India’s healthcare industry is one of the largest revenue-generating sectors of the nation. Employing a large pool of healthcare professionals, doctors, technical specialists, and equipment manufacturers, it caters to the nation’s ever-increasing number of patients and treatment seekers.
- India is expected to rank amongst the top three global healthcare markets in terms of incremental growth by the end of 2020.
India’s cost-competitive market creates a unique advantage for her medical industry. The cost of treatment here is one of the lowest compared to the Asian and western counterparts. Moreover, credit availability in the form of professional and personal loan for doctors allows healthcare professionals to efficiently cater to their monetary needs and secure sufficient funding to finance their private practices.
- Experts predict that by 2024, over 200 billion dollars will be invested in India’s healthcare infrastructure.
Personal financing for doctors – A brief overview
Short-term unsecured credits, especially those catering to healthcare professionals, have seen a noticeable growth in terms of application and disbursement. Newly graduated doctors often resort to these types of funding to pay for the expenses involved in setting up a clinic.
However, like any other form of financing, loan for doctors also comes with specific clauses that every borrower should carefully consider before signing a debt agreement. It is especially evident for credits like a personal loan for doctors, as these do not require any security against the credit, and usually offer repayment tenures of up to 72 months.
Questions to ask before availing a credit
Availing a loan for doctors should be a well-thought-out decision. Lenders are likely to ask a few questions to get a better insight of an applicant’s requirement, plans to utilise the funds, and repayment of the debt. The following should thus be a few essential questions that every borrower should ask before availing a personal loan for doctors. Let’s take a look –
What is the purpose of availing the credit?
As the name suggests, a personal loan for healthcare professionals is usually availed to bridge any financial requirement outside of one’s professional needs. So, borrowers should carefully consider why they are applying for credit, how much funding they need, and how they plan to repay the debt.
These credits do not come with any end-use restrictions, allowing borrowers to utilise the funds as they deem fit. Individuals can thus pay for big-ticket expenses as well as invest additional funds to start their own private practice.
What is the eligibility requirement?
It is of utmost importance to learn about the eligibility requirements before applying for credit. Different types of advances usually accompany varying eligibility criteria. A personal loan for doctors will thus not require meeting the same criteria as a business loan for medical store might ask for.
Meeting the minimum eligibility criteria is, nevertheless, necessary to avail credit. Otherwise, applicants run a high chance of loan rejection. One can find the minimum criteria on the lender’s website and learn how to be eligible for the credit.
What are the terms and conditions associated with these funding options?
Borrowers should carefully consider the rate of interest, applicable fees and charges, loan tenure, repayment terms regarding prepayment and foreclosure, etc. before applying for this credit. It will help understand the clauses asserted by the financial institution and help discover any offers and benefits that may be applicable.
For example, financial institutions like Bajaj Finserv provide pre-approved offers to existing customers. These offers simplify the application process and help save time. Pre-approved offers can be availed on personal loans, business loans, credit cards, and several other credit options. You can check your pre-approved offer online only with your name and contact number.
A loan for doctors, like any other form of financing, should be availed only after thoroughly understanding everything one needs to know about credit. The factors mentioned above are only some of the necessary aspects every borrower should consider.
The terms and conditions associated with a credit, interest rate, applicable fees and charges, eligibility, are only some of the aspects applicants should check while applying. Other than these, one should also consider the purpose of availing credit and the total sum required before applying. Taking care of all these aspects, one can conveniently apply for the funds and expect easy approvals.