Professional Loan: Why Doctors Need A Professional Loan in India

There would be various expenses in the initial stage of a doctor’s professional life. From the clinic setting, a doctor would require a lot of capital for investment. Also, searching for a specific location or space and creating the right kind of waiting room for the patient might require a lot of cash. 

Due to this reason, a professional loan might be handy for doctors. A doctor might have to undergo other electricity, water, or even interior decoration expenses. Here are some reasons why a doctor requires a professional loan in India.

  • Hiring staff

Even after you set up your business, you must require the need to hire the right kind of people. These people would be an asset to your business. Starting from the receptionist to the housekeeper or assistant, you need to make regular payments to contain them in your clinic. This expense would seem like an enormous one. In the initial stage, such expense could be quite excruciating. But a loan for a doctor would help maintain such a payroll without creating any hassle.

Also, to get a loan, one needs to pass the eligibility criteria. Some of these criteria include:

  • Must have the required degree- MBBS, MD/DM/MS, BAMS, BDS/MDS
  • Must have the required post qualification experience 
  • Must have required documents – medical practice certificate and KYC documents

Once you fulfil these eligibility criteria, you will get the loan without posing any hassle. Also, this loan can help you with various advantages. Keep on reading to know more.

  • Expansion or innovation

As per the natural progress of any profession, it is important to expand the business after a certain point in time. But the renovation or expansion of any business requires a huge amount of funds. A doctor might run a private practice for a long period. But with time, the doctor needs to set up an expanded business. For such an enormous expense, a professional loan can help to expand the clinic. Therefore, it can be nothing but a doctor’s best friend in such a situation.

  • Procurement of the medical equipment

The cost of various essential medical equipment can be quite high. Especially for a startup doctor, it can be quite challenging to pay off this cost. But a loan can easily help the doctor to buy essential medical equipment, including a weighing machine, stethoscopes, syringe or other advanced medical equipment. Hence financial help could be the best bet to tackle this situation.

  • Undergoing operational expenses

Every professional practise comes up with a variety of small expenses. For a doctor, it is the same. The repairing of the clinic’s waiting area for adding futures to the sitting area comes with some cost. However, doctors must keep the best professional indemnity insurance handy to help them in any mishap situation.

Once you think of taking a professional loan, you must go to the third party research to check which lender is offering you the best deal. Once you choose a lender, you can apply online by visiting their website. After filling up the application form, you need to provide the required documents, including the KYC documents, income documents, qualification documents and the bank account statement. 

A doctor’s loan in India is a form of a professional loan. A doctor should not have any fear regarding the expenses. It should not stop their zeal to help the sick. Whether a doctor is looking to expand the ongoing business or setting up any private practice, a loan would benefit the doctor in various ways.

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