Healthcare has become one of the largest sectors in India both regarding revenue generation and employment. The healthcare industry is expected to grow two-fold in the upcoming year. India is also presently experiencing a 22% to 25% growth in medical tourism and services.
Together, this makes it the ideal time to grow one's healthcare business. Medical professionals can benefit significantly by creating an infrastructure that can cater to a higher number of patients. They can also improve their existing setup to keep up with the advances in medical technology. However, both these aspects require strong financial backing, which may not be readily accessible to everyone.
Healthcare finance can offer the much-needed financial support in situations like these. A loan for doctors is tailor-made to meet different professional and personal requirements of medical professionals.
Where to get the best healthcare financing in India?
Various financial institutions offer healthcare financing in India. Along with few Government organizations, multiple NBFCs offer loans on convenient T&C and attractive interest rates. Moreover, as a medical practitioner, you can get various types of loans for professionals from a reputed NBFC.
If a medical professional requires a larger amount for expenses like purchasing a new home, building a new clinic or expanding their practice, they can avail a Home Loan for Doctors or a Loan against Property for Doctors. Both offer a hefty sum of up to Rs. 2 Crore to finance all growing needs.
Now that you know where to get the best healthcare financing, read on some other essential details regarding the same.
Who can avail these loans?
These loans for professionals are suitable for self-employed doctors with a minimum experience of 2 years. Also, you can avail the finance if you are involved with a private or a public hospital, and require funds to grow your own practice or to cater to any of your personal or practice’s purpose.
Interest rates and other charges
Interest rates may vary with the types of financing. For example, if you avail a personal loan for doctors, you will pay 14% to 16% interest on the principal amount. The same rates apply for a business loan for healthcare professionals. Again, loan against property carries an interest rate of 9.50% to 11%. However, you will pay a substantially low-interest rate of only 8.5% to 9% on a home loan for doctors.
You also have to pay a nominal processing fee of 1.5% to 2% (depending on the type of loan) of the total amount.
Eligibility criteria and documentation
Financial institutions offer easy to meet eligibility criteria for anyone availing healthcare finance. Here are the general requirements:
● Super-specialist doctors (MD/DM/MS) don’t need any experience to get the funds
● Graduate doctors require a minimum of 2 to 3 years of post-qualification experience to avail the financing
● BDS or MDS need 5 years of experience.
● Ayurvedic and Homeopathic doctors must have 6 years of practice, along with a personal house or clinic
You can also follow some steps to get easy approval on your loan for doctors, like maintaining good credit score and doing thorough market research before choosing a lender.
Also, these funds require only minimum documentation for your convenience. You need to submit your KYC documents as well as a medical registration certificate for a personal loan or business loan for doctors. For loan against property or home loans, you need to submit your income tax returns, balance sheet, and account statement for the previous two years, along with a copy of property papers of the house to be mortgaged.
It is crucial to advance along with the growth of the healthcare sector in India. This particular sector is predicted to reach an immense level of almost Rs. 8.6 trillion by 2022. Healthcare professionals can effortlessly tap into this market and establish themselves as experts in their respective sectors. Healthcare finance further takes the financial burden away, allowing one to concentrate on one’s job without worrying about budget or monetary backing.
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