Medical practice loans provide financing to doctors, specialists, physicians, and other healthcare professionals to assist them in their financial shortcomings. These funds can be used for equipment financing, setting up a new medical practice, expanding an existing one, meeting operational costs, and so on.
Financing options such as medical equipment loan is extended to professionals for the purchase, upgradation, maintenance of different machines and tools. Further, the five different types of medical practice loans are as follows.
Various financial institutions like NBFCs offer dedicated traditional physician loans and healthcare specialists. Eligible professionals can apply for such loans. However, the eligibility criteria for such loans vary from one lender to another.
Term loans form another of the available funding options and signify loans which come with specified repayment tenures. Before this tenure ends, the borrower is liable to reimburse the loan in full. Business lines of credit are another type of financing that function like business credit card, having a specified limit. The borrower has to pay interest only on the utilized amount.
Further, a loan for medical equipment is extended to provide funds for purchasing advanced healthcare equipment like ECG, X-ray, scanners, etc. Dedicated professional loans for doctors can also be availed to meet anonymous expenses of medical practice.
Depending on your fund requirements, you can opt for the ideal kind of loan. Medical practice loans which are collateral-backed go up to Rs.2 crore while the ones which lack collateral range up to Rs.25 lakh.