Be it any profession, you need funds to expand your work and grow your business. Business loans are not just for business people; they can also be for professionals. So how do professionals like doctors get funds to grow and expand their practice? To seek these professional loans, there are various ways. You can apply for a loan at banks or NBFCs or any other financial institution. Unlike conventional loans, professional loans are a lot easier. So if you are a medical professional, these are the ways you can get doctor loans for your work and practice:
A steady business plan:
To get the professional loan you want, you need to have a concrete idea for your business. The bank or NBFCs or any other financial institution should be able to see the profits clearly in your business plan. Having a good plan in place helps get the doctor loan that you are seeking. If you want to expand your practice, you need to know which proprietorship your business falls under, whether it’s a sole proprietorship, partnership, or joint-stock company. When making a business plan, you also need to analyze your competitor’s business.
Source of funds:
After you are done with your business plan, you need to check which is the right source of money for you. You need to select which money lender you will choose to get the money from. You can traditionally obtain a doctor loan from banks, NBFCs (Non-Banking Finance Companies), or other financial institutions. You can also get it through issuing equity shares.
Which type of funding do you require:
You need to determine which type of funding you need. It can be a short-term loan, long-term loan, fixed deposit, equipment loans, line of credit, and so on. First, you need to fix what type of loan you want to go for and then approach the lender. Depending on your business plan, you can even get a combination of funding. For instance, if you need to buy certain equipment for your practice, you need an equipment loan. If you need funds for expanding your business, you can go for a fixed-term business loan.
Choose the right money lenders:
To get the right money lender, you will have to talk to them, enquire and do thorough research about them. Only then should you apply for a loan. You can get funds from banks, NBFCs, or financial institutions. To select the right institution, you need to ask them questions about the loan’s rate of interest and tenure. The rate of interest and process formalities may differ from lender to lender.
Seek professional advice:
Every bank has different terms and conditions to process the loan. To know which one is the best for you, you need to check with a professional like an accountant, financial advisors, and so on. It’s better to seek advice from a professional so that the bond doesn’t break in between.
Read the terms and conditions:
It’s always advisable to read the terms and conditions before applying for a loan, and it would help if you saw which terms and conditions suit you the best.
To get a professional loan or a doctor’s loan, one must do thorough research about the money lenders, make a concrete plan for your practice, seek financial advice and choose the right moneylender. Check out Finserv MARKETS