When it comes to healthcare finance, medical professionals often face a quandary with regard to getting the right funding for their healthcare/medical practices.
Healthcare finance is hugely essential for medical professionals/doctors who wish to expand their practices, purchase new medical equipment and even hire new professionals with an uptick in business.
Getting loans for medical professionals is highly necessary for those who wish to start their own clinic or medical practice or wish to consolidate/expand the same. Taking the right financing for your healthcare business is a must since you may end up paying a hefty amount of interest by availing of other common loan types which are not specifically tailored for your requirements.
Additionally, you may also have to endure a lengthy and cumbersome application and loan processing mechanism while you may not get funding as per your needs and expectations.
Here’s what you can use your healthcare business funding for:
●Setting up your new clinic or medical establishment/centre which requires you to lease out or purchase commercial space or other premises. This will help you expand your business and draw more patients.
●You may require the funds for additional hiring in a bid to upgrade your practice. The funds may help you hire skilled professionals who bring added value to your medical practice.
●You can purchase all the necessary medical equipment and other supplies along with using the funds to upgrade existing equipment and other medical infrastructure.
●The funds can be used for the renovation of your healthcare centre or clinic with an aim of making patients and visitors more comfortable.
●You can also keep working capital intact for your medical business by using the funds to meet regular expenditure, day-to-day costs, stocking up on and managing inventory, paying all creditors and suppliers and taking care of unexpected expenditure or overheads.
●You can also use the loan to purchase medical software and get into other digital avenues for higher efficiency, better marketing and smoother running of the medical practice.
●Most importantly, emergency expenses and other needs can be best met with these funds, more so if you do not wish to dip into your own hard-earned savings or compromise on working capital requirements.
Here are some of the benefits that you can expect with a loan for medical professionals from NBFCs:
●Comparatively a higher loan amount up to Rs. 30 lakh which should suffice for all your specific requirements.
●Lower and competitive rates of interest that help keep loan costs lower.
●Flexible loan tenors ranging from 12- 96 months, that help you choose as per your repayment abilities and convenience.
●Zero collateral requirements, i.e. you do not have to put any of our own assets on the line to qualify for the loan.
●Fast Processing & Disbursal- The application procedure is absolutely hassle-free and you can expect swift processing and disbursal within just 24 hours of the document collection.
●Simple eligibility criteria- NBFCs has simple and hassle-free eligibility criteria and there is minimal documentation required. You only have to provide your medical degree and KYC documents to representatives who will collect the same right from your home/office.
What’s more important is that taking a healthcare finance helps you take care of all your needs without having to sell a stake in your business to investors or borrow money from professional associates or family members. You can retain full control of your healthcare practice and grow it with aplomb.