When a doctor has an independent practice, his responsibilities extend far beyond administering medical aid. Besides being a medical practitioner, one may also find himself managing his own clinic and such an undertaking has requirements of its own. It demands efficient cash flow management and adequate working capital levels.
So, in 2020, one resource that a doctor should consider adding to his financial plan: Bajaj Finserv Business Loan for Doctors: as it provides them with the financial edge to their practice or even expands it.
Salient Features of the product -
Obtain funding for clinic expansion on simple terms
Owning a clinic is very similar to running any other business in the sense that periodic expansion is crucial to continual growth. Typically, in order to expand a doctor's clinic, common approaches include hiring specialised medical staff, increasing the reach to newer markets across the city, and in some cases, simply adding to the current services. However, to successfully execute any of these tasks, doctors need financial assistance. Thanks to the simple eligibility criteria listed by Bajaj Finserv, a doctor can qualify for monetary aid easily.
Doctors simply have to meet the experience requirement based on the specialisation and furnish basic KYC documents alongside medical registration certification to secure financing.
Access funding for medical equipment without pledging assets
In order to give patients top-quality medical assistance, owning the most advanced medical equipment is key. However, these bear a hefty price tag and frequent upgrades, though necessary, maybe a tough ask. Thankfully, Bajaj Finserv offers funds without collateral and this ensures that asset identification and valuation aren’t hindrances when a doctor wants to bring in the latest technology.
Fund big-ticket renovations comfortably with ample capital
Another way to invest in the medical business is to expand operational space. One could improve upon the waiting room, add more consultation areas or add a pharmacy to one's clinic. All of these are big-ticket expenses and so it’s paramount that the loan offers adequate funding. This is the case with Bajaj Finserv as the NBFC offers to finance of up to Rs.37 lakh that one can use to tackle major expenses, effortlessly.
Consider the Flexi Loan facility for efficient cash flow management
Having a constant, uninterrupted stream of working capital is vital for both sustaining and developing your business. While this can be difficult, especially during expansion, with the Flexi Loan facility, doctors can maintain a healthy flow of cash. This provision allows borrowing from sanction multiples times, as per the requirements, while limiting interest outgo to the amounts withdrawn only. Further, one can pay interest as EMIs through the tenor and pay the principal later to reduce the instalments by up to 45%.
The provisions of this offering are tailored to the needs of a busy medical practitioner looking to take his/her business to the next level. Therefore, it comes as no surprise that Bajaj Finserv also gives control over repayment by offering a flexible tenor of up to 96 months. Moreover, doctors do not incur any additional charges for part-prepayments that make.