Dental Practice Loan Options: A Simple Guide

After getting qualified as a dentist, either you would wish to work under a highly qualified dentist or you wish to set up your own dental clinic. Starting a dental clinic in a city requires a lot of money. Constructing a clinic is not sufficient. You need to install many other things in your clinic along with the costly dental equipment. The present balance in your bank account is preventing you from purchasing pricey equipment. You will not be able to execute your dental practice, if you do not have the requisite dental equipment at your end. In order to carry out your dental practice, you require a loan which you would get from a financial organization. You might be in want of shifting dental clinic to a different location. You might want to repair and get a refurbished look to your clinic. You might want to pursue a higher degree in dental course. No matter what your requirement is, you would want to seek a loan at a low interest rate. Having a loan will help you fulfill your career dreams and other requirements. There are many ways to procure loans for your dental practice. If you are not aware of the easy ways of procuring dental loans, then you will get an idea about the options of dental practice loans. Below mentioned are the effective ways to procure dental practice loans .

Loan options for dentists

Just as you meet several challenging situations when treating your patients, in the same way, you would go through several challenges related to your finance in your daily life. To make your financial challenges meet, you have got easy loan options.

1. Approach SBA

Small business administration (SBA) is a government-based organization which has opened up various types of lending options in the form of loans to the small business owners. All you need is to be ready with the concrete reason of obtaining a loan. You should know the purpose of having a loan and how much money you would require for executing your business or buying dental equipment. You would be expected to submit many documents to get your loan approved. You should also know that the application process will be tiresome. Your bank documents will be verified. Your experience of work and credentials will be checked before the approval of a loan.

2. Lines of credit

If you want to fulfill your small needs such as a buying an advanced equipment or purchase a small plot for building your office, then the lines of credit will surely work for you. The purpose of this loan facility is to fulfill your short-term dental equipment. This loan facility will be active for about a year. You can be sure of getting better interest from the lines of credit. Your credit score will be taken into account, before the loan approval.Bajaj Finserv offers a Flexi Loan facility with all the above benefits.

3. Loan for Doctors

A convenient method of loan for doctors and dentists is provided by Bajaj Finserv. Without having a guarantor, you can have Rs. 35 lakh as a loan amount from the esteemed financial organization. What better than applying for a dental loan by sitting at your home or in your office? Mere by following simple steps in online and offline process, you can get a huge loan amount in your bank account in just 24 hours. The doctor loan interest rate of Bajaj Finserv sounds good, as the interest rate is 14% to 16%.

Are you eligible to get the loan?

The eligibility criteria for doctor loan are as follows.

1. You will have to present your credentials with the years of experience at your end.

2. If you are a dentist, super specialist, doctor, homeopathic, or an ayurvedic health practitioner, then you can fit yourself in the eligibility criteria.

3. You also need to fit into the criteria of a credit score. The pending outstanding credit card bills will prevent you from obtaining loans.

4. The dentists who fall between the age 24 years and 60 years can approach for a loan in Bajaj Finserv.