Guest Post by Ashish Gupta
Overview:
Healthcare in India has a huge potential for Doctors to establish their own practice. The lop-sided demand for medical professionals allows ample scope for gainful earning opportunities as a medical practitioner. However, the launch of practice is a challenging task due to finance for setting up a clinic. Doctor Loan is just the sort of credit facility designed by Financial Institutions aimed at medical professionals exclusively to meet their varied needs in starting or running the clinic. It is like any other business loan offered by traditional banks as well as NBFC and new-age Fintech firms who have made a foray into this segment with innovative products catering to the specific requirements of Doctors.
Table of Contents
A Doctor Loan is a specific business loan to be availed of for a plethora of needs depending on the area of specialization for a customized range of activities. Some of the common reasons to avail of Doctor Loan are:
While availing of a Doctor Loan it is imperative to weigh the pros and cons. Some of the redeeming features of a Doctor Loan are:
In spite of variations from lender to lender, the eligibility norms for Doctor Loan can be standardized into the following across a majority of them. Doctor Loan is inbuilt facility in few healthcare companies, It is worthwhile for a doctor to access the digital interface of a prospective lender and check for the eligibility criterion as well as the amount suiting the needs of the clinic. The primary eligibility criterion are enumerated below:
Conventional lenders like banks normally have elaborate documentation norms while NBFC and Fintech companies are more liberal seeking sparse documents. Accordingly, a set as under is indicative of the necessary documents.
The application process is digital and simple for most of the lenders. While for conventional lenders like banks, it is tantamount to expression of interest needing completion of formalities in Brick and Mortar outlet, in the case of Fintech the entire process is online, making it convenient for the applicant. The process may be accomplished in a few simple steps.
It is important to assess the cost of fund sought from the lender through a check of the applicable rates charged and the conditions. Some points to note for a favorable cost regime are:
Considering the above, the following applicable indicative fees and charges have been tabulated for a check at a glance:
Doctor Loan applicable Fees, Charges and Other Features | |
Rate of Interest | Ranging from 1% to 2% per month |
Processing Fee | 1% to 2% of the loan amount upfront on disbursal |
Foreclosure Charges | Nil |
Loan Tenor | Maximum up to 3 years |
Amount of loan | From Rs.50L to Rs.1C free of any collateral |
Type of Loan | Term Loan or Line of Credit (Overdraft) |
Repayment Terms | Generally EMI. or fortnightly at some lenders |
In the light of ample scope to medical practitioners in India, Doctor Loan offers a means to expand in the business of healthcare. Constant upgrades and introduction of emerging technical aids is key to provision of best facilities. Doctor Loan often disbursed in maximum 72 hours has come as a boon to aspiring doctors in India.
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