Various lenders provide healthcare financing options to physicians and healthcare professionals. These loans come with many customised features that can help you set up a healthcare facility from scratch.
Some of these features include:
Up to Rs. 30 Lakh of financing
You can receive up to Rs. 30 Lakh with healthcare financing. Such high amount can help you in numerous ways.
Two examples are:
Availing licenses and permits
Availing various licenses and permits are necessary when establishing a facility. For instance, you have to register the facility under the Clinical Establishments (Registration and Regulation) Act, 2010. You need to register under the Nursing Homes Registration Act in Mumbai and Delhi. Also, registration under the Medical Termination of Pregnancy Act is compulsory for conducting such procedures.
Furthermore, you’ll need licenses for treating psychiatric patients, conducting transplants, radioactive materials, selling drugs, etc. You can avail healthcare finance facility to procure such licences.
Purchasing/upgrading medical equipment
You can utilise healthcare finance for purchasing or upgrading medical equipment. These equipment come with high price tags for which loans are ideal. For example, a Dental X-Ray machine can cost more than Rs. 1 Lakh.
Furthermore, you will need to procure registrations for operating some equipment. For instance, a PNDT (Pre-Natal Diagnostic Techniques) certification is required to operate an ultrasound machine.
Availing No-Objection Certificates (NOC)
Your medical facility will require several No-Objection Certificates (NOC) from government bodies.
Some NOCs that you may have to get include:
- Biomedical waste
- Lift safety
- Fire safety
Repayment tenure that can go up to 96 months
Healthcare financing can come with repayment tenors ranging from 12 to 96 months. Bajaj Finserv, a reliable NBFC in India, provides such flexible tenors to customers for easy repayment.
They also provide pre-approved offers that reduce the hassle for availing loans and save your time. Pre-approved offers come with various financial products and services like business loans, personal loans, home loans, etc. Check your pre-approved offer by submitting only a few necessary details.
Quick approval and disbursal
Financial institutions can disburse a loan to your account within 24 hours. Hence, these loans are also superb for meeting emergency funding requirements.
Minimal documentation requirements
The documents that you have to provide include:
- KYC documents (PAN, Passport, Aadhaar, Voter ID, Driving License, etc.)
- Medical Registration Certificate
- Some lenders may also ask you to submit your business turnover records, bank account statements, and income tax returns.
Easy-to-meet eligibility criteria
Make sure to possess some post-qualification experience for availing healthcare finance. For example, Bajaj Finserv requires dentists to have minimum post-qualification experience of 5 years and ayurvedic and homeopathic doctors to have at least 6 years of post-qualification experience along with ownership of a house or clinic, to avail such advances. On the other hand, super-specialist doctors don’t require any such experience, whereas graduate doctors require an experience of 2 years.
In addition to experience, you also need to have a healthy credit score. Lenders give more preference to applicants who have a CIBIL score of 750+. Additionally, a debt-to-income ratio of 50% or less, enhances your credibility for a loan.
Affordable and competitive rate of interests
The interest rates of healthcare finance are affordable, making it less stressful for borrowers.
In addition to the above features, you have to pay various fees and charges on loan for doctors. These include processing fees, penal charges, EMI bounce charges, etc.
Hence, compare these charges, interest rates, and terms & conditions before opting for healthcare financing from lenders.