Enhance Your Medical Practice with A Medical Equipment Loan

The year 2020 registered a sharp growth in the demand and popularity of telehealth services in India. In fact, healthcare providers believe that the advanced health segment has evolved more within a window of 6 months, as compared to its growth in the entire decade. Further, as per recent reports, the telemedicine market is predicted to touch the 19.3% CAGR between 2020 and 2026. 

Though telehealth and medicine trends are booming across the globe, most healthcare providers still struggle to cater to growing demand. The primary reason for the same is the cost involved in purchasing and installing the latest equipment. For instance, setting up a telemedicine unit may cost up to Rs.25 lakh to Rs.30 lakh initially, which is quite a large amount to bear for many professionals.

Nonetheless, individuals can find the solution to that and tap into the latest medical field trends by availing a loan for medical equipment India. Before applying for this loan option, they should check the accompanying features to make the most of its offerings.

Use of medical equipment loan – In a nutshell

Here’s how professionals can use a medical equipment loan in their favour -

• The sanctioned loan amount helps borrowers avail essential telehealth and other advanced medical equipment required for a smooth practice.

• Allows professionals to purchase high-end machinery without much difficulty and further helps to improve the quality of healthcare services.

• Comes in handy to upgrade or replace diagnostics tools and technology at clinic and healthcare centres.

Though professionals can use the sanctioned loan amount to purchase desired equipment or healthcare software, they must ensure that they are buying the right medical equipment to promote the best medical practices. Furthermore, to make the most of the financing option, professionals should compare the leading financiers and their offerings.

Features of leading medical equipment loan 

Usually, leading medical equipment loan for doctor comes with these features and associated benefits -  

• High loan value 

With the help of medical equipment loans, doctors can get a high-value loan to meet their big-ticket purchase. With such a high loan amount, professionals can easily fund the purchase of equipment and avail the latest diagnostic tools and software as and when required.

• Competitive rates and transparent charges

Leading financiers charge competitive doctor loan interest rates and are also quite transparent about the other charges. For instance, NBFCs, like Bajaj Finserv, provide loans at affordable rates. Without any hidden charge, professionals can determine the overall loan burden right at the beginning. 

The financial institution also provides pre-approved offers to customers to make the borrowing process simple and hassle-free. Usually, the said offer is available on financial products like business loans, personal loans and credit cards. Check your pre-approved offer now with your name and contact number.

Generally, applicants with a high CIBIL score and clean credit history are more likely to secure lower medical equipment loan interest rates as financiers consider them more creditworthy.

• Simple eligibility criteria

The eligibility criteria to get a medical equipment loan is extremely simple and requires minimal documents such as bank account statements for the last six months, proof of business vintage among others.

• Flexible repayment tenor

Usually, a loan for medical equipment in India can be availed for a flexible tenor. This flexibility allows professionals to select a tenor that matches their repayment capability and does not strain their monthly income.

To gain an edge over medical competitors and extend the best quality healthcare facility to patients, professionals should consider availing of a loan for medical equipment in India. It will also help them keep up with the latest trends in advanced medicine and assist in maximising profit generation through the course of practice.