Doctor’s Loan: All You Need to Know

Doctor’s Loan: All You Need to Know

Doctors are angels of God! Where He Himself could not be there, he sent Doctors who could help the people.

There is no denial that doctors are selfless beings who assist in healing the illnesses.

Even in this COVID-19, the doctors are fighting as frontliners, without thinking about themselves and their families.

While we are trying to protect ourselves just by sitting at home, they are working at hospitals relentlessly so that patients can be saved. How much ever they try to safeguard themselves, yet they are exposed. So many doctors have been infected with the Coronavirus while treating their patients. Moreover, when they go home to their families, even they get infected. Their families might include young children, infants, and aging parents, who are more at risk of this virus. Yet there is no stopping them. Numerous doctors around the world have lost their lives while saving others. What do we call them if not heroes? What if they too chose to sit at home? Who would’ve treated the COVID-19 patients? What if they kept themselves first and opted for not working with the infected? Well, we cannot imagine that situation and likewise, we cannot thank them enough.

Now since our doctors are special, loans for them are also unique and with extraordinary benefits. So let us learn about Doctor’s loan and how they are different and special!

Why should you go for a Doctor’s loan?

Most doctors generally earn a lot. So, why go for a loan? Why to take unnecessary stress of paying instalments when the finances are good? Well, there might be many reasons, right from buying a clinic or purchasing the latest medical equipment, it can be anything. So let us take a look below on the various purposes of taking a Doctor’s loan:

  • Lease or Buy Clinic:

While doctors go to hospitals for paying visits or are on permanent duty there, however, for most of them, having their own clinic is like a dream. A clinic is basically a place where patients are treated. The actual business activities take place over there. Hence, office space is very crucial. Even if you already have a clinic, a fresh one can be set up in a new area. Or you can relocate to a better and bigger place where more patients can be treated or given more medical services. Maybe the current place is small and cannot accommodate huge medical instruments; that’s when such a huge shop will come into play.

  • Hiring Experienced Staff:

Staff is the building block of any organization and the same goes with medical. It is very crucial to have experienced and knowledgeable staff so as to run the clinic efficiently. Medical business requires skilled staff as lives of the people are involved in this. Any small mistake can lead to the loss of a person’s life. So if one does not spend money on skilled experts, it might lead to danger to the life of humans and the entire career and business might go for a toss!

Furthermore, when you expand your clinic, you require a higher number of staff which demands a greater working capital for paying the salaries. If you expand to two or three clinics, you would require more and more people for functioning and management. If you have less staff, there might be mismanagement and the clinic might not work properly.

Also, when you hire more people, it is imperative that you must have enough funds for paying their salaries for at least one year. So even if the clinic or business does not do well in the start or some other factors go haywire, at least your employees will be safeguarded as they will receive their salaries timely. It should not be the case that you hire them for few months, asking them to leave later on just because you do not have enough finances to pay up their salaries. This might tarnish the image of your business and also prove very risky for the staffs who were dependant on your salaries. This shows a sense of unprofessionalism too. Therefore, a doctor’s business loan can prove very significant here as it will solve your problems of having funds for working capital.

  • Buying the Latest Medical Equipment:

In the medical industry, there is always innovation and new things coming up because of constant research and developments. With new machines, the processes are doing in a faster and better manner. Therefore, equipments are an important part of the medical procedures. Some of the basic machinery is required along with the latest and unique ones if you want to stand out among the competition. Few of the equipments are mandatory for inspecting the patients and for their proper treatment. These mandatory and special equipments might be very costly and difficult to afford. With a Doctor’s business loan, you can purchase this machinery and upgrade to the latest version of it. Moreover, you can also purchase the new equipments when you want to expand your business. A new clinic would require new set of machinery along with specialised ones if needed. The loan would serve you all these purposes and you will have to pay for the expenses in instalments. It is very beneficial to grow your business with less all-at-once burden of money.

  • Maintaining the Working Capital of the Clinic:

The daily operations of a business can be very costly. The rents, the electricity, the wages, and various such expenses can add on to a lot of costs altogether. A single clinic can require too much money to work and if you have two or more branches, the working capital costs can be too high. You may require enough liquid funds on a regular basis for managing the day-to-day functions of the clinic. You cannot skip most of these expenses as they are viable to the working of the business. If you are in lack of these funds, you can go for a business loan. Additionally, you may also be required to stock the medicines at your clinic/s and pay regular payments to the suppliers. Although you buy them at bulk, but the revenues might be generated through it only when the patients pay a visit to you. In short, you need to pay for these stocks first and then little by little you earn through it. Hence, you might require working capital to meet these needs through a working capital loan so that you can bulk purchase such necessary items. And then when later, you may earn at your own pace and pay the instalments to these loans timely. The stress of the payments and financial burden is reduced with the help of such loans.

