Home Uncategorized All You Need to Know About Loans for Medical Equipment

All You Need to Know About Loans for Medical Equipment

In the wake of increasing health awareness, India’s healthcare sector is booming rapidly. This calls for better infrastructure and an adequate supply of medical equipment to meet the treatment requirements. The advent of Government-backed schemes like AB-PMJAY and constant focus on quality has pegged India’s medical equipment industry’s CAGR at 37% by 2021.

An increase in their demand also influenced the cost of medical devices, making it challenging for healthcare professionals to finance them. Medical equipment loan comes as an effective solution for doctors as they get to invest in diagnostic implements and machines, without shelling out a significant portion of their savings. However, before availing of one, individuals must be aware of all the benefits this financing option comes with. 

Advantages of medical equipment financing

Due to the incorporation of cutting-edge technology, medical devices tend to get pricey. With a healthcare or medical equipment loan, you can obtain a substantial amount to afford top-notch equipment and extend the best healthcare facility to patients. Here is a list of benefits you can expect from this credit facility –

  • Sizeable amount

As mentioned earlier, the high demand for medical devices is predominantly responsible for their increasing costs. And to finance that, medical practitioners are relying on loans for medical equipment in India. 

From purchasing a new set of advanced equipment such as Digitalized X-ray, C-Arm Scan, etc., to refurbishing the old ones, this particular loan can cover it all. 

  • Reasonable interest rate 

Even if you have all the reasons to upgrade your medical equipment today, the burden of interest rates can still make it challenging for you to make that call. However, a medical equipment loan comes with lower interest rates, helping you to manage your other financial liabilities smoothly. 

  • Convenient repayment tenor 

Considering the costs that are involved in setting up a medical practice, purchasing equipment, etc., it is pretty clear that it involves obtaining a sizeable amount to meet those requirements. Therefore, a long repayment tenor inevitably comes as a huge advantage. While the interest rates make your EMIs comparatively affordable, the loan tenor ranging from 3 to 84 months helps to plan and divide other expenses. 

  • Online access 

Top financial institutions offering a loan for medical equipment in India generally have online portals where you can obtain all kinds of information. The hassle-free process automatically makes it easier to keep track of the expenses associated with the loan.  

  • Customized offers 

NBFCs like Bajaj Finserv also provide pre-approved offers to make availing financing less time-consuming and helps you get better deals on your healthcare equipment loan. These offers are generally available on a range of products such as business loans, personal loans, etc. All you need to do is submit your name and contact details to check your pre-approved offer. 

  • Lenient documentation procedure 

Applicants are required to keep certain basic documents handy to complete the application process. Even though the requirements are not that stringent, make sure to check out the eligibility parameters before applying for the loan. 

Eligibility criteria to avail healthcare equipment loan 

Medical practitioners must keep the following factors in mind:

  • If you are applying for a loan above Rs.50 lakh, make sure you have a minimum of 2 years of business vintage.
  • Keep account statements (6 months) that you use for most transactions. 
  • Your business should be one among the following ones:
  • Endoscopy centre 
  • Nursing home
  • Diagnostic centre 
  • Individual practice 
  • Speciality clinic 
  • IVF centre 
  • Pathology lab centre 
  • Dialysis centre 
  • Specialty or super-speciality hospital 

The integration of technology has not only improved treatment efficiency but brought promising returns on investments. If you are wondering which technology can make your medical practice profitable, make sure you have access to sufficient funds to finance that. With a medical equipment loan, you can get rid of that apprehension and provide the best treatment to your patients. 

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