According to a study report, India still lacks sufficient numbers of doctors to provide medical service to its increasing population.
The same study suggests there is one doctor for every 1445 patients in India. Thus, the availability of more doctors only helps strengthen the healthcare sector in India.
While securing employment at hospitals and nursing homes remain a prospective avenue, experienced physicians can always establish their practices.
As for the latter, although such services will be based on the individual specialty of a doctor, financing is a critical aspect, fulfilled through the likes of doctor loans.
These credits can bridge cash shortages, allowing practitioners to realize their entrepreneurial aspirations as well as serving the nation with necessary healthcare assistance.
How can doctors enhance India’s healthcare facilities?
The Indian healthcare sector is struggling with a range of infrastructural and financial roadblocks, some of which can be easily rectified.
Here are some responsibilities that a doctor can look forward to fulfilling for significant improvement in the quality of healthcare in India.
- They can opt to procure the latest healthcare technology and medical equipment. Doing so can ease the process of diagnosis, treatment and post-treatment care. Lack of such innovative technology can result in a lagging healthcare system.
- Training programs for skill enhancement of nurses and other staff members in clinics and hospitals is essential. Through these sessions, medical practitioners can educate their employees on the standard operating procedures when collecting testing samples or providing care to patients.
- Hiring qualified professionals for enhanced patient care at the healthcare facility is another way in which physicians can contribute to improving their services. Hiring skilled employees also reduces the chances of errors during treatments.
While these are the typical improvement methods, a lack of funds is often the limiting factor for doctors trying to improve the healthcare system. Doctor loans can thus be an answer to such financial shortfalls.
Doctor loans: Who can avail it?
As the name suggests, these are specialized credit offerings for healthcare practitioners. Such professional loans cater to the practice requirements of qualified doctors.
Thus, only individuals possessing a valid Medical Council registration can avail a doctor loan.
Additional eligibility criteria for such doctor loans are as follows –
- The applicant must be a super-specialist, specialized diploma, post-graduate, or other PG diploma holder in the field of medical science.
- Applicants must be registered under the Indian Medical Council.
- MDS and BDS degree holders must also be registered under the applicable norms.
- BHMS/BAMS/BDS applicants must also possess sufficient working experience after medical registration.
Eligibility criteria tend to differ among the various financial institutions. Therefore, potential borrowers must check these requirements thoroughly to determine eligibility for a doctor loan.
With the required information on how to be eligible for a doctor loan, one needs to understand the loan application process as well.
Steps to apply for a doctor loan
Follow the steps mentioned below to enjoy a convenient loan application process.
- Step 1: Visit the official website of your preferred lending institution.
- Step 2: Navigate to the loans for doctor section on this page.
- Step 3: Select ‘Apply Now’.
- Step 4: Fill up an online application form, detailing personal, residential, employment and income details accurately.
- Step 5: Choose your loan amount and repayment period for this credit.
- Step 6: Upload the necessary documents and submit the application.
Regardless of the reasons to take a business loan for doctors, the availability of these liquidity options can improve a physician’s service potential. Nevertheless, one must choose a reputed financial institution for these forms of credit.
Bajaj Finserv, for instance, provides unsecured loans for doctor’s worth up to Rs.37 lakh to eligible applicants. The secured financing options can go up to Rs.2 crore.
Additionally, these loans are available with minimal documents as well as at attractive doctor loan interest rates.
The company also provides pre-approved offers to increase the convenience of a loan application while reducing time consumption. These offers are available on a range of financial products, such as business loans, personal loans and more.
Serving the healthcare sector, doctors provide an essential service to society. With the increased availability of funding, they can enhance patient care and treatment, thereby improving India’s healthcare industry as well.