Securing a Loan for Medical Equipment: A Comprehensive Guide
Equipment financing can be an excellent option for companies of all shapes and sizes to help them grow their businesses and keep them flourishing. I work for a direct lender one of the largest in the country. If you're looking to buy new medical equipment I'd love to help you out!
Why Medical Equipment Finance is Essential
Like other industries, the medical industry needs technology to meet the changing needs of its patients. Right from advanced diagnostic equipment to MRI machines, technological infrastructure is a dominant factor that determines the quality of medical care offered to patients. That is why getting access to the latest medical equipment is no longer a luxury but a necessity to improve medical services.
The Heavy Cost and Its Impact on Medical Practitioners
However, the heavy cost of medical equipment is the biggest challenge for medical practitioners. Even after stretching their budgets, many medical practitioners often find themselves cash-strapped to plan the capital influx required for buying advanced medical equipment. So if you are one of them, fret not. There are many banks and Non-Banking Financial Companies (NBFCs) in India that offer medical equipment loans. These loans are available at attractive interest rates accompanied by fast processing and a quick disbursal process.
Understanding Medical Equipment Loans
A Medical Equipment Loan is designed to finance the purchase of medical equipment. The loan amount depends on the credit history, work experience, and financial status of the borrower. There could be many other factors depending on the internal policy of the lender that will finally decide all the loan parameters.
Top Lenders for Medical Equipment Financing
Most major banks and non-banking financial institutions offer medical equipment financing. My brother recently used the Bajaj Finserv App to finance medical equipment. This loan was processed quickly and smoothly. With the Bajaj Finserv App, doctors and medical professionals can get up to 6 crore in funding to help them buy medical equipment and other allied machinery. Other medical equipment finance providing companies include HDFC, Tata Capital, IndusInd Bank, and Axis Bank. This type of funding assists health professionals in establishing their own businesses such as clinics, hospitals, diagnostic centers, and so on. The income generated by these machines can assist the individual in repaying the loan used to purchase the machinery.
Advantages of Medical Equipment Finance
1. High Cost of Medical Equipment - Given the high cost of medical equipment in hospitals, a large sum of money may be required to purchase it. This can be effectively covered through medical equipment financing.
2. Full Ownership Post-Payment - When the loan is completely paid off, the purchaser obtains full ownership of the medical equipment. This provides a long-term solution for medical practitioners.
3. Quick and Seamless Fund Acquisition - If you select the right lender and have all of the required documentation, you will be able to obtain funds for your medical equipment quickly and without delay.
Eligibility for Bajaj Finserv Medical Equipment Financing
The following individuals are eligible for Bajaj Finserv medical equipment financing:
Indian Nationality: Applicant must be of Indian nationality. Age: Age should be between 22 to 72 years. CIBIL Score: A minimum CIBIL score of 685 and above is required. Degree: A graduate or postgraduate degree that has been registered with the Medical Council.By meeting these criteria, medical professionals can secure the financing needed to enhance their medical facilities and services.