When we go for a consultation with a physician at the clinic, we expect the best care possible. For the doctor to offer the same there is a need for the best diagnostic tools, equipment, IT staff, infrastructure, medical staff, etc. All these additions require hefty investment as they are pretty expensive. While you may have saved a lot of money, it still may not be enough to meet all the requirements, and this will also deprive you of emergency funds in case there are financial issues related to your family life.
Although you could use a Business Loan or Personal Loan to finance the up-gradation of your clinic, there is a better financial instrument available only for doctors, i.e., a Physician Loan. This way, you don’t have to use your savings and can repay the loan in easy EMI and offer your patients the best personal care. Here are 4 significant benefits of Physician Loans for providing state-of-the-art patient care.
- Higher loan amounts: Medical practice in any country is an expensive affair, and a Physician Loan takes this aspect into account. When you apply for a Physician Loan, your lender first asks for your educational qualification. Then, a standard loan amount is approved if you have completed your MBBS successfully. You can also get an approximation of how much loan you are eligible for by using the Professional Loan EMI calculator available on top lending websites. Also, if you have years of experience treating patients as a registered physician, you will be eligible for a higher loan amount and can avail of it as per your needs.
- Minimal documentation: Medical practice is a time-sensitive job needing long hours to treat maximum patients. As a result, physicians have little to no time for work outside of their clinical practice. Keeping this aspect in mind, lenders have ensured that you only have to submit minimal documentation for Physician Loan processing and approval. Through this method, you can apply for the loan without any complexities and get approval within a minimum time. Compared to the other loan types like business or personal loans, a Physician Loan is customized in nature to match the specific needs and justified demands of medical professionals.
- Doorstep service: This service is exclusive for medical professionals, especially physicians. Maximum lenders offer doorstep services for processing Physician Loans for doctors. It means that a representative of a lending firm will either visit your practising clinic or other places you are currently staying at to go over all the necessary formalities. The representative will assist you in filling out the application form, collecting the essential documents, and will ultimately ensure that your Physician Loan is approved quickly, and the granted loan amount is transferred to your desired bank account as soon as possible.
- Quick approvals: Physician Loans usually come with competitive and manageable interest rates in the range of 14 to 16% per annum based on eligibility, work experience, credit score, etc. By utilizing this option, physicians can expand their scale of operation and upgrade the infrastructure of their clinical facilities. For example, you can use the physician loan to add more medical staff, deploy cutting-edge diagnostic equipment which gives more accurate test results, hire IT staff for automating billing and prescription service, add an internal pharmacy, etc.
When you plan to expand your clinic as a physician, time is of the essence. Thus, Physician Loans have some of the fastest approval and disbursal times in the financial service industry. Usually, your loan application will get processed & approved in 5 or fewer business days. Once all the documentation is validated, and the loan is approved, the amount will be credited to your personal or business bank account within 24 hours from the time of approval.
Medical practice is one field where knowledge, experience, quality of service, and the latest technology must be of the highest order. Hence, physicians looking to run a private clinic or expand their existing clinic need to make a substantial investment. Therefore, opting for a Physician Loan can be a smart way to get the required funds to create a top-notch all-around patient care centre. The above 5 benefits add more value to your decision to secure a Physician Loan.