The healthcare industry in India currently ranks as the 4th largest employer in the country which rakes in over Rs. 4 Trillion of revenue. It is expected to grow even further and reach Rs. 8.6 Trillion by the fiscal year, 2022.
The demand for quality healthcare, the rising affluence of the Indian population, and easy access to health insurance; all contribute to the anticipated growth. The Indian Government has also recently launched the world’s largest health insurance scheme called Ayushman Bharat which is expected to bring over 50 Crore Indians under the insurance blanket.
Why healthcare financing matters?
Healthcare finance takes paramount importance in the present Indian scenario. As the demand for quality healthcare increases, doctors and medical professionals continue to find it increasingly difficult to keep up. A recent survey has revealed that there is 1 doctor available for every 11,082 people in the country. It is well below the WHO recommended 1:1000 doctor-patient ratio.
These figures just go on to show how vital private doctors are to meet the healthcare needs of this nation. However, the biggest challenge that private doctors face while setting up their clinics is the lack of funding. They do not have the backing of the government and have to arrange for all the facilities themselves.
Also, a simplistic clinic with a limited output of healthcare services will obviously not suffice considering the already meagre ratio of professionals to individuals. It is imperative that you should follow the right steps to expand from a clinic to a polyclinic.
Even something as basic as an X-ray machine will require a substantial amount of investments. Doctors require more complicated and expensive machinery to be able to do proper diagnosis and cure. It is challenging for them to meet these expenses, which in turn, brings down the quality of overall healthcare.
The good news is that there are multiple healthcare finance options available today with prominent NBFCs like Bajaj Finserv.
Healthcare financing features from top financial institutions
No need for collateral
Doctors and healthcare professionals can avail a loan of up to Rs. 30 Lakhs without pledging any assets.
It’s quite simple to apply for healthcare finance in India. As so many financial institutions have come across to help the healthcare professionals to offer a financing option.
The eligibility criteria are as follows:
- Super specialists (MD/MS/DM) do not require any experience.
- MBBS degree holders need a minimum of 2 years of practice experience.
- Dental specialists must have over 5 years in experience.
- Alternative medicine practitioners need a minimum experience of over 6 years. They must also own a house or clinic.
- Flexible tenors
Doctors may need time to set up their practice. So, these loans come with flexible repayment periods. You may divide the loan amount into easy EMIs and pay them back at your convenience within a period of 12 to 96 months (1 to 8 years). Doctors can avail these loans to provide excellent medical facilities to thousands of patients within that time.
You do not have to physically visit the financial institution to access information on your loan. You can do it easily with the click of a few buttons with a customised online account for you. It aligns perfectly with the modern idea of becoming a digital doctor of today.
You can expect to get the full loan amount transferred to your bank account within 24 hours of loan approval.
Moreover, companies like Bajaj Finserv brings you pre-approved offers for various financial products such as personal loans, home loan, business loans. It makes the process of availing a loan simpler and also helps save more time.
Doctors can now set up their own clinics and reach thousands of patients with easy healthcare finance options available to them. It can lighten the burden on the already overcrowded government hospitals to a large extent, and provide quality healthcare to millions of people across the country.