A complete guide on medical equipment financing

All businesses need financial support to establish or expand the scope of their operations. The healthcare industry is characterized by large investments that are needed to improve infrastructure and processes.

Advances in medicine and medical technology have greatly benefited society and aided health professionals to find solutions to several health problems. It is necessary to provide excellent health care services to the customers. However, buying such advanced medical equipment involves huge costs and can be difficult if you use only available funds or accruals.

What is Medical Equipment Finance?

If you are a doctor planning to start your career or are someone who is about to open a hospital, you will need to invest in equipment and that is where the medical equipment loan comes in.  Alternatively, you may also be looking at purchasing new equipment for your medical laboratory. In such a case, a medical equipment loan for laboratory is your best bet, for ensuring expansion without straining your finances.

That is, an affordable solution to opt for funding for medical equipment, which will allow you to pay for purchases without having to restrict your operating costs or put a strain on your finances. In addition, the loans offered in this category provide an attractive interest rate as well with quick approval and payment process.

Importance of Medical Equipment Financing:

The healthcare industry, like all others, needs the expertise to meet the changing needs of patients. From patient electronic records, advanced diagnostic equipment, and patient monitoring programs to machines such as diabetes and BP, technology infrastructure is a key factor in determining the quality of care provided to patients.

As hospitals, clinics, and health centerscompete for providing better services to patients, the need for improved equipment has grown exponentially. The rising number of people with lifestyle-related and other medical conditions with the increase in access to health care in small towns and rural areas have flamed the need for modern equipment, and the medical industry can feel the pressure to meet the demands.

However, it is the cost of high-quality health care equipment that stands in the way. Doctors and physicians often find themselves without cash to plan the flow of funds needed to improve technology. This is where a medical equipment loan comes in handy.

What is the Medical Equipment Loan used for?

Medical Equipment Finance, a part of Healthcare Finance, is incorporated to leverage the growing healthcare market in India. It caters to professional doctors (both general practitioners and specialists), diagnostic centers, specialized clinics, nursing homes, and small to medium-sized hospitals involved in specialized diagnostic/health care in the fields ofradiology, gynecology, cardiology, ophthalmology, etc.

Any health care facility, be it a diagnostic center, pathology laboratory, private clinic, or specialized hospital, needs to upgrade or repair equipment from time to time. The latest technological advances are rapidly pressing old machines into obsolescence. Therefore, this loan gives you the ability to upgrade or refurbish old equipment instead of buying new ones.

A medical equipment loan helps you cover the cost of buying the latest medical equipmentwithrepair and maintenance of existing equipment. This way, you can focus on providing the best-in-class medical service to your patients without worrying about straining your finances. Given the nature of work of a doctor, purchase or maintenance of medical equipment cannot be postponed for wants of funds, hence a medical equipment loan is the best solution.

The whole process of applying for a medical equipment loan is quick and easy. You need to fill out a form, attach the required documents, and submit it. If you have a good credit score and furnish all necessary documents, your loan could get approved within a few hours and the money is credited directly to your bank account!

What resources does it cover?

Medical Equipment loan is generally available for a host of medical equipment such as ECG Machines, MRI Scanners, Ultrasound Scanners, CT Scanners, X-Ray Machines, Color Doppler, Linear Accelerators, Day Camera Mammography, Cathlab, Monograph X-Ray Fluoroscopy (Indian & Imported Equipment), Ophthalmology, etc. Advanced Medical Equipment such as MRI Machines, CT Scans PET CT scans, Cat Labs, Ultrasound Equipment, Color Doppler, Linear Accelerators, etc. are also supported.

This means that the loan can be used by doctors, medical professionals, owners of hospitals, etc. In addition, the Medical Equipment loan for laboratory ensures that purchase of all laboratory equipment  is also financed by this loan.

Features and benefits ofPoonawallaFincorp Medical Equipment Loan:

As the name suggests, the main purpose of medical equipment loan isto finance purchase of medical equipment, expand existing technology set-up, and fund the maintenance of medical equipment. It is a secured loan and can be used for the associated needs of this business. The features and benefits of Poonawalla Fincorp Medical Equipment Loan are:

•  LowInterest Rates:
  Almost every financial institution has highly competitive prices for funding medical equipment. For example, the interest rate on medical equipment loan from Poonawalla Fincorp ranges from 9.99% to 11.99%.
   
•  Maximum Loan Amount:
  As high-tech medical equipment can be very expensive, PoonawallaFincorp offers loans up to Rs. 3 crore, so that the machineries can be funded comfortably.
   
•  Simple Application Process:
  Applying for a loan at Poonawalla Fincorp is flexible and quick and most of the application process can be completed online. Loan applications are considered based on medical qualifications and experience; therefore, the authorization process is simple.
   
• Fast disbursal:
  At Poonawalla Fincorp funds are disbursed very quickly with a hassle-free process.
   
• The required documentation and eligibility to avail of this loan are:
  The applicant must be at least 25 years old at the time of applying for the loan and 65 years of age at the time of maturity of the loan.
  For the qualification such as MBBS / MDS / MD / MS, there should be minimum of 1-year post-qualification experience and for other medical qualifications, 3 years of post-qualification experience.
   
• KYC Documents:
   
•  For Self-employed professionals:
  •  PAN card
  •  Aadhaar Card
•  For Firm / Company:
  • PAN Card, Proof of Business Address
  • Owner / Partner / Director: Aadhaar Card and PAN Card Address Proof: Electricity Bill / Lease Agreement / Passport
  • Operational bank account statement for the past 6 months.
  • Qualification Certificate and Exercise Certificate.

The advances in medical science over the past few decades have happened at a very fast pace. Although costs are prohibitive not only for end-users (patients) but even for medical professionals such as doctors, products such as medical equipment loans run the process without much financial pressure.

Apply Nowfor a medical equipment loan with PoonawallaFincorp in just one click and take your professional practice to new heights.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Medical Equiment Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply