All businesses need financial support to establish or expand the scope of their operations. The healthcare industry is characterised by large investments that are needed to improve infrastructure and processes. To ensure a speedy recovery of patients, it is necessary to provide excellent healthcare facilities in the form of medicines and advanced equipment. However, buying them involves huge costs. In such cases, medical equipment financing comes in handy.
Read on to have a comprehensive idea about medical equipment financing
If you are a doctor planning to start your career or are about to open a hospital, you will need to invest in equipment. This is when 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 a laboratory is your best bet for ensuring expansion without straining your finances.
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 come with a competitive interest rate as well as a quick approval and disbursal process.
Healthcare providers often require medical equipment financing due to the exorbitant costs associated with essential machinery and equipment. For instance, an MRI machine can cost crores, and even smaller equipment like ultrasound machines may reach lakhs.
Limited cash flow, especially for new or growing businesses, makes medical equipment finance a vital option. This financing solution allows providers to spread equipment costs over time, ensuring affordability and operational stability.
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 centres compete to provide 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 healthcare equipment that stands in the way. Doctors and physicians often find themselves without cash to plan the flow of funds needed to improve technology. With the Medical Equipment Loan, you can overcome these challenges.
Following are the medical equipment financing options you can choose from:
In lease financing, medical equipment is rented rather than purchased outright. The lessee pays a monthly agreed-upon cost, retaining usage without ownership. The lessor maintains ownership throughout the lease period, offering options to renew at the term's end.
Loans provide a lump sum for purchasing medical equipment, with fixed interest rates and regular instalment repayments over time. This option allows upfront acquisition of equipment with structured repayment terms.
Some vendors offer financing options as an alternative payment method, making their products more affordable and accessible. This benefits clients who may lack access to traditional finance, such as loans or lines of credit.
A line of credit allows flexible fund withdrawals as needed, eliminating the need for new loan applications for each requirement. This financing option often involves adjustable interest rates based on borrowed amounts and agreed-upon payback terms.
As the name suggests, the main purpose of a Medical Equipment Loan is to finance the 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 Medical Equipment Loan are:
Medical Equipment Financing is generally available for a host of medical equipment such as ECG Machines, MRI Scanners, Ultrasound Scanners, CT Scanners, X-ray machines, Colour 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, Colour 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 the laboratory ensures that the purchase of all laboratory equipment is also financed by this loan.
Apply for a Medical Equipment Loan online from Poonawalla Fincorp in 4 simple steps:
The advances in medical science over the past few decades have happened at a fast pace. Although costs are prohibitive not only for end-users (patients) but even for medical professionals such as doctors. Hence, products such as medical equipment financing run the process without much financial pressure.
Click on ‘Apply Now’ for a medical equipment loan from Poonawalla Fincorp and take your professional practice to new heights!
1. What is the highest amount available for a Medical Equipment Loan?
You can secure a Medical Equipment Loan with a maximum limit of ?10 Crore with Poonawalla Fincorp. This amount can be utilised for various purposes, including purchasing new equipment or upgrading your medical practice facility.
2. What is the interest rate on Medical Equipment Loans?
Poonawalla Fincorp Medical Equipment Loan is available at a competitive interest rate starting from 9.99%* per annum. Please note that the actual interest rate might differ based on your age and work experience.
3. What are the late payment charges on EMI defaults?
It is important to remember that if you miss an EMI payment, a penalty of 3% will be added to the outstanding balance each month. To avoid these additional charges, make sure to pay your EMIs on or before the due date. It is also worth noting that late payments can harm your credit score, so staying on top of your payments is best.
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
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