article – 26-11-2012 - biz2credit.com

Doctor Loan and Its Requirements

Medical practice is a noble profession as doctors pursue this not just to earn a living but to save a

patient’s life. So, the medical profession should be promoted and every assistance provided for

its growth. A young doctor can open a clinic in places where there is a dearth of physicians. If

they just find some doctor loans then it is possible for physicians to start a dispensary of their

own. So, seeing this reality of requirement for loans, lenders have come forward to make

advances to medical professionals. The requirements for receiving this grant support are as

under:

Target Group: The target group to which the fund is going should be defined. For example, it

can be a group of physicians who wish to open a nursing home or a single entrepreneur who wish

to employ some workers and start a self-owned dispensary. So, that way it is possible to find

grants as the lender analyses the suitability of making funds available. If the financer finds that

lent money is going to be invested in a profitable organization then it would surely make grants

of loans.

Purpose: The purpose of health care financing is to ensure good health of people. So, the

government focuses on it as it is very vital for our well-being. Extended funds are made available

to medical practitioners and with the support they gain the strength to start their own helpline and

reach out to people who really are in need of medical aid. So, more people find treatment of

disease and can lead a healthy life.

Quantum of Loans: Initially, small package of funds can be made available and later on as the

medical practitioner grows his profession, one can find more grants and flourish a clinic to

higher levels. With the support , a practitioner can buy new equipments and install sophisticated

machines to lead his organization to new heights of growth.

Age Limit: There is no age limit for a doctor to apply for loans. Even if one’s age exceeds 65

years and above then also small business loans can be awarded to a practitioner. With this

support, new clinics can be inaugurated and old dispensaries can be upgraded to the standard of a

hospital. When there is requirement to start a clinic in an area then the financers do not consider

the age of physicians but they judge one’s quality of being a good doctor.

Security: The loan givers have to ensure that the support that they are extending is going in safe

hands. So, they consider checking the history of the borrower , the collaterals offered, and one’s

capability to make repayments in time. It is essential for the lender to ascertain that his granted

money will be returned back along with interest in a mode that is convenient for the financer.

Repayment Period: The period of repayment is also defined by the financer. It can range from

six to ten years or even more. A lot depends on the amount borrowed and the guarantee offered

by the borrower against the loans. Of-course a physician’s previous repayment history too counts

when it comes to awarding funds.