Things can be difficult for doctors who manage their clinics as medical practitioners. Since handling a medical career while taking up a part-time accountant and manager role of the clinic can be stressful in the long run. The steady cash flow calls for efficient management and a good grasp at the basics of capital and business loan documents.
These problems so far have not gotten any kind of consideration from the world and have been largely ignored by the public too. Now with the special loan for doctors, medical practitioners can easily expand their practice if they wish to do so. Essentially this is an instant business loan catered towards doctors and can help you in the following ways.
- Simpler Terms
Owning a clinic is running it like any other business. Expansion and growth are essential to their survival in the long term. As one expands they will hire more staff and look for a property with more space that ultimately increases your reach within the city. Some people use this as an opportunity to add new facilities like beds to their clinics.
All of this requires a large amount of money and other financial aids so that the expansion happens smoothly without disturbing your operations. For doctors, the eligibility criteria have been simplified and you just need to meet the experience requirements along with your medical registration certificate to apply.
You can fund your renovations and expansions with the help of business loans too. For example, you can take out a loan for doing repair work on the whole office or add more consultation area to your practice, even making changes to your waiting room can be done with the newly acquired business loan. All of these are big investments and certainly qualify as a reason to loan some money. Certain NBFCs have been shown to approve up to 37 lakhs almost hassle-free. With the business loan documents in order, one can freely grow at their own pace.
- Flexi Loan
A constant stream of cash flow which is uninterrupted is necessary for the development of the business. It also helps in sustaining it because you are managing a small business and while practicing, we would highly suggest that you opt for a Flexi Loan. A Flexi Loan allows you to borrow money from your sanction multiple times, as when you require it and maintain a healthy cash flow coming into your business. It also limits your interest to the amounts withdrawn only.
You also have the option to only pay the EMIs and paying the principal amount later which can reduce your instalments by 45% in the long run.
- No Collateral
Having to put something up as a security or collateral is a risky business move. As most of your assets would be medical equipment that comes with a hefty price, it is advisable not to use them as collateral in any case. Many lenders now take into the fact these machines are needed for day to day operations and they need to upgrade rather frequently to keep up with the latest breakthrough. This is the reason why many NBFCs are now offering unsecured and asset free loans to doctors.
We highly recommend going with these unsecured loans as non-repayment would lead to confiscation and sale of the equipment that used to make you money and help your patients in the case of a secured loan.
NBFC stands proudly with our doctors and through its various policies and loans encourages the medical community to expand and grow for the betterment of the masses.