Healthcare financing has always been directed at consumers. However, we need to take into account the position of caregivers too as they are an important cog in the healthcare ecosystem. With medical professionals looking to expand their operations from a clinic to a polyclinic, in order to better serve patients, availability of easy and adequate funds, along with flexible terms and conditions is the key to success.
This article focuses on some of the key aspects of healthcare financing schemes in 2019 (from the point of view of doctors).
Tailor-made Doctor Loans available from NBFCs
The changing dynamics of the economy have prompted the development of specialised products, and the loan space is no different. Also, the evolution of Non-Banking Financial Companies (NBFCs) has radically changed the lending scape of the country. Previously, while banks were the only go-to options for any kind of financing, today, you can approach NBFCs for your financial obligations.
As a medical professional, you can avail tailor-made Doctor Loans targeted at your specialised needs. Be it upgrading your medical equipment or deploying technology to make your medical practice profitable, these special loans help you do them all.
Freedom to use funds as and when required
Over the years, healthcare financing has witnessed a few radical changes leading to this day, when you have absolute flexibility to utilise the funds, as and when you need them. For example, one of the more beneficial features of Doctor Loans from NBFCs is that they provide the Flexi Loan Facility that allows you to borrow funds from within the sanctioned limit, according to your requirements.
Unlike term loans (wherein interest is calculated on the entire amount), with the Flexi Loan Facility by your side, you need to pay interest only on the funds you withdraw and not the total loan amount. This brings down EMIs by several notches.
Moreover, you also have the provision to pay the principal at the end of the tenor. This principal holiday during the loan tenor further brings down the EMI amount.
Minimal documentation required
Documentation plays a key role in the loan approval process. In fact, loan approval and subsequent sanctioning can take a backseat, owing to extensive and cumbersome paperwork. However, with tailored Doctor Loans, documentation is now simpler and more straightforward than it ever was.
All you need to do is fill up an online application form and submit a few basic documents, pertaining to your identity, address and income.
Generally, lenders and financial institutions often list the necessary documents on their websites. In case they need anything extra, they usually convey it at the earliest, in order to make it easier for you to arrange.
Comparing various offerings
Though healthcare financing is relatively easy to avail now than ever before, it’s important to compare offerings from multiple lenders before sealing the deal. This is because of the desired loan amount, interest rates, tenor, and repayment clauses almost always differ across lenders.
Today, various loan aggregators allow easy comparison of offerings from multiple lenders. You can read reviews and even talk to experts in order to understand the nitty-gritty of availing a scheme. Comparing allows you to make an informed choice, eventually helping you choose a product that best aligns with your needs.