With patients always being on the lookout for holistic and wholesome healthcare facilities, opting for a career in the healthcare sector can prove to be a good career choice. Healthcare involves not just medicine and medical practices, but any other branch like physiotherapy, acupuncture, chiropractic and the like- in other words- any form of treatment that can result in better health and a good living. A healthcare clinic can have doctors and medical practices as well but such a set up has to be meticulously planned and should only provide the best. One can look forward to healthcare financing options in this regard.
Doctor loans are now being widely availed for all kinds of medical and healthcare practices and there are a number of options to choose from:
Business line of Credit: This is a line of credit loan where a particular loan amount is sanctioned to a doctor based on his income and credit score and the doctor is free to withdraw money from his loan account as and when required. This is a great option for doctors who are slowly setting up or expanding their practice and might not require the loan amount all at once. With conventional loans, they would have to pay interest on the entire amount for the duration of the tenure but not so in this case. The interest is payable only on the amount withdrawn and the doctor is free to utilize the sum according to his needs.
Credit card loans: If the loan is required for short span of time and the required loan amount is not very high, then one might opt for a credit card loan. However, one must have a valid credit card for the purpose and it is also important to remember that no special concessions would be made for the purpose of the loan. All credit card loans have high interest rate of 28% or higher and they tend to climb up rapidly in case of missed payments. Hence, such loans should be applied for with caution and they should be repaid as soon as possible.
Professional Doctor Loans: Professional doctor loans provided by banks or NBFCs are the best option for doctors who have big plans for their practice and want the very best for their patients. A doctor needs to have long term plans and should be ready to make this financial commitment to avail this loan, and with good credit score and three years of experience behind them, a doctor may apply for the loan. He should of course keep in mind the doctors loan interest rate, which will be an integral part of his EMIs to be able to calculate how much he should be setting aside each month to pay off the loan. Flexi doctor loans from Bajaj Finserv have sufficiently long tenures, no prepayment charges and competitive rates of interest of about 15%- subject to a doctor’s credit score and provide the doctor with the tools to set up a thriving practice.