Loan to Set Up a Medical Practice Business in India
Medical practice is a noble cause and of utmost necessity. It takes around 5.5 years to earn a doctor’s degree. However, many more years go by in building a strong standing. Not to downplay, the hours and months of hard work that go by.
World Health Organization recommends at least 1 doctor per 1000 citizens. India is a populous country. Considering the years of studying and practicing medicine along with huge educational fees, one may believe that India should lack behind the number. On the contrary, we achieved the target in the year 2018 and now boast a healthy ratio of 1 doctor for every 834 patients.
Loan for Medical Practice Business in India
Many doctors dream of setting up a medical practice business once they have gained sufficient exposure and earned a reputation in their field. Healthcare is an expertise- and money-intensive profession.
Ever-evolving technologies based on worldwide research force updating healthcare centers every few years. Both, the hardware and software need to be at par with the latest technology. Specialized features like artificial intelligence, robotics, etc. require extensive funds.
To help realize your dream of setting up your own practice, medical practice loans can play a crucial role. A medical practice loan can be availed of for starting your own clinic, a diagnostic center, a pathology lab, or an extension or upgradation of an already existing setup.
L&T Finance (LTF) offer the most affordable practice loans, and thereby, one of the best medical practice loans, under its SME (Small and Medium Enterprise) Finance scheme. You can avail of a customized loan to suit your individual needs.
Are Medical Practice Loans Affordable?
LTF understands that establishing a business requires huge investments. Medical Practices are particularly cost-intensive owing to stringent quality standards laid by authorities. Therefore, we offer practice loans that are affordable at the lowest possible interest rates. Our medical practice loans interest rates vary from 12.5% to 14.5% depending on your requirement and your credit score.
You can avail of unsecured loans from 5 to 35 lakhs for a maximum tenure of 60 months. In case of higher amount requirements, the lender can approve a loan of up to 50 lacs given that you fulfill their criteria for an extension.
However, interest rates are not the only factor that decides the affordability of practice loans. Various fees like processing fees, prepayment fees, and bounce fees are levied by the lender when a loan is disbursed. You should choose a practice loan keeping in mind these fees as they can form a substantial addition to your loan amount.
LTF offers one of the lowest fee structures in the category of medical practice loans. A one-time processing fee of 2% on the approved loan amount is one of the best deals you can avail of. We also offer attractive pre-payment charges in case you want to become debt-free before the selected tenure. By paying a mere 2% charge on the outstanding principal amount you can foreclose your practice loan hassle-free.
The lower interest rates and processing charges make LTF one of the best medical practice loan providers. Another important change is the bounce charge; the penalty that is levied on the borrower in case he/she defaults on an EMI payment.
The typical bounce rate varies from ₹500-1500. At LTF, we understand that some months may be tough than others in terms of revenues or due to some unavoidable emergencies or failures. Therefore, we have kept our bounce charges to the minimum to help you beat the blues.
Who can Avail of Medical Practice Loans?
Any Indian citizen belonging to an age group of 26-65 years with a medical registration with the Indian Medical Council is eligible for a medical practice loan. A minimum experience of 3 years after a qualifying degree in a relevant field is a must to be eligible.
A medical practice loan can be availed of by self-employed healthcare professionals if they are a sole proprietor, a private limited firm, a registered partnership firm, or hospitals, daycare centers, nursing centers, diagnosis, and pathological laboratories.
Establishing yourself in a medical profession is a tough nut to crack. Firstly, the study duration is long followed by the minimum requirement of residency training. Secondly, setting up own medical practice is costly as compared to other professions. LTF is a dedicated NBFC providing customer-centric business practice loans to support medical professionals in their success stories. With competitive interest rates, the lowest processing charges, ease of application, and dedicated customer support LTF is the best medical practice loan to help you realize your dream career.