If you are a doctor planning to start your career or someone who is about to open a clinic, you will need to invest in medical equipment and technology and that is where a medical equipment loan comes in.
The medical fraternity, like all other professions, needs to keep evolving to meet the changing needs of patients. From electronic patient 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 centers compete for technological supremacy, the need for improved equipment has grown exponentially. The growing number of old people and the increase in access to health care in small towns and rural areas have given rise to the need for modern equipment, and the medical industry can feel the pressure to meet demand.
So, an affordable solution is to opt for a medical equipment loan for funding medical equipment, which will allow you to pay for purchases without putting a strain on your finances. In addition, the loans offered in this category provide an attractive interest rate as well as a quick approval and payment process.
Sometimes, it’s the cost of high-quality equipment that stands in the way. Doctors and health care providers often find themselves in need of funds to buy improved technology. As a result, an increasing number of health care providers are opting for medical equipment loans these days, to finance the purchase of this equipment.
What Is Medical Equipment Finance?
Any health facility, be it a diagnostic center, pathology laboratory, private clinic, or specialized hospital, needs to upgrade or repair equipment from time to time. The advancement in technology rapidly puts old machines into obsolescence.
A medical equipment loan helps you pay for the cost of purchasing the latest medical equipment and repairing and maintaining existing equipment. In this way, you can focus on providing quality medical care to your patients without having to worry about wasting your money. As a medical professional, the purchase or maintenance of medical equipment cannot be postponed due to a lack of funds, which is why medical equipment loans are the best solution. A medical equipment loan tailor-made for a doctor sets you on the path to growth, while keeping your practice updated with the latest in patient care.
Applying for a medical equipment loan allows 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 as a quick approval and payment process.
What Are Medical Equipment Loans Used For?
Medical Equipment Finance is a part of Healthcare Finance which has been incorporated to take advantage of the growing healthcare market in India. It includes professional doctors (both general practitioners and specialists), diagnostic centers, specialized clinics, nursing homes and small to medium-sized individuals involved in specialized diagnostics/health care in the fields of radiology, gynecology, cardiology, ophthalmology, etc. caters to hospitals.
Any health care facility, be it a diagnostic center, pathology laboratory, private clinic, or specialty hospital, needs to upgrade or repair equipment from time to time. The latest technological advances are pushing older machines into rapid obsolescence. Hence, this loan gives you the ability to upgrade or refurbish old equipment instead of buying new equipment.
A medical equipment loan helps you buy the latest medical equipment and cover the cost of repair and maintenance of existing equipment. This way, you can focus on providing best-in-class medical service to your patients without worrying about their financial situation. Considering the nature of the doctor's work, the purchase or maintenance of medical equipment cannot be postponed for want of funds, hence medical equipment loan is the best solution.
The entire process of applying for a medical device loan is quick and easy. You have to fill out a form, attach the required documents and submit it. If you have a good credit score and submit all the required documents, your loan can be approved in a matter of hours, and the money is directly credited to your bank account!
How Medical Equipment Loan Can Help?
Eligibility For Medical Equipment Loans
The eligibility criteria for individuals seeking medical equipment loans:
-An individual needs to have a minimum of MBBS or BDS degrees.
-Homeopathic, Unani and Ayurvedic practitioners can also apply for this loan.
-The age limit for loan applicants is usually between 25 and 65 years, although this may vary from one lender to another.
-The credit history of the applicant needs to be good.
-Some lenders may require that you stay at your current address or have your current office for about 5 years.
What Resources Does It Cover?
Medical Equipment Loans for doctors are usually available for buying a wide range of medical equipment such as ECG machines, MRI Scanners, Ultrasound Scanners, CT Scanners, X-Ray Machines, Color Doppler, Linear Accelerators, Day Camera Mammography, Cath lab, 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 covered.
Points To Note
Features And Benefits of Poonawalla Fincorp Medical Equipment Loan:
As the name suggests, the main objective of a medical device loan is to finance the purchase of medical equipment, expand the existing technology setup, and fund the maintenance of medical equipment. It is a secured loan and can be used for the respective needs of this business. Features and benefits of Poonawalla Fincorp Medical Equipment Loan are:
Apply Now for a medical equipment loan for doctor with Poonawalla Fincorp in just one click and take your professional practice to new heights.
How magical was the day when you discovered your career path? After a lot of research, putting in so much hard work, late nights, your heart and soul, you have become what you are today.