The healthcare industry in India is considered to be the 4th biggest employer in the country and is expected to double itself in terms of revenues generated by the year 2022. This is owing to the increasing demand for quality healthcare and various initiatives launched by the Indian Government, one being Ayushman Bharat, which has made a large number of people more conscious about their health.
Realising the growing opportunities in this field, many healthcare professionals are increasingly opting to begin their own healthcare practice. The only impediment which they face in their plans is the lack of financing options. This is why a number of lenders including NBFCs (Non-Banking Financial Companies) have now started offering healthcare finance options such as doctor loans.
Uses of Doctor Loans
Such financial options are highly beneficial as they can be used for a wide range of purposes such as buying or renting medical equipment, stocking inventory, making payroll, renovating existing infrastructure, and much more.
No Collateral Needed
Unlike other professional loans, in case of healthcare financing, there is no need for the borrower to pledge any asset as collateral in order to get the loan sanctioned. In fact, many lenders now offer loans of up to Rs. 30 lakhs.
Eligibility Criteria
Understanding the growing need for doctor loans, most lenders have now simplified the eligibility criteria and even though it still continues to vary from one lender to the other, most of the conditions are the same and are as follows -
- No experience needed for super specialists such as MD/MS/DM
- MBBS degree holders require 2 years of experience
- Dental specialists must have 5 years of experience, and
- Alternative medical practitioners must possess 6 years of relevant experience
It is also worth noting that the repayment tenors are very flexible and once approved, the loan is disbursed very quickly.
To know more about the healthcare financing, click here: Avail Healthcare Finance with Ease to Set Up Your Medical Practice
