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An Easy Guide for Medical Equipment Financing

Rasika was considered to be among the top orthopaedic consultants in her town. She was even working with the best hospital in the town. Now, she decided to fulfil her childhood dream of opening her own clinic. However, she was lacking the required funds and needed some financial assistance in setting up her clinic. The equipment needed were very expensive. Just an X-ray machine could cost Rs. 7 lakh. She would also need other office equipment and stationery. Rasika assessed her options and decided to apply for doctor loan, exclusively tailored for doctors. It perfectly suited her needs.

What is a doctor loan and how does it help?

A doctor loan is a professional loan from Bajaj Finserv that helps medical professionals set up or expand their private practice. The loan can be used to buy the various office and medical equipment. The loan can also be used to buy or rent a property to house the clinic and to hire employees. These loans are available for up to Rs. 30 lacs.

Medical equipment financing

Glance through the following tips if you plan to take a doctor loan:

1. Make a budget: Before you start exploring your loan options, make a budget. Make a comprehensive list of all the equipment you need and estimate the required cost. This estimation would be the loan amount you need to apply.

2. Apply online: Gone are the days when you had to run from one bank to the other to get a loan. Now, you can apply for a loan online. If approved, you will get the loan amount in your account in less than 72 hours.

3. Equipment you can buy: You can buy medical equipment like CT scanners, x-ray machines, blood pressure monitors, ECG monitors and so on with the loan money. You can also buy office equipment like computers, printers, air conditioners, refrigerators, examination tables and so on with the loan.

4. Utilise the loan properly: Your part of the responsibility commences post loan disbursal. You need to ensure that you accurately implement your previously made budget. Do not splurge the money elsewhere. If you lack the discipline, you could always opt for a line of credit. This would enable you to periodically withdraw funds from a pre-decided credit limit. You will have to pay the interest only on the amount you use. This would help you arrange the finances for the medical equipment as and when you need.

Documents required to get a doctor’s loan?

Like most loans, get a doctor loan also involves some paperwork. However, the number of documents required for doctor’s loan are usually less than those for other loans. These documents are as follows:

●ID proof
●Address proof
●Educational certificates stating you are a graduate or post graduate doctor
●Proof of income (tax returns, bank statements of the last 3 months)
●Certificate of property ownership (you need to own a property to qualify for this loan)

With these documents, getting a doctor loan becomes quite simpler.

Conclusion

You could be among the top doctors in the town. Your experience would speak for itself. However, if your clinic lacks in quality, you won’t be able to provide appropriate treatment. So, apply for a Doctor Loan from Bajaj Finserv and equip your medical practice with the best instruments and equipment.

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