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18 Jun

How Medical Equipment Loan Eases The Purchase Of Healthcare Equipment?

  • By Editorial Team
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Introduction

Healthcare is a booming sector in India. Some doctors prefer to work for renowned hospitals while others prefer to set up their own practice. But starting a hospital, or a small clinic or a diagnostic centre is not easy as it sounds. A huge chunk of investment is required only to buy medical equipment. Several imported high-quality tools and machines might also be required and their price can range from a few lakhs to a few crores. Medical practitioners often do not have such a massive cash reserve to afford them. For instant funding, they can approach financial institutions asking for a loan specifically designed for buying equipment at reasonable interest rates with repayment tenures. 

Why Do Medical Establishments Need to Update Their Equipment?

Medical practitioners do not just have to make a single-time purchase but they must also upgrade their diagnostic equipment regularly. With technological advancement, medical devices are getting sophisticated and nursing homes and diagnostic centres cannot function on outdated technologies. A small error during diagnosis can lead to dire consequences and doctors certainly cannot compromise on their efficiency and reputation.

How can a customized Medical Equipment Loan Help?

  • Low Interest Rates:

When one buys costly equipment, the machine itself is treated as the collateral, which makes the debt a secured loan. As we know, secured loans reduce the risk element for the lender and in such circumstances; they willingly offer lower interest rates.

  • High Loan Amount:

Since most of these speciality medical equipments are imported, they are expensive and therefore, loans disbursed in this scheme have higher limits compared to conventional business and personal loans. After purchasing machinery, one also immediately has to bear the cost of power consumption, manpower engagement, installation cost, etc. One can use these loans to repair existing machines as well. 

  • Easy Application and Approval Process:

Most financial institutions offer these loans to both individuals and institutions for purchasing new machines. The applicant has to meet the eligibility criteria including credit score, experience in the field, age and nationality and then submit the required documents like financial statements of the last three years; profiles and KYC of all Directors, Partners, Proprietor of the establishment, registration certificates, the applicant’s Indian Medical Association certificate, age and residence proofs. The documentation and verification process is completed within a couple of days in a simple and easy manner.    

  • Flexible Terms and Conditions:

Lenders understand that need of healthcare is only rising and thus, doctors will always have a steady flow of income. Medical practitioners are preferred as clients and thus, lenders are willing to negotiate terms with them. A doctor can opt for a repayment tenure, EMIs, and even repayment methods such as ECS, NACH, PDC, according to his/her convenience. Lenders also offer exciting discounts on processing and prepayment fees for doctors. One can also get existing Medical Equipment Loan refinanced to a lower priced option.

Medical Equipment Financing from Hero FinCorp

Doctors need to pick the lender carefully especially one with a past record of providing financing solutions for both purchasing and refurbishing medical equipment. Hero FinCorp has years of experience in providing such loans after understanding the business goals and capital requirements of the applicant. It is a trusted brand because it acts as a long-term partner where capital is disbursed at very reasonable rates and terms in a quick and hassle-free manner.

Conclusion

Every doctor wants his or her practice to be equipped with the latest machinery and equipment so that they can treat their patients in the best possible way. However, owing to the high costs of medical equipment it is not always feasible for the doctor to invest their personal savings for the purchase of the necessary medical tools and devices. Well, when the investment required goes way beyond an individual's budget, a medical equipment loan can act as a saviour by easing the purchase of healthcare equipment. 

Know more about Medical Equipment Financing

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Did You Know

Loan Agreement

A loan agreement is a formal document or contract drawn between a lender and a borrower, which outlines all terms and conditions of the debt. It includes all the promises that both the parties make to one another. Term loans, working capital loans, facilities agreements are among the types of loan agreements usually made.

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