What is Medical Equipment Finance and how to apply for it?

Features and advantages of Medical Equipment Finance:

1. Multiple Repayment Options: Medical equipment finance provides various repayment options, making it easier for borrowers to repay the amount. The tenure usually ranges from 12 to 84 months.

2. Customized Solutions: Medical Equipment Finance provides customized solutions as per your requirement, and also enables you to set the repayment terms.

3. Balance Transfer of an Existing Loan: Take advantage of lower interest rates, by transferring your existing Medical Equipment Loan to a lower priced option.
4. Higher Limits: These loans have higher limits, which allow you to purchase the best most advancement machinery and equipment.
5. Finance New or Refurbished Machines: Since high quality medical equipment is very expensive, financing is available for both new and refurbished machines.

Just like a patient who relies on the best possible doctor for diagnosis and cure; it is important that you choose the right financing partner to take care of your financial needs and requirements. A trusted company like Hero FinCorp is a great and reliable option. An ideal financier would work very differently in comparison to most players in the market, and would focus on ensuring that the financing solutions being proposed are structured keeping your business goals and requirements in mind. 

Checking Eligibility: Apart from the usual credit and financial history checks, which are applicable to almost all loans. Such loans also require you to have 5 years of overall work experience, and a minimum of 3 years in your current position.

Documentation Required: It is always good to be fully prepared before you apply for the loan as it makes the process hassle free. To do this, one should have their audited financial statements for the last 3 years and projections, profiles and KYC documents of your organization leaders, such as directors, partners and proprietors, company registration certification, consultancy documents and your Indian Medical Association certificate.

Applying for a Medical Equipment Loan: You are already half way through, if you’ve chosen a reliable financing partner, have your documents in place and make sure that you fit the eligibility criteria. Get in touch with the financier through a branch office or online, submit your application form and required documents. If everything is in order, your loan shall be disbursed in about 5 working days.

Points to note:

1. You’ll need to provide a security/ collateral against your loan. Things that are accepted as security include land/ property, plant & machinery, medical equipment, machinery, fixed deposits, deposit certificates, KVP, NSC, securities issued by Central and State Governments, gold and other cash equivalents, life insurance policies and others.

2. Foreclosing your loan will not affect your CIBIL score

3. One of the biggest mistakes doctors make is to apply for a medical equipment loan for the wrong reasons. Know why you want to apply and have a clear path of repayment. As a healthcare services provider, you can make use of a variety of loans for different reasons. Loan types available to you include: Working Capital Finance, Loans Against Property and more, these can be used for funding your operational expenses

Doctors and others working in the medical field, embody values that make patients look up to them as their saviors. It is only fitting that they should be given complete support and access to machinery & equipment, which would help them further improve their facilities and services.