How to finance your dental practice?
Running a dental practice requires substantial capital. You have to take care of a range of expenses, from meeting payroll costs to subscribing to digital medical practice software. You will have to address daily operational expenses like rent, maintenance, utility, and dental disposables. Then, you may also make big-ticket purchases like dental chairs, dental equipment, and procuring medical supplies.
To help you meet these needs, Bajaj Finance offers doctor loans tailored for medical professionals. You can use these loans to finance your dental practice and scale it up.
Get up to Rs. 80 lakh collateral-free by opting for a loan for doctors. This loan will be inclusive of insurance premiums, VAS charges, documentation charges, Flexi fees, and processing fees. You can also choose a medical equipment loan to get up to up to Rs.30 crore. Use this loan to finance machinery and equipment related to your practice. Both these credit facilities come with easy-to-meet eligibility criteria and require basic documents. Doorstep services are available too. Now, you can finance everything related to your dental clinic hassle-free.
Also Read: Digital dentistry the future of your dental practice
Eligibility for dental practice loan
The basic eligibility is that the applicant or dentist must be a member of the IDA. Both the original IDA membership certificate and a photocopy need to be submitted. The original will be returned after verification. Eligible entities include individuals, partnerships, companies, and trusts.
Specific requirements:
- Individuals/Promoters: Applicants must hold a recognised qualification in BDS/MDS, have completed house surgeoncy, and be registered dentists to establish a dental clinic.
- Partnerships: At least 50% of the total partners must be qualified and registered dentists.
- Companies: A minimum of 50% of the promoters or directors must be qualified and registered dentists.
- Trusts: The trust must be registered with borrowing powers, and at least one trustee must be a qualified and registered dentist.
Dental practice loan interest rates
Feature |
Details |
Loan purpose |
Designed specifically for doctors to expand or upgrade their medical practices. The loan can be used to set up a new clinic, purchase advanced medical equipment, renovate an existing practice, or hire additional staff. It provides financial support without affecting savings, ensuring doctors can focus on enhancing patient care. |
Loan approval time |
Approval is granted within 48 hours* of document verification, ensuring quick access to funds for addressing urgent financial needs or seizing time-sensitive opportunities. The expedited process is designed to cater to the time constraints of medical professionals. |
Interest rates |
Competitive rates starting at 10% per annum make this loan affordable and cost-effective. Doctors can manage repayments without financial strain, making it an ideal financing option for expanding their practices. |
Repayment tenure |
Flexible repayment options are available, ranging from 12 to 96 months. This allows doctors to plan their repayments in a way that aligns with their financial goals and cash flow. |
Eligibility criteria |
Eligibility is based on factors like medical qualifications, years of professional experience, and financial standing, ensuring the loan is accessible to a broad range of medical professionals. |
How to apply for a dental practice loan?
Here’s a step-by-step guide to applying for a dental practice loan with Bajaj Finance:
Step 1: Click on the 'APPLY' button on the lender's page.
Step 2: Enter your 10-digit mobile number and the OTP sent to you.
Step 3: Fill out the application form with your personal and professional details.
Step 4: Once the form is completed, click on 'PROCEED.'
Step 5: Update your KYC details in the form.
Step 6: Schedule an appointment for document verification.
After completing these steps, a representative will guide you further. Once your documents are verified, the loan amount will be credited directly to your bank account.
