At present, India has as much as 1.8 Lakh dental graduates. While only 80,000 of them are in practice currently, the scope for dental clinics looks immense. As for the active dental practitioners, the numbers are mostly related to India’s urban and semi-urban regions. Hence, the scope also extends to the rural area.
Adding to it, the present market for dental equipment is estimated to be a whopping Rs. 13,000 Crore with a 20% expected growth. While the stats show a better picture of the future than the present, it can be a reality effectively with the right funding options like a loan for dental clinic in India. Here’s how.
Such loans can help dental graduates establish new clinics or carry out upgrades and expansions to ensure better treatment to patients. Borrowers can approach NBFCs like Bajaj Finserv to avail customised financial products for multiple requirements. Nowadays, lenders ask for simple eligible criteria to fulfil and submit only the primary documents to complete the process.
Types of financing available
A loan for dental clinic in India is available in two broad categories.
- Secured loan for doctors
The credit is suitable for comparatively bigger investments like acquisitions and establishment of a new clinic or healthcare facility. It is because lending institutions offer as much as Rs. 2 Crore with their secured loans to set up a new clinic or acquire one.
Although the end-use is not defined here, it’s best for a dentist to utilise this large amount for investments of high value like the purchase of a new property and A to Z installations for the clinic. They are also suitable for big investments like equipment upgradation.
With these loans, you can get funds which are up to 80% of the mortgaged property’s market value. Also, these loans come with comparatively lower doctor loan interest rate due to their secured nature.
- Unsecured loan for doctors
An unsecured or collateral-free loan is appropriate when your clinic needs relatively lower amounts to cover its financial requirements.
For example, you can avail it to give a new outlook to the existing set-up with modern furniture and fittings, innovate the premises, install advanced software, etc.
Eligible borrowers can opt for up to Rs. 30 Lakh with an unsecured loan for dental clinic in India. The credit can help you buy the best medical tools and equipment within your budget. Also, you can go for capacity expansion with the purchase of new chairs, beds and hiring more staff. Another way to utilise it is to train them for new procedures in dental practice.
Check your eligibility before you apply
Ensure to fulfil all the eligibility requirements of your chosen lender before applying. This increases your chances of getting the loan approved.
Some of the essential doctor loan eligibility criteria include:
- You need to have minimum experiences as per your degree and qualification.
- You should own a clinic or a house in an area where the concerned NBFC operates.
- If you don’t have one in your name, either of your parents should own it in such a place.
These doctor loan eligibility criteria apply for both secured and unsecured loans. Also, check the documents needed for hassle-free loan approval.
- Documents of KYC
- Certificate of registration
- For loan against property, you will also need financial statements of the last two years and IT returns.
- And, documents of ownership for the mortgaged property.
With these things in place, you can apply for a credit and get the fastest approval within 24 hours from Bajaj Finserv. Choose the loan for dental clinic in India suitable for your needs and apply online with a few clicks. Expansions, acquisitions, upgrades are all possible with this dental practice financing.