The Indian healthcare market is about to experience a 16%-17% growth and reach $372 billion by the year 2022. Specific government healthcare schemes like Ayushman Bharat contribute significantly to this boost. The escalated demand for quality healthcare services leads to the establishment of multiple polyclinics. Such medical facilities provide individuals with medical packages including quality medical diagnosis with the help of advanced apparatus.
The considerable funds required to offer such technologically advanced medical services are no longer a hindrance owing to the multiple healthcare finance options provided by leading financial institutions. Availing such credits is convenient and involves a hassle-free application procedure. Medical practitioners can easily meet their personal and professional financial goals with the acquired credit amount.
Availing loans for doctors help you offer better healthcare but is a crucial financial decision to take and execute. Hence, it is always better to compare the multiple professional loans available in the market and then settle for the one that would cater to their requirements. Making an informed decision makes it easy to avoid any probable mistakes that one might make while availing doctors loan. Some such mistakes have been listed below –
Approaching a lender without considering the credit score
The credit score of a borrower reflects his/her credit history and has a positive impact on the lender’s intent to offer the loan amount. Additionally, borrowers with a good credit score also have higher chances of having lower doctor loan interest rates since lenders are assured about his/her repayment capability.
Such higher CIBIL score also helps while availing other secured and unsecured professional loans that primarily cater to the requirements of doctors. Hence, approach a lender to avail loans with a good CIBIL score and enjoy the maximum benefits.
Applying for a more substantial credit amount than required
Medical practitioners need funds to expand or establish their medical facilities or polyclinics, which require a substantial sum considering the multiple aspects that require investment. Developing a practice requires buying or leasing space to build a clinic, hiring skilled staff, purchasing advanced medical equipment, or opting for new medical software to diagnose diseases. Taking into consideration such investments, reputed lenders like Bajaj Finserv provides Loan for Doctors that offer high credit amount and require minimum documentation.
However, borrowers need to apply for a credit amount only after calculating the costs involved in setting up a medical practice. Applying for a more significant credit amount than required creates stress on their monthly budget during repayment as higher loan amounts will lead to higher EMIs as well.
Not checking out the required eligibility criteria for doctor loan
Considering the growing popularity of these credits, multiple leading financial institutions offer such loans for professionals. Opt for lenders who offer easy-to-meet eligibility criteria and minimal documentation other than easier terms of repayment.
Apart from the above mentioned points, it is also essential that borrowers keep in mind the tenor of the loan and the present financial obligations. Higher tenors to your healthcare finance may lead to lower EMIs but increase the cost of the loan. Lower tenors will do the opposite, increase the EMIs but reduce the total cost of loan at the end of the tenor. Make sure to balance your tenor and the EMIs with the help of an EMI calculator to plan your finances with an eye towards the future. Propel your healthcare venture positively with proper financial planning and business execution.