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Arranging Money to Start or Expand Your Dental Practice – Dental Practice Management

In this post, we will discuss how a dentist can raise the finance for establishing a dental clinic. There are a variety of ways and a dentist needs to think like an entrepreneur when setting up a dental practice. The ultimate financial guide for dentists.

Oriental Bank of Commerce Doctors Loan

SCHEME FOR LOANS TO DOCTORS
Eligibility Qualified registered medical practitioners with minimum qualification BIMS/BAMS/ BUMS/ DHMS/BHMS/ BPT/ MBBS/BDS & above
Constitution of the Borrower Individuals, joint borrowers, proprietorship, partnership and Company (Pvt./Public Ltd.) concerns where the majority of shareholding is by qualified medical practitioners only in case of firms/companies.
Purpose 1. For acquiring premises on ownership basis required for running Clinics/Nursing Homes, subject to compliance with license/registration requirements under laws of State / Central Govt. as the case may be, be ensured.

2.  For purchase of furniture & fixture, furnishing, renovating existing clinics.

3. For purchase of standard make medical equipments, professional tools, computers, UPS, software, library, books
Amount of loan Upto Rs.100.00 Lacs
Type of facility a) Term loan

b) Clean Over Draft limit – Rs. 5.00 lacs (Subject to availability of tangible collateral security equivalent to 200% of the OD loan limit, within the overall composite loan limit ceilings).
Security Prime security

1.Hypothecation of assets to be purchased/acquired with the help of bank’s finance.

2.Equitable mortgage of business premises if financed by the Bank.

Collateral security :

For loans up to Rs.5.00 lac

1. Doctors having qualification of MBBS/BDS and higher professional degree

No collateral security, except one-third party personal guarantee of the person having adequate net worth preferably of a spouse.

2.Doctors having qualification other than the above.

No collateral security, except two third-party personal guarantees of persons having adequate net worth, one guarantee shall be of a spouse.

For loans above Rs.5 lac and upto Rs. 10.00 lacs

Tangible & realizable collateral security equivalent to 50% of the loan amount and one personal guarantee preferably of spouse.

For loans above Rs. 10.00 lacs

Tangible & realizable collateral security equivalent to 75% of the loan amount and one personal guarantee preferably of spouse.
Margin      25%
Rate of Interest Click here to view Rate of Interest.
Penal Interest In case of delayed payment, a penalty of 2% on the overdue amount for the over due period shall be charged.
Process fee/ Upfront fee 0.50% of the total limit sanctioned subject to minimum of Rs.500/- +Service tax, if any.
Repayment Total repayment period -7 years inclusive of maximum moratorium period of 1 year.

Official Link.

HDFC Loan for Professionals (including Dentists)

You will get some exclusive features and benefits with your HDFC Bank Professional Loan

  • In – Principle loan eligibility in 1 Minute online and across all branches
  • Convenience of contacting the bank through SMS, Webchat, Click2Talk, PhoneBanking and at Branches
  • Professional Loan is also available by repayment of home loans, auto loans, and credit cards.
  • Loan Amount up to Rs. 20 Lakhs (Up to Rs. 50 Lakhs in selected locations).
  • Flexible repayment options ranging from 12 – 60 Months.
  • Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*In the case of Natural / Accidental Death of the customer, the customer/nominee, can avail of the Payment Protection Insurance (Credit Protect) which ensures the principle outstanding on loan up to a maximum of the loan amount.We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.Secure your business loan with Credit Protect.Key benefits of policy

    • Protects the family by paying off the loan amount in case of death of the customer
    • Life Coverage – provides peace of Mind
    • No need to use other savings to repay the loan
    • Tax Benefits as per applicable laws
    • One convenient package – loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.

(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)

Already have a Professional Loan?

Reduce your EMI, transfer your existing Professional Loan to us. Professional Loan balance transfer offers special and exclusive benefits.

  • Interest rate as low as 12.99* % on existing loan transfer.
  • Processing fees as low as 1.25%

Now reduce your EMI burden with our balance transfer programme.

Apply now for a Professional Loan Balance Transfer.

Eligibility and Documentation of Loans for professionals

Get details on eligibility criteria & documents required for HDFC Bank Loans for professionals

Doctors, Chartered Accountants, Architects and Company Secretaries Professionals involved into Self Practicing or Consultancy.

With:

  • Minimum Experience: 4 years Post Qualification experience for Doctors/ Chartered Accountants & 5 years Post Qualification experience for Company Secretary / Architect.
  • Minimum Annual Income (ITR): Rs. 1 Lakh p.a.
  • Business must be profit making for the last 2 years
  • Age of Applicant: Min 25 years & Max. 65 years at the time of loan maturity.

Documents you will need to submit:

  • Qualification proof of the highest professional degree.
  • PAN Card – For Company /Firm/ individual.
  • Proof of your identity: Copy of Aadhaar Card/Passport/Voters ID card/driving license/Pan Card.
  • Proof of your address: Copy of Aadhaar Card/Passport/Voters ID Card/Driving License.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified/Audited.
  • Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

Official Link.

This concludes the article. We have tried to provide the details on how to choose the correct bank loans for your Dental Career & Dental Practice. 

If you want just to have a look at the various bank loans available to a dentist (based in India), then you can check this article which tabulates all the significant bank loans available to a dentist.

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