?
Healthcare financing is a mode of finance to help medical professionals obtain funds for various professional needs. Be it buying medical equipment or deploying technology to manage your medical inventory, healthcare financing help you do all with ease.
Benefits of healthcare financing
1. A large loan amount
Through healthcare financing, you can obtain a large loan amount essential for upgrading services and integrating the latest technology into practice.
While the maximum loan amount is capped at Rs. 30 lakh for Business and Personal Loans, you can avail funds up to Rs. 2 crores under Loan Against Property. You can choose the variant based on your need.
2. Quick processing
Success depends not only on the quantum of the loan amount but also the time is taken to process it. With healthcare financing, you don’t have to worry about delayed processing as the loans are processed often within hours.
For instance, the above-mentioned Doctor Loans from Bajaj Finserv are processed and approved within 24-48 hours, with funds being directly credited into account. The timely arrival of funds helps you achieve your objectives with ease.
3. Easy eligibility criteria with minimal documentation
This is another advantage of healthcare financing. Though the eligibility criteria vary across lenders, most of them entail having minimum work experience. Since this mode of finance is targeted exclusively towards medical professionals, the eligibility criteria are easy to meet.
Minimal documentation required to avail funds is another hallmark of healthcare financing. Generally, you need KYC documents along with your medical registration certificate to avail the necessary funds. Most lenders specify the documents required on their website.
4. Flexibility to withdraw funds as required
New-age healthcare financing offers you the flexibility to withdraw funds as and when needed without having to make multiple loan applications. For instance, Doctor Loans from Bajaj Finserv boast of a Flexi Loan Facility, wherein you can borrow any amount you need from the approved loan limit.
Not only this, you need to pay interest only on the amount utilized and not on the entire limit. This brings down EMIs by several notches, thus helping you with repayment.
Also, with pre-approved offers on the loan from Bajaj Finserv, availing funds is smooth and seamless. To know your pre-approved offer within seconds, share a few basic details.
5. Flexible repayment options
Loan repayment is a critical aspect of the entire exercise. While it’s essential to pay off the loan within the specified limit, it’s equally important to ensure repayment doesn’t stretch your finances. In the case of healthcare financing, lending institutions provide you with the flexibility to opt for a convenient tenor according to your repayment capabilities.
This means that you can divide all your expenses into easy EMIs that can be repaid conveniently over your chosen loan tenor.
With an array of lenders in the market, healthcare financing interest rates are pretty competitive. Before making a choice, go through the loan terms and conditions thoroughly to make an informed choice.