Empowering Medical Professionals with Terkar Capital's Financial Options

 

Loans for Medical Professionals

 

In a country like India with billions of people, the value of a doctor or other medical professional is off the charts. The demand for medical services is essential, but unfortunately, financial constraints often limit their practice expansion and prevent them from meeting the healthcare needs of the vast majority of people. At Terkar Capital, we strive to bridge this gap by providing Loans for Medical Professionals / Doctors to fulfil their noble mission.

 

We will ensure that funding is not a problem in meeting the needs for practice expansion, increasing bed capacity, purchasing medical equipment, hiring staff, financing new setups etc. We do not want a lack of resources to prevent you from achieving your dreams.

 

Financial Instruments for Doctors

 

Some of the best-fit financial instruments applicable to medical professionals are those that can help them achieve their financial goals. These may include:

 

# Unsecured Funding

This does not require any form of security or collateral. Instead, the lender relies on the borrower's creditworthiness. As a result, having a good credit score is essential for getting approved for an unsecured loan.

 

# Working Capital (Unsecured)

A working capital loan is used to finance a company's day-to-day operations, such as paying employees and suppliers. Many businesses do not have consistent sales or revenue throughout the year, so they may need to borrow funding to keep operating smoothly.

 

# Equipment Finance

Medical professionals need expensive equipment to start a practice or hospital. So, medical equipment loans can help finance such equipment.

 

# Project Finance

It is financing for long-term projects like hospitals and infrastructure. Medical professionals can use it to fund new construction or expansion.

 

Features of Terkar Capital's Financial Assistance:

●       No-collateral loans are specifically designed for medical professionals

●       Quick approval and disbursement process

●       Custom funding for medical professionals

●       Repayment schedule that suits your financial situation.

●       Expert guidance to help you navigate through the plethora of financial products

 

Documents required for Doctors Loan

1. KYC documents of Firm/Company: GST Certificate, Udyam Certificate, PAN Card, Rent agreement/Electricity bill, Shop Act (applicable only in Maharashtra)
2. KYC documents of Proprietor/Partner/Director: PAN Card, Aadhar Card, Passport size photo, Rent agreement/Electricity bill (as ownership proof)
3. Financials/Income documents: Last 2-year financials: IT Return (Saral Page), COI, Balance Sheet, P&L statement, Financial notes, Form 26 AS for the last 2 years
4. Statement of recent bank account activity for the past 6 months.
5. Qualification documents: Degree certificate, Certificate of practice (MCI/IMA approved)

 

Eligibility for Doctors Loan

1. Must be a licensed physician.
2. 4 years of work experience after graduation is required.
3. Physiotherapists need 5 years of experience after graduation.
4. Must be between 25 to 65 age group to apply.
5. The minimum annual income of 1 lakh INR and Two years of profitability required at the application

 

How to get Loans for Medical Professionals?

Terkar Capital can provide financing solutions to medical professionals. You don't have to go through the hassle of applying to multiple banks and NBFCs. Terkar Capital will take care of everything from submitting your application to the financial institution to disbursing the funds. Our expert team will handle everything for you. All you need to do is provide us with primary and master's documents.

 

Conclusion

We assist medical professionals in India, with a focus on loans for medical professionals and financing options to help them overcome financial constraints and expand their practice. It covers various financial instruments such as unsecured funding, working capital loans, equipment finance, and project finance that are suitable for doctors.

 

FAQs

What is the rate of interest?

The interest rate starts from 10.5%

Is a CIBIL score important to avail doctor loan?

Yes, while determining how much money to distribute, banks and NBFCs take into account your CIBIL score and repayment history.

 

How long will it take for the loan to be approved and disbursed?

Loan approval and disbursement time varies. However, we assist you with quick loan approval and disbursal within 24 hours of application clearance.

 

What are the reasons that may lead to the rejection of your application?

