If you’re a doctor and looking for business loans for doctors to expand your clinic or purchase equipment, the number of available options in the market may confuse you. Finding and researching for the best loans for doctors in India may seem to you like taking eternity since it will add to the already long hours that you already put in your profession.
Well, there’s good news. From the lender’s point of view, a doctor has three qualities that make them a great borrower—stable income, strong earning potential, and high net worth. In a nutshell, medical professionals who own a clinic and are looking to expand it will find themselves in an excellent position to avail business loans for doctors.
That said, there are plenty of options of professional loans for doctors available in the market. But not all types of loans are the right fit. In order to help you make the right and an informed decision, we’ve listed the best loans for doctors that will help them in the most appropriate way.
Table of Contents
Capital loans for self-employed doctors can be the ideal option if funds are required for business expansion and growth. Capital loans are designed to help a business owner to expand his business, in terms of launching a new product category or expanding to a new location. This type of loans can be used in the same terms by a doctor.
The capital loan for doctors is offered by many lenders in India. You can look forward to availing them if you require funds to start a clinic at a new location or wants to offer a new service at your clinic- skin treatment, vaccinations, etc.
Working Capital Loan
also read: what are the types of working capital loans?
Working capital loans for doctors is offered by many loan lenders in India. You can avail the service at minimal documentation and low interest rates. Working capital is the funds required for the day-to-day functioning of the clinic. On a daily basis, a clinic requires funds to buy medicines, pay utility bills, pay salaries, etc.
Accounts receivables are the assets of a clinic. However, if they are not liquidated on time, they create a certain amount of cash problems for the doctors. In situations like this, a working capital loan is required by the doctors. The unsecured loans for doctors can be availed to survive this situation.
A new-age type of loan, flexi loans are more like credit cards. In this type of loans, a credit limit is sanctioned for a pre-determined tenure. And the borrower can use fund up to the sanctioned limits as per his requirements. This type of loan eliminates the hassle of applying for a loan and waiting for approval in the situations of urgent requirement of funds.
A flexi loan is the best option if the need for funds can arise at any time throughout the year. Notably, the interest is charged only on the amount withdrawn. And you can repay the loan for medical professionals any time.
A machinery loan or equipment loan is very one of the crucial loans for doctors for India. Equipment such as a stethoscope, blood pressure monitors, pulse oximeter, reflex hammer, syringes, face mask, etc. are very important for a clinic to run. You may need funds to buy equipment for your new clinic or you may also want to upgrade the equipment at your existing clinic.
There are other machines as well which are required by a doctor. To finance all these equipment and machines, a machinery loan for doctors can be availed. This type of loan helps in getting access to machine and equipment without putting much stress on the working capital. The availed loan amount can be repaid in easy monthly installments.
A term loan is a type of loan which is availed for a pre-determined time. Here, the borrower knows the exact time period in which he will repay the loan. This loan is generally a short-term loan in nature. Also, this loan is availed to meet the day-to-day expenses of the business.
Now that you know various types of loans for doctors and know what purpose they serve the best, you can make a smart decision. There are many loan lenders in India that offer low interest loans for doctors, you can look forward to avail a loan from them.