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Benefits and Importance of Healthcare Finance

Most medical professionals tend to get confused when trying to choose the right finance options for their healthcare or medical practices. However, this does not change the fact that obtaining the right healthcare finance is more than essential for medical professionals who are desirous of expanding their practice, purchasing new medical equipment, or hiring professionals.

The right finance option can not only help check the right boxes when expanding but also save the individual from paying hefty interest rates by availing incorrect loans which may not be tailored for their requirements. Apart from this, one might end up feeling dissatisfied with the lengthy application process and incessant number of documents that are required. The loan amount sanctioned may also leave the borrower asking for more. For all these reasons, a healthcare finance can be of immense help.

Mentioned below are some of the features of a such a finance option -

  • Healthcare finance can be used for setting up a new establishment which usually requires obtaining a commercial space on rent or purchasing it
  • The loan can be used not just for purchasing machinery or hiring extra help, but also for renovating the healthcare center to make it more comfortable for patients
  • It can be used for meeting day-to-day expenses, stocking inventory and managing unexpected cost overheads without the need to dip into the savings

Benefits of using a healthcare finance -

  1. With a healthcare finance, such as doctor loans, medical professionals can expect loan amounts of up to Rs. 30 lakhs
  2. Interest rates are much lower in comparison to other loans
  3. Repayment tenor ranges from 12 to 96 months which helps the borrower repay as per her/his convenience
  4. No collateral is needed to avail the loan
  5. Processing is quick and disbursal even quicker
  6. Eligibility criteria is simple and documentation minimal
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