According to the world’s health statistics, the number of dentists in India was in the ratio of 1:30,000 in the year 2004. However, there had been a considerable improvement in this sector, following which the ratio went up to 1:10,000 in 2014. Despite this significant improvement, the country is still short of dentists.
Each year, a large number of students qualify to become dental practitioners. However, only a handful of them succeed in attaining the stature of a successful dentist. This is because a majority of them falter at growing their dental practice often due to lack of capital.
Where to find the best dental practice financing?
You can approach NBFCs rather than conventional financial institutions to seek financing. These lenders offer higher loan value, attractive rates of interests, nominal fees, no hidden charges, part-prepayment and foreclosure facility, balance transfer and more.
Most importantly, such advances do not come with restrictions on their end usage. So, dentists can utilise these dental practice loans in any kind of expenditures.
Some of those include the following.
1. Lease or rent space for the clinic – Leasing/renting a site to set up a clinic involves considerable investment. At the initial stages of practice, this amount often becomes a hurdle for dentists.
2. Appoint the best-skilled workers – It becomes tough to acquire the desired standard of medical treatment and hospitality without the support of experienced staff. However, hiring such staff in numbers requires adequate financing.
3. Purchase high-end dental equipment – Technologically advanced and expensive dental devices enable precise diagnosis of patients. Hence, dentists need to obtain the best medical device in the market. This also has a positive impact on the reputation of a doctor.
Besides, there are many other reasons why your medical practice needs financing from NBFCs to grow.
One such trusted NBFC of India is Bajaj Finserv. Their customised Loan for Doctors comes with attractive features and benefits.
Some useful features of dental practice loans:
While searching for the best dental practice financing, it is essential to look for the following features as well:
1. Part prepayment facility
Reputed financial institutions like Bajaj Finserv offer borrowers the opportunity to part-prepay the dental practice loan, provided it is greater than the consolidated sum of 3 EMIs. Additionally, there are no extra fees/charges involved.
2. Online access to loan account
Some lenders enable borrowers to access and manage their accounts online. This helps them track their EMIs, outstanding balance, etc.
With leading financial institutes, dentists can choose from a vast range of loans available (according to their requirements).
Now that you know where to get financing, check out the types of loans you can avail.
Types of loans that a dentist can avail
A doctor loan can be of the following types:
A. Unsecured or collateral-free loans
- Personal loans:
Borrowers can avail up to Rs. 30 Lakh with personal loans. They can use the funds to meet personal expenses including trips to foreign countries, child’s higher education, medical emergency in the family, etc.
2. Business loans:
Lenders offer a maximum of Rs. 30 Lakh with their business loans. Borrowers can use this form of loan for doctors to purchase equipment, hire staff, lease workspace, etc.
B. Secured loans
1. Home loans:
It is a secured loan sanctioned against a property you pledge as collateral. Apply for up to Rs. 2 Crore and invest in construction or purchase a property.
2. Loan against property:
Loan against property is also a secured credit which you can avail to fund any kind of high-value expenditure like opening another clinic, renovating nursing home, purchasing machinery, etc. The loan amount can go up to Rs. 2 Crore. Additionally, borrowers can also have customised insurance schemes against a one-time premium payment.
So, select the best lending institution which offers beneficial deals with their advances, and invest in your dental practice without any financial worry. Also, know the common problems practicing doctors can’t ignore and take your financial decisions accordingly.