Whether it is about setting up a new clinic or expanding an existing one, the dental practice needs substantial investments. Obtaining funds is an essential component for every dental practice purchase especially for those doctors who are new in business. But, a doctor must do proper financial planning before availing the loan.
A dentist needs high-end equipment, lab technicians, clinic and several other resources to practise dentistry successfully.
Several lenders in the financial market offer dental practice loans considering the specific needs.
However, applicants need to make sure of certain aspects to avail such customised loans for doctors.
Select the right amount
It is important to choose the right amount according to the needs as this ensures easy repayment. There are many leading financial institutions which may proffer funds up to Rs. 2 Crore. However, over-borrowing usually makes the debtors pay extra interests. So, it is recommended to decide the nature of one’s financial needs, and then choose a term loan to have a better borrowing experience.
Go for the best lender
Selecting the best lender not only implies the ones who are providing sufficient fund but also ample beneficial features. A lot depends on the lenders as with their customised features a debtor can enjoy even attractive interest rates.
NBFCs provides competitive doctor loan interest rate with many other facilities such as the Flexi-hybrid feature. It allows a debtor to borrow money as and when required from the sanctioned amount to meet various unpredictable expenses.
Here, the debtor needs to pay only the interest component as EMI and that too on the utilised sum. This exclusive feature helps in saving a lot on those incurring interest rates.
Match the eligibility criteria
It is also imperative to match all the eligibility criteria for doctor loan after choosing a lender. Usually, loans for dentists are granted on the basis of their educational qualification and work experience. Matching all the qualities increases the chance of faster approval without many glitches. Furthermore, not meeting all the criteria may also result in getting a loan of lesser value.
Here are the following criteria usually lenders look for:
- BDS with five years of post-qualification experience.
- MD with no prior experience is eligible for the loan.
Submit minimal documents
One must keep all the documents handy before applying. Most of the financial institutions don’t seek for much paperwork, and they believe in working with a minimalistic approach. Following are the documents an applicant needs to provide once he qualifies for the dental practice loans:
- KYC documents
- Medical registration certification
- Certificate for the year of practice
- Other relevant financial documents
After gathering all the documents, individuals have the advantage of applying the loan online. An applicant can get the money disbursed within 24 hours post verification of these documents. Hence, availing dental practice loans follows an easy string of process. One just needs to keep in mind the proper time when your medical practice needs financing.
A dentist might face unique challenges in growing and sustaining his business. So, it is mandatory to offer state-of-the-art infrastructure to the patients. Moreover, from meeting payroll costs to other utility services and also dental disposals needs substantial capital.
Therefore, infusing considerable fund through dental practice loans can be a viable option to thrive the dental practice. Thanks to the emergence of new-age NBFCs for making the finance availing process much faster and convenient.