Even if you fulfil all the requirements, your application can be rejected as -

●       Poor CIBIL score

●       Discrepancy in the application

●       High debt-to-income ratio

●       Multiple loan rejections

How much should the CIBIL score be required to avail of a loan for doctors?

A CIBIL score of 700 or above is considered good to avail of a loan for doctors.

 

 

Government Schemes To Strengthen MSMEs In Pharmaceutical Sector.

 

MSMEs In Pharmaceutical Sector

The pharma industry in India is highly innovative and entrepreneurial. Along with its roots in the sector, the Geo-economic healthcare landscape has been significantly altered by new startups in the traditional space. Thus more contributions need to be made to bring forward an overall larger set of solutions through a focused research and development process. For this, MSMEs in the pharmaceutical sector require funding to grow. 

With factors such as a product pipeline, access to a specialized talent pool, and a large pool of patients to add to clinical needs, the pharma ecosystem is poised to meet multifaceted healthcare needs. Thus government policies along with various schemes should be geared towards accelerating such innovations and ground-level growth to provide problem-solving solutions at the base level of the society’s pyramid. And further reducing their dependence on obsolete processes and increasing access to affordable health care. Thus, in these circumstances, capital funding should never be a concern to gear up the MSMEs in the pharmaceutical sector.

Raise funds for MSMEs in the pharmaceutical sector with suitable financial instruments.

Government schemes for MSMEs in the pharmaceutical sector

The pharma industry is a very important sector of the economy. Its importance has raised significantly since the covid 19 pandemic. It is difficult to run the industry without sufficient funding. Thus strengthening MSMEs in the pharmaceutical sector has become the need of the hour. Keeping this in mind government of India launched 3 schemes to make the pharma industry Atma nirbhar, additional resilient and future-ready. Those are as below –

• PTUAS Scheme 
• API-CF Scheme
• PMPDS Scheme

The scheme provides for credit-linked facility capital and interest for subsidy within the pharma sector. The objectives of the schemes launched under the banner Strengthening Pharmaceuticals Industry include 

• Technology up-gradation
• Setting up common research centers 
• Operating effluent treatment plants in clusters for pharmaceutical MSMEs. 
• Support of up to Rs 20 crore each for the common facility. 

SIDBI is going to be the project advisor for implementing these schemes.

1. PTUAS - Pharmaceutical Technology Upgradation Assistance Scheme

This scheme would facilitate pharmaceutical MSMEs with a well-tried track record to upgrade their technology. The scheme has provisions for a capital grant of 10 percent on loans up to a maximum limit of Rs 10 cr. And with a minimum compensation amount of 3 years or interest subvention of up to five percent (6 percent in case of units closely held by SC/ST) on a reducing balance basis.

2. API-CF - Assistance to Pharma Industries for Common Facilities Scheme

Helping pharma Industries with the Common Facilities scheme (API-CF) would strengthen the prevailing pharmaceutical clusters’ capability for sustained growth. It provides for the help of up to seventy percent of the approved project value of Rs 20 crore, whichever is a smaller amount.

3. PMPDS - Pharmaceutical and Medical Devices Promotion and Development Scheme

The pharmaceutical and Medical Devices Promotion and Development scheme (PMPDS) would involve the preparation of study reports on topics of importance for the Indian pharma and medical device industry. The scheme is geared toward making information about the pharma and medical device sectors. So the industry can keep upgrading to cater to evolving necessities across international markets.

At a conclusion

The pharma industry is one of the most important sectors of the business economy. Due to this, a lot of emphases is being laid on the working of MSMEs in the pharmaceutical sector. It is also a growing industry as many more pharmaceutical companies are looking to expand their business. In order to expand, the industry requires raising funds for the pharma businesses. Terkar Capital caters to the required cash flow for the growth of MSMEs in the pharmaceutical sector. So, reach out to Terkar Capital for financial facility arrangements.

