Those who aspire to go into dental practice have a clear idea in their mind regarding the future and most of them want to set up their own clinic someday. The fact is, that such a dream takes quite a bit of planning if it has to be achieved with success and it is never too early to start. Setting up any kind of practice requires quite a bit of capital for that matter and being a dentist is more so because a dental clinic requires some really good equipment for diagnosis and treatment. If you are just starting your dental practice, you want to start with the very best facilities because clients will always be on the lookout for superior services. Thankfully, dental practice loans are available just for this purpose.

Dental practice Loans

There are a number of dental loans that one can avail but some are more popular or more secure than the others:

Crowdfunding

This kind of loan can be availed by seeking out like-minded individuals through a shared platform and everyone contributes to a cause. There are people donating from all over the world and there is no need to return the money as such. Doctors or anyone associated with any branch of healthcare have higher chances of being approved for this kind of loan. The money can be utilized in any way and even if the amount of contribution is very small, one can accumulate a sizeable corpus because of the number of people chipping in.

Credit card loans

Dentists can avail credit card loans as well but the point here is that no special allowances would be made in terms of interest or any other aspect because it is related to a branch of medicine. Credit card loans carry very high rates of interest and they tend to climb up in leaps and bounds when a payment is missed. Hence, such loans should only be opted for when one needs quick cash and they are sure they can repay the loan just as quickly.

A business line of credit

Such line of credit loans is available for doctors who want to set up their own practice. One can utilize the money from their loan account as and when required and there is no need to pay interest on the entire sum either- just on the sum that has been utilized till that point. Such loans are great for those who perhaps do not want or do not find the need to utilize the money all at once and are slowly expanding their practice, one aspect at a time.

Bajaj Finserv offers special Flexi Loans for doctors with which one can make unlimited withdrawals and prepayments by paying no extra charge. One only needs to pay interest on what they use and not on the full sum borrowed.

Doctor loans

Doctor loans are available for those in dental practice and these loans may be used to set up the entire practice. Be it renting new premises for the chamber, buying new equipments and tools for the diagnosis and treatment, hiring skilled and educated assistants or even to buy books and expand one’s knowledge of the practice, these loans can be a lifesaver and a dentist can successfully finance their own practice without having to deplete their own reserves all at once. Be sure to check your eligibility criteria for doctor loan by using an eligibility calculator and make sure you have a good credit score to be able to avail the loan.

Bajaj Finserv has Flexi loans for doctors with competitive rates of interest and flexible repayment options. It also has numerous SME and MSME loans in place, with loan amounts being as high Rs 30 lakhs and loan approval can happen in less than 24 hours, by providing just two documents. Check your pre-approved offer here to get the best loan options.

Author's Bio: 

Anuj Pandey is an experienced financial advisor and writer who is well known for his ability to market trends as well as for his financial knowledge. He has worked extensively in the finance sector and also written numerous blogs on finance and startup etc. and how they affect the customer in the present market scenario. He has done MBA in finance. Anuj has also amassed a great name for himself as a financial blogger.