Open Your Clinic with Medical Equipment Loan

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?

• Maximum Loan Amount
  Buying medical equipment is an expensive affair and a medical equipment loan offers a high loan amount for this purpose.
   
• Simple process
  The loan application process is very simple, and the applicant just must fulfill some basic eligibility such as age, nationality, income, etc.

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

• Identification: First, you need to find out the purpose of the loan and the period for which you intend to use the amount.
• Eligibility Criteria: The eligibility criteria are the same as for other loans which include general credit and financial history checks. Also, to avail medical equipment loan, you need to have five years of total work experience and three years of experience in your current position. The borrower will also have to provide proof of educational qualification which includes an Indian Medical Association certificate and registration certificate of the hospital or medical facility.
• Choosing a Funding Partner: If you have chosen a reliable funding partner, you are halfway there. A responsive and agile funding partner like Poonawalla Fincorp will provide a quick and hassle-free loan approval process. With Poonawalla Fincorp, your loan can be disbursed quickly.

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:

• low-interest rates:
  Almost every financial institution has highly competitive prices for financing medical equipment. For example, the interest rate on medical device loans from Poonawalla Fincorp ranges from 9.99% to 11.99%.
   
• Maximum Loan Amount:
  Since hi-tech medical equipment can be very expensive, Poonawalla Fincorp offers loans of up to Rs 3 crore, so that even expensive machinery can be financed comfortably.
   
• Simple Application Process and Authorization Documents:
  Applying for a loan at Poonawalla Fincorp is very easy and fast and most of the application process can be completed online. Loan applications are considered based on medical qualification and experience; Therefore, the authorization process is simple.
   
• Fast delivery:
  At Poonawalla Fincorp the funds are disbursed very quickly with a hassle-free process. Advances in medical science have occurred at a very rapid pace in the last few decades. While the cost is prohibitive not only for the end-users (patients) but also for medical professionals such as doctors, products like medical device loans drive the process without any financial pressure.

Apply Now for a medical equipment loan for doctor with Poonawalla Fincorp 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