Jefanie Genilla
Renovating and refurbishing a clinic is an expensive venture, considering the labour cost of construction workers and the prices of equipment. However, doctors need not worry too much about the price. With their Doctor’s Loan, they can get enough money to finance their venture. They must consider these 2 questions first before pursuing any projects and signing any contracts.
As our go-to guys in times of emergencies, doctors need to be equipped and prompt in responding to the public’s need. They must have all the first aid medicines for treating common illnesses. Plus, their clinic must be kept clean and safe at all times to create a space that’s conducive to an ailing person’s recovery. However, there are times when doctors fall short in treating illnesses due to lack of medicines and equipment.
If you’re a medical professional reading this post and you feel the need to refurbish, repair or open a new clinic, you might like to get a doctor’s loan. In which case, you might like to consider these 2 questions to decide what loan to take, how much to borrow and who to call:
What type of loan do you like to get?
Pharmaceutical supplies and equipment needs vary depending on the doctor’s practice. There are also loan providers offering practice-specific credit packages. Specifically, these are the five most common:
- General Practitioner – Physicians specialising in chronic and acute illnesses, as well as provide preventive care to the people are qualified to apply for a loan with a low interest rate of 2%. Maximum loanable amount is PHP 500,000.
- Veterinarian – Practitioners specialising in treating the illnesses of animals enjoy a loan solution with an interest rate of 2.5%.
- Ophthalmologist – Credit rates for doctors offering eye surgeries, as well as diagnose and treat vision problems, are usually at 2%.
- Dentist – Medical practitioners offering dental services can find financing solutions at an interest rate of 2.5%.
- Optometrist – Doctors providing vision-related consultation and diagnosis can get financing with an interest rate that plays around 2.5%.
For what purpose should you use the loan for?
When applying for a loan, doctors should also specify how they’re going to use the loan proceeds. That’s because many providers offer financial assistance at a lower rate if the loan proceeds are to be used for one of these practice-related purposes:
- Open a new branch – to reach out to more patients in the community
- Renovate your existing clinic – to improve the ambience
- Refurnish your home clinic – to add in more equipment and facilities to offer better services
- Repair damaged medical equipment – to improve the quality of care
- Launch a new service – to provide more services and cater more patients’ concerns to ensure the local community receives ample care
As the society’s healers, doctors really need to find ways to improve the quality of their services. Good thing there are now many private lenders and commercial banks offering doctor’s loan as a way to support physicians advance their practice.
