Are you a doctor wishing to establish a private medical practice? If so, it is an excellent opportunity for you to grow professionally while also providing quality treatment to patients in your community. However, starting a clinic can be a daunting endeavour, especially for individuals who are new to the business world. One of the most difficult challenges for doctors is raising the initial funds required to open a clinic. This is where loans for doctors come forward. Let us look at how you can finance the essential needs of a new clinic with a professional loan for doctors.
Steps to set up a clinic
Starting a clinic involves meticulous planning and execution. Here are the steps that doctors can follow:
- Determine the framework of your clinic
Before beginning a clinic, it is critical to determine the structure for your clinic. You can set up your venture as a sole proprietorship, partnership, or limited liability company (LLC).
- Select an appropriate location
The location of your clinic is critical in attracting patients. Choose a site that is convenient and accessible to patients.
- Obtain essential licences and permits
Before beginning any medical practice, it is critical to obtain the necessary licences and permits. These can be from authorities such as the local health department, the State Medical Council, and other relevant authorities.
- Determine the essential equipment and personnel
You must determine the medical equipment and personnel needed. If you are a general physician, you may need medical equipment, at least the basics. But if you are a dentist, you may require dental chairs and other specialised equipment. This will aid in determining the loan amount you require. Some of the high-end equipment can cost a few lakhs. If you fall short of funds, you can choose the Bajaj Finserv Doctor Loan, which provides a loan amount of up to Rs. 80 lakh.
- Create a business plan
Your clinic is a business venture that should generate some revenue to sustain and grow. A business plan is a road map that outlines your clinic's goals, tactics, and financial estimates. It will help you estimate the costs and work out a strategy to make your venture sustainable.
Financing your medical practice with a doctor loan
Obtaining a loan is a good alternative for doctors who wish to start their practice but lack the necessary funds. Loans for doctors include a variety of characteristics that make it easier for doctors to arrange funds for their clinic. You just need minimal documentation such as medical registration certificate and KYC documents to apply for a loan. The KYC document can be Aadhaar, passport, or voter’s ID.
You may not require all the money at the beginning to set up a clinic. You can apply for a doctor loan from Bajaj Finance and opt for the Flexi Loan facility. Once you receive the amount in your loan account, you can withdraw money whenever you need it. The advantage of the Flexi Loan facility is that you just need to pay interest on the amount you borrow.
To summarise, setting up a private medical practice involves careful strategy and execution. For financing the establishment of your clinic, you can explore a doctor loan from Bajaj Finance. Get a loan of up to Rs. 80 lakh and repay easily over a period of up to 8 years.
