3 Reasons Why a Bajaj Finserv Flexi Loan is Better than a Term Loan for Doctorsby Aman Khanna Finance
As a self-employed doctor, you’re aware that there is a varying degree of uncertainty that you have to account for on a daily basis. It could be something as simple as patients cancelling appointments at the nth minute, or something that has a more long-lasting impact, such as a few employees quitting your clinic at the same time.
As a result, it’s fair to say that you must be flexible and agile in the way you run your business to be able to deal with such scenarios without faltering. While the right mindset surely helps, timely infusion of funds also makes it easy for you to adapt to changing needs and situations is a Flexi Loan for Doctors, a customised financing solution offered to you by lenders such as Bajaj Finserv.
Take a look at why this option trumps a term loan.
Borrow only when you need to
The biggest drawback of a term loan is that you are to borrow the entire amount that you’ve been sanctioned in one go. With a Bajaj Finserv Flexi Loan, the process is far simpler. For example, you are sanctioned Rs.25 lakh. You can then borrow from this amount only when you need to. For instance, if you’re keen on increasing the number of nurses stationed overnight at your clinic, you may borrow Rs.3 lakh from the total sanction to do so. Then, assume that to build an app for your clinic so that you can improve patient engagement and practice telemedicine, you borrow Rs.10 lakh a few months later. This will still leave you with Rs.12 lakh to use as and when you feel the need to.
Pay interest only on what you use
While borrowing in parts makes using a Flexi Loan incredibly convenient, the key benefit is that you only have to pay interest on what you use. This means that if you first borrow Rs.3 lakh, you will pay interest only on this amount and not on your entire sanction of Rs.25 lakh. Then, when you borrow Rs.10 lakh, you’ll pay interest on a total of Rs.13 lakh and the balance Rs.12 lakh will be interest-free, till such time that you use it. When you take a term loan, you not only have to borrow the entire amount in one go, but also have to start paying interest on the full sanction, which can be a huge strain on your business’ finances.
Repay the loan as per what you find convenient
When you take a term loan, repayment comprises paying EMIs that consist of payment towards the principal and interest levied on the loan. When you take Flexi Loan, however, the process is slightly different. You can choose to pay interest-only EMIs through the tenor and repay the principal once the tenor is up. This makes it simpler for you to manage your cash flow during the repayment window. You can invest the principal to make improvements to your business, generate greater revenue, and then use it to repay the principal due at the end of the tenor. It gives you the leeway to do more, at a fraction of the cost. In fact, when you choose this repayment system, you can lower your EMIs by up to 45%.
With flexibility built into every aspect of the loan, it’s easy to see why a Flexi Loan for Doctors is the ideal business financing solution regardless of whether you simply want to boost working capital, wish to market your clinic aggressively, or want to upgrade your interiors and equipment. In your search for the best Flexi Loan, consider Bajaj Finserv.
Their customised Business Loan for Doctors is available as a Flexi Loan and gives you up to Rs.30 lakh on a collateral-free basis. With minimal eligibility and online application, securing a loan is easy too. In fact, you can further speed up the process when you check your pre-approved offer and use it to apply.
Created on Mar 14th 2019 02:56. Viewed 377 times.