A professional doctor who is running his/her own practice, need constant cash to maintain positive working capital, buy new equipment, undertake expansion along with various other personal needs. These expenses are high-end costs, which are difficult to manage from your own pocket or savings. So, you can apply for a customised doctor loan or a medical factoring. These options of financing will help you address your needs.
Benefits of a doctor loan:
A doctor or physician loan helps to solve issues related to your clinic’s cash flow and also help to fund diverse professional and personal needs. There are a variety of physician loans available depending on your needs and requirements such as Personal Loan for Physicians, Business Loan for Physicians, Home Loan for Physicians and Loan Against Property for Physicians. If you apply for a business loan for physicians, it can be used for buying new equipment, renovating clinic and implementing new technology into practice.
If you apply for a loan against a property for physicians, you can use the fund for paying for your child’s higher education or meeting any high-ticket purchase. Even you can get a doctor loan with minimum documentation process and with faster disbursal process.
Whereas a medical factoring can only be used to address cash flow issues arising out of the non or late payment of Mediclaim.