Hospital Loan: Loan for Hospital Projects for Doctors in India
Medicine is one of the noblest professions. Doctors who have been in practise for a while often want to open their own hospital. But it is easier said than done. A hospital must spend a lot of money to access up-to-date equipment to deliver quality patient treatment. Often, shelling out such a huge amount at once is not possible for everyone. This is where a loan for a hospital project plays an important role. As the hospital owner, you must apply for a hospital loan, as it will help you realise your dream of starting a hospital. What is a hospital loan? What are the most effective methods to receive it? Let’s find out.
What is a loan for a hospital project?
As the name suggests, these are the loans granted for building hospital projects. Many banks and NBFCs offer hospital loans with affordable interest rates. The funds could be used to build a hospital, purchase medical equipment, or any other related purpose. Your hospital project financing will be quickly approved once you’ve shown you’re eligible and sent in the right paperwork.
Features of loans for hospital projects
Here are some of the features of loans for hospital projects that you should be aware of.
Collateral free
While it varies among different banks, you can find loans for hospital projects that don’t require collateral. Thus, it becomes easier to get loans for hospital projects as one of the major criteria gets eliminated.
Quick processing
Loans for hospital projects don’t require much time. Further, you can now make online applications through the website of any bank. All the documents can be uploaded online, and the loan can be processed quickly and efficiently.
Flexible repayment
Hospital loans come with flexible repayment terms. You are free to choose the tenure that fits your budget.
Online account for easy access.
Most banks create an online account with a login ID and password. This will allow you to track the status of your loan, upcoming EMIs, loan amount paid, and loan amounts pending. It also allows you to download the relevant documents for your loan, like the sanction letter, repayment schedule, etc.
What are loans for hospital projects?
Hospital loans are a unique type of loan that can be used to pay for life-saving medical equipment. Important components of medical equipment include hospital beds, oxygen tanks, and the newest imaging and diagnostic technologies, among other things. You might use the money to purchase state-of-the-art medical equipment and provide high-end medical services. This loan for hospital project can help you develop one of the finest hospitals with modern medical facilities.
Types of hospital loans
The following are the different types of hospital loans that you can avail of from any bank:
Loans for nursing homes
To meet the needs of modern society, nursing homes need to be easily accessible and affordable. Your nursing home may enhance the medical services in many ways, such as by getting more beds, better facilities, and the latest technology.
Secured hospital loans range from Rs. 2.5 crore to Rs. 5 crore for 12 to 120 months. Unsecured loans can be paid back over 12 to 48 months, ranging from Rs. 10 to 50 lakhs. Further, corporations, partnerships, limited liability companies, sole proprietorships, and LLPs can avail of these loan facilities.
Loan for pathology research
As the number of COVID cases has changed over the past two and a half years, testing facilities have had to get bigger. Because of this, there aren’t that many pathology labs around. People who live in Tier 2 and Tier 3 cities do not have access to medical labs. With hospital loans, a pathology lab can be set up. Pathology labs must meet the following requirements to get money:
- When the hospital loan is taken out, the borrower must be at least 27 years old. The loan must also be paid back within 70 years at most.
- You must have worked in your field for at least five years.
- Loans can be accessed by sole proprietorships, limited partnerships, partnership firms, companies, and limited liability limited partnerships (LLPs).
Loans for both dentists and optometrists’ clinics
Diseases and problems associated with teeth and eyes are increasing. Setting up a dental or optometry clinic with high-end equipment may require a lot of money. Thus, doctors can go for loans for hospital projects to set up their dental and optometry clinics with the latest technology. For a medical or dental facility to get a loan, the following criteria must be satisfied:
- When the hospital loans are taken out, the borrower must be at least 27 years old. The loan must also be paid back within 70 years at most.
- One-person businesses, limited partnerships, limited liability partnerships, and limited liability companies are all eligible.
Important facts about hospital loans
A Hospital Loan gives money to qualified Indian doctors to help establish hospitals. Making something from scratch is like going somewhere you have never been before. This is because the amount needed changes from project to project depending on the type of setup you want to establish.
While loans for hospital projects can be obtained without collateral, you can provide collateral to secure a higher loan amount. If you can satisfy all the eligibility criteria, then you can get the loans at an affordable interest rate.
Conclusion
A team of knowledgeable advisers from Piramal Finance is available to assist you at every stage of the application process. This boosts your chances of being accepted and receiving your funds soon. Piramal Finance is one of India’s top NBFCs. It has a specialised staff of professionals who are accessible 24 hours a day, 7 days a week, to assist existing and new clients. For more such insightful information, you can visit Piramal Finance’s Insights.