It is the dream of every dentist who has passed out of his/her medical college to have his/her own dental care clinic where he/she could impart quality service to patients.
However, dreaming about one thing and getting it fulfilled are two different things!
But, leading banks and non-banking finance companies (NBFCs) treat dentists as one of the major disciplines of the medical world and offer them with loan options.
Yes, if you have the required eligibility as per the policies of a lender, you can grab a dental practice loan to boost your practice.
However, most of the lenders would want a dentist to at least have 5 years of experience post qualification to grab a doctor loan.
If you are mulling to avail a doctor loan to boost your dental practice, here are some ways to use it smartly. Have a look!
To improve the cash flow
During the course of your dental practice, you will need to get on board some new age or advanced dental equipment to aid you to provide better services to your patients. For the same, you can use the funds out of your doctor loan to fund the purchase of some in-trends dental equipment. When you have some modern-day dental equipment, it will help you provide better services. In turn, it will help you get more patients and let the cash registers ringing.
To have a working capital
Unless a business, small or big, have some working capital, it won’t survive for long. Working capital is nothing but the cost required for maintaining and running the show easily. The cost may involve paying salaries to daily/contract staffs and overhead costs. You can use the doctor loan to manage a working capital to easily manage the operative cost of your business easily.
To upgrade your clinic
Having a full-fledged clinic offering specialty services is the dream of many and dentists are no exceptions. Hence, you can always use the funds of a doctor loan to upgrade your small clinic to emerge as a super specialty clinic. Using the doctor loan money to pay for the setup of comfortable interiors such as furniture, ACs and elevators can also be done.
To consolidate other debts
Being a dentist, you may have some ongoing debts for which you may be paying multiple EMIs. Hence, you can always utilize your doctor loan to pay off all other debts. It is because it is always better to pay one EMI of a doctor loan than paying many at a time. A considerable chunk of dentists and other borrowers channelize their loans towards the repayment of other loans eating a lot of their monthly income.
To hire experienced staffs
Unless you don’t hire skilled and experienced staffs for running the show at your dental clinic, it won’t survive. The way your staffs would treat the patients and render them services would also help spread the good word about your services and the clinic. Thus, you can go ahead and utilize a portion of the doctor loan to hire some experienced professionals to cater to many tasks at your dental clinic.
The Bottom Line
Once you have chalked out the plan for the establishment of your clinic, the next thing to worry about would be the arrangement of the money to execute the plan.
As you are now aware of the usages of the doctor loan that it can help to boost your dental clinic, it would be better to apply for it online and see your clinic grow gradually.
Leading lenders would generally offer you the dental practice loans at lower doctor loan interest rate which will help you pay lower EMIs.
Assess your needs accordingly, compare various dental practice loans’ deals online at third-party websites, and apply for one that suits your needs and affordability.
