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Top 3 Reasons Why You Should Get A Loan for Doctors

India’s healthcare system relies heavily on a network of private and public hospitals, backed by an army of medical professionals, clinical staff, and doctors. Currently, there are more than 12.5 lakh allopathy doctors in the country, according to a report published by the Union Ministry of State for Health and Family Welfare in September 2020.

  • India’s healthcare system makes do with only 3,71,870 doctors who carry specialist/post-graduate qualifications.
  • 52% of India’s allopathic doctors practice in only five states.

Recent studies show that the majority of healthcare professionals, including doctors, operate in metropolitan areas, which creates credible medical infrastructure in Tier – 1, Tier – 2, and Tier – 3 cities, but at the expenses of crumbling rural healthcare. Despite multiple attempts to divert doctors to every corner of the country, often the cost of setting up a clinic and the necessary infrastructure struck down such initiatives, also calling for suitable financing such as a loan for doctors.

Healthcare financing – The possible solution 

Healthcare financing has, for long, been one of the most sought-after modes of financing in India’s lending industry. Loan for doctors was often availed by both new and seasoned practitioners as quick and hassle-free means to bridge monetary shortcoming. Various loans for doctors also gained immense popularity recently, as more and more practitioners looked outside of conventional funding and planned to set up their own healthcare facilities.

Opening a clinic and starting a private practice can be taxing though on one’s savings, especially for newly graduated healthcare practitioners. Healthcare financing in the form of a loan can provide the necessary assistance. There are several favourable factors why one should certainly consider this option as a way forward. Let’s take a look.

  • Demand for quality medical care is growing
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India’s medical industry constantly battles the ever-increasing demand for quality healthcare. A recent report published shows that the demand and supply gap of affordable healthcare in India is constantly widening.

Newly graduated doctors can take advantage of this situation and set up their own practices with the help of a loan for doctors. Extending specialised services to the rural sections of the country can be one of the primary reasons to avail a loan for doctors. They are also likely to benefit thanks to the introduction of Government-backed insurance schemes as well.

  • India’s population is ageing

India is set to become home to more than 34 crore citizens over the age of 60 by 2050. Extending quality healthcare to this massive pool of residents will thus become necessary for both the private and public sector establishments.

Healthcare professionals can avail a loan for doctors to create nursing homes and old-age homes, offering both residential and visiting medical assistance to patients. Existing practitioners should also consider this market, extending their clinic with the help of a doctor loan.

  • Medical tourism is flourishing

India has a thriving medical tourism industry as well, and attracts a good chunk of healthcare seekers from several neighbouring (as well as other) countries. A large pool of skilled healthcare professionals, low cost of healthcare, and affordable accommodation draw thousands of patients every year to some of the esteemed facilities of the nation.

One can easily partake in this million-dollar industry, creating the necessary infrastructure with the help of such a loan after having understood what is necessary to participate in medical tourism.

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Financial institutions such as Bajaj Finserv also offer a loan for healthcare professionals at affordable interest rates and borrower-friendly terms.

Doctor loans are available for super-specialist, MBBS, DHMS, BHMS/BAMS, and BDS/MDS doctors. Such qualification eases the eligibility criteria, whereby one can avail a loan for dental clinic in India as well as avail an advance to practice alternate medicines in any part of the country. Due to these lax requirements and broad usage, these credits can prove to be the key to unlock the true potential of India’s healthcare industry.

The lender even extends pre-approved offers, which further simplify the application process and help save time. These offers are available on several different forms of credits, such as business loans, personal loans, etc. You can check your pre-approved offer online by sharing only some essential details.