Cash Credit (CC) Facility - Features, Eligibility, and FAQs

 

Every business needs funds for running its operations, be it for starting a company, expanding a company, purchasing machinery, or working capital, finance is the foremost requirement. Out of all others, the major requirement of funds is for working capital. Traditionally, most of the working capital financial instruments were secured, where one must have some kind of mortgage on the property. But, now there are unsecured working capital instruments that avail loans without collateral.

Cash Credit (CC) Facility

Cash Credit is an instrument of working capital finance that enables customers to use the amount specified by the lender and pay interest only on the used amount. The amount cannot exceed the sanctioned amount. This is known as the “Credit Limit” by the bank. The cash credit facility is generally given for a period of 12 months and renewed at the end of the year. To overcome the cash crunch faced due to a credit period of debtors, the CC facility is majorly used. Drawing Power (DP) is an important concept for Cash Credit (CC) facilities. It is the limit up to which a firm or company can withdraw from the working capital limit sanctioned.

Features of Cash Credit Facility

1.      Majorly, the CC facility is given by the borrower’s principal banker. The interest is charged only on the used amount by the borrower, which reduces the financing cost.

2.      There are no restrictions on the number of withdrawals of the borrower, the only restriction is on the withdrawing amount. The borrowing limit is determined according to the creditworthiness of the borrower, whereby the borrower can only withdraw up to the limit set by the banker i.e, as stated in DP.

3.      The credit period is generally given for 12 months. After that, the borrower has to renew the period.

4.      CC is available in both secured and unsecured funding, which depends upon the availability of collateral. In the case of secured funds, collateral is assets such as stocks, fixed assets, or property.

5.      The most important benefit of cash credit is its flexibility in deposits and withdrawals. Due to this, a borrower can save a lot of interest costs by depositing as and when the cash is available to him.

An example of a Cash Credit facility

“ABC Private Ltd” is a company engaged in the manufacturing of goods. Being a manufacturing company, the goods are majorly sold in bulk and on a credit basis, where the credit period of the debtor is 30/60/90 days. Also, there was unsold stock. In such a case, the company’s capital is stuck in the form of inventory and accounts receivable. Hence, the company takes a short-term loan in order to meet its working capital issues through a cash credit facility.

 

Eligibility

1.      Age criteria: Generally, the age of an applicant should be between 21 to 65.

2.      The business should have an existence of at least 3 years or as required by the lender.

3.      CIBIL ratings: If CC is obtained through an unsecured funding option, the borrower will need a creditworthy CIBIL score.

4.      Financial record: Most borrowers have to submit a specific financial record which varies according to the lending institution and also upon the borrower’s business.

5.      There is also a specific requirement of monthly income/ turnover criteria for businesses.

Note: Eligibility criteria vary from lender to lender. The above-mentioned is majorly used.

FAQs

What is the difference between CC and Loan?

The term loan is offered by a lender at a specific rate of interest which has to be repaid within a specified tenure. Whereas, CC facility is short-term finance which helps to overcome working capital issues. The banker specifies a certain limit up to which the borrower can withdraw money and pay interest only on the used money.

Who can avail of the Cash Credit facility?

All the manufacturing and service industries, traders, distributors, companies, partnership firms, and LLPs can apply for a CC facility.

What is the amount offered by the Cash Credit Facility?

The amount of CC depends upon the drawing power of the borrower. DP is calculated by considering the amount of stock, accounts payable, and accounts receivables.

Do banks/lending institutions require collateral for the Cash Credit facility?

The collateral depends upon the availability of the borrower, whether he possesses collateral or not. If the borrower does not have collateral, the ROI in such a situation will be higher than in the secured one.

Why choose Terkar Capital for CC Facility?

If you are looking for a reliable institution for raising finances, Terkar Capital can be the most appropriate for you. We arrange a variety of both debt and equity funding solutions for our clients and try harder to provide these facilities hassle-free. Our confidentiality and transparency in services make us different from others. So, whenever it is corporate funding, Terkar Capital is ready to serve you!