A dental clinic’s construction might be pricey. The establishment of such a practice entails significant expenses. You will need sufficient funding to establish and run your firm if you’re thinking of going it alone.
This is where a Personal Loan for Doctors or even a Medical Equipment Loan for Dentists, (depending on the use case) can help. These loans provide upfront capital that can be paid off by flexible tenure options.
You can also get the loan at attractive interest rates to service the loan in a hassle-free manner.
In this article, we’ll discuss how such loans can help you kickstart your practice.
For Operational Expenses
Maintaining a dental practice requires certain operational expenses. These expenses are a part of keeping the practice running. Whether you have an existing practice or are in the process of setting up a new one, you need to account for these expenses. If you’re an experienced dentist, then you know that these expenses form a considerable part of your daily operations.
Some overheads that you need to keep in mind include
Paying rent for the office space that you’ll be using.
Paying for utilities such as electricity, water, internet, phone services, and so on.
Paying for appliances to be used in the office such as air conditioners, lighting fixtures, and computers.
Meeting the monthly payroll of the staff that you hire such as a receptionist and cleaning professionals.
A Personal Loan for Doctors Can be Really Helpful in this Situation
Market Your Practice
Regardless of whether you’re setting up a new practice or you are expanding an existing one, you will need to market your services. This marketing will allow you to maintain a steady stream of patients who come to you to get your expert services.
To be able to market your services effectively, you may need to hire professionals who are willing to devote the time, effort, and expertise required to get the word out there.
For example, you could use social media to let people know about the services that you offer. To use social media, you will need to generate social media content and handle your social media profiles which can be done effectively by social media marketing professionals.
Purchase Expensive Dental Equipment
Dental equipment for your practice can be highly expensive. You will need this equipment so that you can perform the necessary procedures for your patients. Rather than referring your clients to other dentists or partnering with a hospital, you can take care of your patients’ needs in-house if you have the necessary equipment. A Medical Equipment Loan for Dentists will be very helpful in this case.
Some of the equipment considered necessary for a dental practice include dental drills, dental fillings, filling material, x-ray sensors, and so on. With such equipment, you can perform an array of procedures for your patients. You can also charge them for such procedures according.
Features & Benefits of a Personal Loan for Doctors
There are multiple features and benefits of Personal Loans for Doctors which make it easier for you to service the loan and run your practice efficiently.
High Loan Amounts
As mentioned earlier, medical equipment and running a healthcare practice can be expensive. A loan of up to Rs.30 Lakh can be taken (depending on your lender). These high loan amounts ensure that you can purchase all the equipment that you need to run a successful dental practice.
Structured Repayment Options
You can repay the loan using easy monthly instalments (EMI). Given that the payments are done monthly, the repayment amount is comparatively small. This means that repaying the loan is easy. Since the monthly amount includes the interest, you do not have to worry about separately servicing the interest due on your loan.
These loans have a flexible tenure. You can choose the length of the tenure of the loan as per your suitability. Such loans can be availed for a maximum period of up to 60 months (depending on the lender). Since the tenure of such loans can be quite long, the associated monthly repayment amounts can be kept low.
Low Interest Rates
The interest rate for Personal Loans for Doctors is quite low and starts at only 10.99%. Since the interest rate is quite low, the overall borrowing cost associated with the loan can be rationalized to a large extent. You can set up your dental practice without having to worry about how to repay the loan amount along with interest. Similarly, the interest rate for Medical Equipment Loan for Dentists is also quite low.
No Pre-Payment Charges
A pre-payment charge is a charge that is levied if you repay the loan amount (along with interest) before the loan tenure.. There are no pre-payment charges if you avail of a Personal Loan from Credit success. Hence, you won’t be charged any foreclosure fees or penalties either. If you have the financial ability, then you can repay the Personal Loan as soon as you like, without incurring any additional cost while saving on interest payments.
No Hidden Charges
When you take a loan from Credit success, you won’t have to pay any hidden charges. All the charges will be communicated to you upfront. Hence, you will know the exact borrowing cost of your loan.
Such a loan involves paying the interest amount and the loan processing fee (which is quite nominal), and it requires no other cost. You can calculate the exact monthly payment for your loan by using an EMI calculator which is available on our website.
Wrapping up
If you’re thinking of starting a new dental practice or expanding an existing one, then you have the option of availing of a Personal Loan or a Medical Equipment Loan. Each type of loan has its advantages and disadvantages, so you can weigh the pros and cons to decide which suits your needs the best.
