Loans for medical equipment ate equivalent to any other business loan, contributing substantially to the healthcare sector’s financing needs. These loans are unsecured funds, with zero collateral required.
They can thus back various healthcare houses such as hospitals, labs, clinics, diagnostic centres, pharmaceutical centers, IVF centers, and help bear the ongoing expenses. Multiple financial institutions now provide affordable medical equipment loans to boost healthcare in India.
Such funds can also be termed as medical small business loans as they help finance set-up, up-gradation, expansion of medical services, etc. These loans can meet any or all of the following expenses:
- Equipment financing.
- Working capital funding.
- Project financing.
- Daily credit requirements.
Financial institutions also extend customized medical equipment loans to healthcare providers, addressing their funding requirements in a better manner. Although availing this financial product is not too difficult, there are some basic steps that a borrower must adhere to. For instance, he/she must qualify the eligibility standards first.
Eligibility criteria under loans for medical equipment
Medical equipment loans also serve as suitable funding options to make way for doctors to invest and start their own medical practice. Eligible doctors who can apply for such loans are:
- Bachelor of Medicine and Bachelor of Surgery (MBBS) – (immediately after registration with the Medical Council).
- Super specialist, post-graduate, specialized diploma, and other PG Diploma holders (the MBBS degree must be registered with the medical council).
- Master of Dental Surgery (MDS).
- Bachelor of Dental Surgery (BDS) or Bachelor of Homeopathic Medicine and Surgery (BHMS) or Bachelor of Ayurvedic Medicine and Surgery (BAMS)- an experience of at least 2 years from medical registration.
The first and foremost step towards availing a loan for doctors to purchase medical equipment is to meet the above criteria. After that, you need to ensure a few other points to avail the advance. It includes holding a decent credit score, preparing the required documents, approaching the lender, and duly filling in the application form.
Know how to get a medical equipment loan
Whether you are availing healthcare finance to fund expansion, essentials of clinic management, working capital, or any other purpose, the online application procedure is the same for all. Here’s what you need to do to get a medical loan for equipment:
- Visit the portal of the lender from whom you wish to borrow the medical equipment loan.
- Start filling up the relevant application form with authentic details.
- Re-check the details and submit the form.
- Wait for the confirmation call from the executives to know the loan amount you are eligible for.
- Submit the necessary documents once the representatives get in touch with you.
- Within 24 hours of the verification of your documents, the amount will be credited to your account.
Applicants can also opt for the offline mode to avail of these loans. They can either send an email to the lender or call up on the provided number to initiate their requests for such a loan. Medical professionals can acquire up to Rs.25 lakh as funding through these loans.
These advances are also processed with immediate action from lenders like Bajaj Finserv so that borrowers get to access the funds as soon as possible.
Borrowers also get to enjoy unique pre-approved offers on a range of financial products from the lender for hassle-free financing. They can avail of these offers not only on a range of credit options, like personal loans and business loans.
The best way to get such a medical small business loan is to approach a lender with simple eligibility requirements and less stringent terms and conditions. It would not only better the chances of your loan approval, but also simplify your loan repayment requirements. Also, ensure to be prompt with the documentation formalities to avoid undue delay in the approval.