Why do doctors need a professional loan?

Medical studies are expensive, and the expense for a doctor continues even after they’ve set up their practice, or when they try to expand their practice. These are the scenarios where customized professional loans come to save the day. Professional loans let the doctors focus on what they do best by taking the financial burden off the doctors' shoulders.

Are you wondering what expenses doctors have to incur?

Check top 5 reasons why doctors do need the professional loans.

Setting Up a Private Practice

The early stages of a doctor's professional life include many expenses. A doctor needs to set up a clinic by investing capital in renting or purchasing space in a suitable location, creating a waiting room for the patients and a reception area. Then there are expenses for the interior decoration, electricity, water etc. These initial spending adds up quite a lot, and the doctor will not recover it soon. That is why loans for medical professionals are a great help.

Staff Hiring

The costs don't stop at just the setup; a doctor has to hire a receptionist, assistant, housekeeper and pay many other essential service providers every month. The expenses seem to keep piling up. In the beginning, it can be excruciating to maintain such a payroll without a bit of help from a professional loan for doctors.

Renovation or Expansion

According to the natural progression of any profession comes a time when the professional renovates or expands their practice. Perhaps a doctor has been running a private practice for years, but they need to change his set up. The costs of such necessary changes are enormous. A professional loan for clinic expansion can be a doctor's best friend in this situation.

Procuring Medical Equipment

The cost of some essential medical equipment can set a doctor back quite a bit if they are just starting. Medical equipment comprising stethoscopes, syringes, weighing machines, a folding table or other advanced equipment are necessary purchases and often need to be updated to provide the best healthcare possible. The type of equipment may vary from one doctor to the other depending on their specialization. Once again, a professional loan for doctors is the best bet to tackle such expenses.

Operational Expenses

The occurrence of a variety of small expenses is a given in any professional practice. For a doctor, it may come in the form of the cost of replacing a few chairs in the waiting area or repairing the AC. Perhaps, changing the filters of the water-purifier or changing some lights. It can even be some carpentry work on the doctor’s table or installing a new shelf to accommodate some new medical supplies.

Documents required for online doctor loan

By now, you know that the expenses for doctors wishing for a successful private practice do not simply stop. Opting for a Poonawalla Fincorp Doctors Loan is the best option. The required documents for a doctor’s loan are as follows -

• KYC Documents:
• KYC Documents of Firm / Company:
• PAN Card, Address Proof and Other Applicable Registrations.
• KYC Documents of Proprietor / Partner / Director:
• PAN Card, Address Proof and Other Applicable Registrations.
   
• Income Documents:
• Last 2 years Financials: IT Returns, Computation Sheet & Balance-Sheet.
• Form 26 AS for the last 2 years.
   
• Bank Account Statement:
• Operative Bank Account Statement for the last 6 months.
   
• Qualification Documents:
• Degree Certificate.
• Certificate of Practice.

Summing it up

A loan for doctors in India comes in the form of Professional Loans. Doctors should not let the fear of expenses stomp upon their zeal to help the sick. Whether a doctor is setting up a new private practice or looking to expand an ongoing one, they should reap the benefits of a professional loan for doctors. Poonawalla Fincorp offers Professional Loans at affordable rates and easy EMIs. Fill up this application form and our representatives will get back to you.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Professional Loan disbursal is at the sole discretion of Poonawalla Fincorp. 
*Terms and Conditions apply