The step-by-step guide for availing a business loan for a doctor:

Now above we saw how a Doctor’s loan can be advantageous to expand your business or for the daily working of your clinic. So, if you are willing to avail a Doctor’s loan, you must know how to go through it in the directions mentioned below:

  1. Choosing the right lender:

It is very important to select the right lender in this situation because it must be the right business loan, one that is affordable and the appropriate lender, who offers great services. Any business loan without a deep research can land you in trouble and it might lead to losses, instead of ease in finances. Therefore, before you apply for a loan, review several lenders that offer services in the market, and look at their interest rates, making sure that you choose the best lender. If you go with the first one you see, you might miss out on good opportunities and offers that others are offering. So it always advisable to review the various options available before finalising on one. In this way, you can make sure that your monthly outflow of cash towards the loans stays a minimum as you have taken the best deal out of the various options.

Credit Bazaar assists you in Doctor’s loan and advises you for the same, so that you can choose the best one at hand. We provide you the various options and help you in choosing the one that is the most appropriate for you. Also, we help you in considering the various hosts of benefits such as online loan application, quick approval, easy-to-meet eligibility criteria, minimal documents, nominal interest rates, and flexible repayment tenure. By considering the wide range of factors and zeroing down on the choice with the most benefits, one can take accurate decisions regarding the loan. Call Credit Bazaar today so that you take the best decision regarding your loan!

2. Checking if you qualify for Doctor’s loan:

So you have prepared your mind that you want to go for a Doctor’s loan but you need to recognize if you fall under the eligibility criteria or not, right? Generally, the loan lenders need you to run your business (clinic) for two years, and depending on your work experience and educational qualification, they approve the application. They will require knowing that you are not taking this loan just for a temporary passion, but you are pretty serious about it. If you are just going to open the clinic and close it after a few months, investing so much money will be an utter waste. Running the clinic for at least two years will at least give a satisfaction that you are sincere about your roles and responsibilities. When you meet these eligibility criteria, the chances of getting your loan application approved gets faster, thus, saving a lot of time. If you fail in meeting the complete criteria, your application will probably get rejected later on during the verification period. Moreover, when you do not meet the eligibility criteria, it may result in you paying a lot more interest costs. For proving your eligibility, you will need to submit several documents such as ITR, address proof, bank statement, PAN Card, etc. In a situation where you are going for a secured loan, you will have to give the asset documents too.

3. Selecting the Application Option – Offline or Online:

This application option depends on the lender you choose. Based on the lender, you will be offered an option between offline and online loan application. You can opt for the one that is convenient for you. When you apply for a business loan online, it will be hassle-free and you will not need to take special time out of your already busy day for applying for a loan.

In an online application, you can easily fill up an online form digitally, submit your documents in the form of soft copies, wait for the verification to take place, and finally receive the amount disbursed post the signing of the contract. Furthermore, you can keep a check on the application process online.

4. Submitting Documents and Receiving Funds:

In whatever way you choose to fill up the loan application, you will be required to fill the necessary information, such as name, date of birth, the amount needed, tenure, business information, and other such details. It is advisable that you keep all these details handy as that will help you save time, precisely when you apply for an online loan application. Once all this information is verified by the lender, the funds will be directly disbursed into your bank account.

All the above steps are very crucial in applying for a doctor’s business loan. Therefore, whether you want to open a new clinic or renovate your old one, a business loan might be the consequent step that you’re looking for.


On a whole, above we learn the advantages of the Doctor’s business loan and the step-by-step guide on availing it. Credit Bazaar provides complete assistance for Doctor’s loan so that with our expertise, you do not make any mistakes and choose the one that is best for you. With the help of our experts, you can choose the best type of credit needed for your situation and also the way in which you can avail it. Hence, wait no more and contact us today for availing our professional proficiency!

For any queries regarding Credit Score improvement or Loan contact Credit Bazaar CR Arcade 2nd Floor, Opposite Delta Garden, Next to Shree Mahalaxmi Restaurant, Mira Road East, Thane : 401107

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