Finances, among other factors, dictate the success of your dental clinic expansion in India. As a dentist looking to expand your clinic, you need timely access to funds. On several occasions, it becomes a tall order to raise the amount needed through personal finance.
In such a scenario, loans are your best bet. Given below are the various loan options available in India to aid you in your endeavour:
Available Loan Options For Doctors in India
Doctor Loans from NBFCs
Over the years, NBFCs have brought a major disruption in the loan space in India through customised offerings. Doctor loan is one such product targeted at catering to the unique needs of medical professionals, including dentists.
For instance, Bajaj Finserv offers an array of Doctor Loans that you can use to expand your medical practice and take your services to the next level. The offerings include:
- Business Loan for Doctors
- Personal Loan for Doctors
- Loan Against Property for Doctors
While you can avail funds up to Rs. 30 lakh under Business and Personal Loan offerings, Loan Against Property allow you to opt for funds as much as Rs. 2 crores. To meet unexpected expenses coming your way during expansion, the offerings include a Flexi Loan Facility that permits you to withdraw money from your approved loan limit as and when required with interest being charged only on the amount borrowed.
This lowers the EMI amount, thus helping you ineffective management of your finances. Also, pre-approved offer on the loan helps in seamless access to finance.
Peer-to-peer (P2P) lending
The rapid rise of P2P lending platforms in recent years has made it quite easy to avail loan for a dental clinic for expansion. When you apply for a loan through these platforms, you are connected with a host of lenders, who after closely evaluating your application offer finance.
While it’s a fast and easy way to avail the required funds, the amount and the time is taken for loan disbursal can be an issue. Generally, on P2P platforms, you may not get the said amount and lenders might need a detailed plan on the business model before they agree to disburse funds.
This is not the case with tailor-made Doctor Loans from Bajaj Finserv where the required amount is credited into your account within 24 hours. It also involves minimal paperwork with a flexible tenor that helps in easy repayment.
Several tech giants of today were once funded by angel investors. You can approach an angel investor to avail funds for expanding your dental clinic. While angel investors can provide you with a large amount of money, they also have a say in operations. Thus, there’s a chance of losing out on your independence.
Also, on most occasions, angel investors receive a part of the profits made. This can take a toll on the revenues and profits generated in the long run. Just like P2P lending, angel investors might need an extensive business plan and a repayment strategy before loan approval.
Borrowing from family and friends
Another option for availing finance for expanding your dental clinic to make your practice more visible is borrowing from family and friends. You can approach them to obtain the desired funds. Here, you don’t need a detailed business plan or a comprehensive repayment strategy.
While it doesn’t involve any paperwork and risk assessment is done by financial institutions, what makes it a little risky is the fact that it can turn relationships sour in case the money isn’t returned on time.
Before going for any of the above-mentioned loan options, gauge your needs and choose the one that best fits in your scheme of things.