The demand for skilled medical practitioners has risen dramatically during the pandemic. So, now is the time to put your independent practice plans into action.
If you have been stalling setting up your practice for a while, there’s a good chance you are worried about finances- particularly setting up costs and cash flow to keep the clinic running until the flow of patients is regular. But did you know you could get a loan for doctors to open clinic and mitigate both these worries in one go? Read on to understand how these loans can help you and why you should get them.
Expenses you can cover with a business loan for doctors
• Legal fees
This includes registering your practice with the MCI and local authorities, biomedical waste license, shop act license, pollution approvals, drug licenses (if your clinic has an attached pharmacy), fire NOC, healthcare services license, income tax, etc. Together, these charges could go up to Rs. 10,000.
Additional Read: Are Personal Loans for Doctors Available in India?
• Infrastructure and premises
This includes the cost of renting the space for the clinic, furniture, etc., to make your practice more accessible. Remember, spaces located in prime areas usually cost more.
This will depend on the type of medical practice you are setting up and the services you offer. For instance, if you’re setting up a gynaecology clinic, you might require a sonography machine, X-ray machines, ECG monitors, etc. Additionally, you might need computers, printers, telephones, etc., to handle administrative tasks and communication.
This includes the monthly salary of medical experts, pharmacists, nurses, a receptionist, cleaning staff and more on your team. Again, your spending will vary depending on the number of staff you hire and their specialisation.
• Cash flow
This includes expenses to keep your clinic running through slow periods.
The above list of expenses might seem extensive, but you can easily cover them with a business loan in hand. What’s more, today, you can get a loan from any leading lender at terms suitable to you. Here are some features of business finance you should know of.
Features of business finance
• High loan amount
Compared to other loans, you could avail of a higher loan amount with these loans. Naturally, you can finance even your bigger business expenses with ease.
• High eligibility criteria
Business loan eligibility requirements depend on your profession, experience, credit rating and vary slightly between lenders. With a medical degree in hand,rest assuredyou will meet the eligibility criteria specified by most lenders easily.
• Flexible tenure
You can choose a loan tenure that matches your budget while getting these loans. Need help? Use an online business loan EMI calculator and choose a loan tenure based on the EMI repayments you can afford.
Additional Read: Here’s Personal Loan for Doctors to Safeguard the Saviour
Set up your clinic with a loan from Tata Capital!
Don’t let financial constraints deter you from opening a clinic in 2022. Secure a loan with Tata Capital. Get high loan amounts, competitive business loan interest rates, and flexible tenures to make repayments even more convenient. Say goodbye to extensive documentation and get a loan without the fuss with us today.