Medical spaces and equipment require quite a hefty investment, with each machine costing a significant amount after you have already spent a small fortune on college. Since this amount can be too much for any single person to afford, there are other avenues these days that can help you finance your practice and fulfil your dream. One such route is taking a medical equipment loan.
What's a Medical Equipment Loan?
Science and technology have been advancing at breakneck speeds over the last few decades, and this reflects in the series of breakthroughs the medical field, in particular, has witnessed. The only issue despite this progress is that while most established hospitals and high-end clinics tend to thrive in this environment, it becomes increasingly difficult for small hospitals and practitioners to set up their medical centers due to the rising cost of infrastructure and equipment. To run an effective and successful practice, medical technology needs facilities ranging from thousands to lakhs of rupees.
That's where a medical equipment loan comes in. It provides you with the financial support you need to establish yourself in the medical community and allow you to accomplish your goal of saving lives. Whether you're a doctor, medical practitioner, or a private organization, you can avail of the medical equipment loan at a competitive interest rate from different financial institutions across the country. Anyone involved in the healthcare industry is eligible for the loan.
Types of Medical Equipment Loans
There are three types of medical equipment loans provided by banks and financial institutions:
1. Loans for Doctors
This type of loan is reserved for doctors or professionals who wish to open their own hospital or other medical facilities like labs and clinics. The amount of loan varies from lender to lender. It also depends on the borrower's experience, credit history, financial status, and the healthcare venture's expected profitability.
2. Loans for Dentists
Similar to the aforementioned loan, this is exclusively for dentists looking to set up a clinic or finance equipment for an existing one.
3. Loans for Non-Individuals
Banks also cater to private companies and partnership ventures aiming to provide any healthcare service to the public. These are typically higher amounts and aren't offered to individual doctors or dentists.
Benefits of Medical Equipment Loans
While the direct advantages of any business loan are obvious, a medical equipment loan makes it easier for the medical practitioner to build a fully functional and equipped facility that provides each patient with the care, attention, and treatment they require. For those who own a hospital, a medical equipment loan for a hospital can make all the difference between a leading hospital and a laggard.
Here are some of the most essential advantages of availing of a medical equipment loan:
Low Interest Rates
Medical equipment loans are offered at discounted interest rates because the expensive equipment is considered collateral against your borrowed amount. So, you don't have to worry about giving up a chunk of your profit for repayment. Taking the loan from Poonawalla Fincorp, for instance, will let you do so at an interest rate between 9.99% and 11.99%, depending on your credit history.
Easy to Customize
One of the most outstanding features of medical equipment loan that sets it apart is the different types available for doctors or dentists. You can customize the loan amount and other components according to the equipment you will need, making this a convenient option for most practitioners.
Helps Meet Financial Objectives
Having the right amount of working capital can be empowering enough to help you fulfil the business objectives you have outlined. You can fulfil all your financial obligations while keeping up with all daily operations around the facility, ensuring that you're always ready for patient care.
Higher Loan Amounts
Depending on the institution, you can enjoy competitive interest rates on higher loan amounts up to Rs. 2 crore. The amount is more considerable for non-individual borrowers like a public or private company. This is because medical equipment is expensive, and you need a hefty budget to provide quality facilities.
Easy Approval Process
Availing of a medical equipment loan is quick, easy, and almost seamless in this day and age. You can submit most of the application online before it is verified and approved, along with all documents. The disbursal of funds is also surprisingly fast so that you can start your own practice without delay.
Latest Medical Technology
Not only does a medical equipment loan for a hospital allow you to establish your own practice, but it also lets you invest in the most competent and advanced health and medical facilities. Your loan can cover both basic and specialized equipment, from X-Ray viewers and oxygen cylinders to MRI machines.
Flexible Loan Tenure
Unlike most loan options, a medical equipment loan is much more flexible as it comes with a long repayment tenure that varies from bank to bank. At Poonawalla, you can repay the amount within 84 months or 7 years, as per your convenience.
Documents Required for Loan Eligibility
Applying for a medical equipment loan is a simple task. All you need to do is reach out to a trusted financial institution that offers the services and fill out the application without an error.
These are the documents you will be asked for in the application process:
The eligibility criteria for healthcare professionals between 25 and 65 years of age are pretty straightforward. You need a good credit score and adequate experience in the field. You must also have Indian nationality and complete the KYC and form-filling process with the utmost attention.
Medical equipment loans are the backbone of the healthcare industry. They empower your vision of improving public health by financing the expensive but essential equipment that doctors, nurses, and other practitioners require. Deciding which loan to take and from which lender can be challenging, so make sure to reach out to a trustworthy institution and avail the amount you need with ease. If you're looking for the right partner to help you finance the noble purpose of saving lives, Poonawalla Fincorp offers the best-suited solutions at attractive interest rates and lightning speed. It offers Medical Equipment loan for hospital with a hassle-free process, transparent charges structure and best-in-class customer service.
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