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
What is Medical Equipment Finance?
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.
Why Do You Need Medical Equipment Finance?
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.
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 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.
ALSO READ :- How to Get a Loan to set up a medical Diagnostic Centre?
Types of Medical Equipment Financing and How to Choose the Right One
Following are the medical equipment financing options you can choose from:
- Lease Financing:
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.
- Loan:
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.
- Vendor Financing:
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.
- Line 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.
Features and Benefits of Medical Equipment Finance
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:
- Instant Disbursal: Get the loan swiftly deposited into your account upon verification, allowing you to proceed with your equipment purchase without delay.
- Minimal Documentation: Focus on your business, not paperwork. Simply provide your KYC documents and address proof, and the rest will be taken care of.
- Zero Hidden Charges: Experience complete financial clarity with transparent upfront fees and zero hidden charges.
- Flexible EMIs: Choose a repayment tenure that aligns perfectly with your cash flow, with flexible EMI options and a loan tenure extending up to 60 months.
- No End Use Restriction: Leverage the loan to meet any financial requirement, empowering you to address diverse business needs beyond just equipment purchases.
- Easy Application: Securing your Medical Equipment Loan is just a click away. Apply now and let us help you equip your practice for success!
What Resources Does it Cover?
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.
How to Apply for a Medical Equipment Loan and Get Approved Quickly?
Apply for a Medical Equipment Loan online from Poonawalla Fincorp in 4 simple steps:
- Step 1: Apply Online: Click on the 'Apply Now' button, where you will enter your contact details, desired loan amount, and preferred tenure.
- Step 2: Personal Details: Provide a few essential personal details to complete the initial application.
- Step 3: Equipment Details: Enter the technical specifications of the medical equipment and upload all required documents for processing.
- Step 4: Verification: Your application will undergo thorough verification and assessment for approval.
To Conclude
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!
Frequently Asked Questions Medical Equipment Financing
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.