Home Business Why Do You Need Medical Equipment Financing?

Healthcare requires both specialised knowledge as well as the necessary equipment for treatment. Technologically, medical equipment is developing far too rapidly. The quintessential doctors’ chambers are slowly but surely advancing into diagnostic centres with state-of-the-art amenities and technologies. As a doctor in practice, you need to provide these services to patients.

The most obvious hurdle to upgrade your practice and equipment is finances. Medical equipment come precision engineered, and therefore, expensive. Although they are a one-time investment, you are naturally inclined to go forward with a complete upgrade of your current medical setup. Also, upgrading equipment will consequently require multiple other updates as well. This is where you will need specific funding.

Broadly termed as medical equipment financing, these are loans for doctors and medical practitioners like you. Financial institutions provide these custom loans, formatted to facilitate individuals to expand their current medical practice.

Here are some of the top reasons why you should go ahead with a professional loan for medical equipment: –

Collateral-free loan amounts –

As a doctor, you know the kind and range of equipment you need to integrate with your current practice setup. The idea is to provide a complete set of medical services in tune with your specialization. Other than prescription drugs and medicine, you can provide a complete diagnostic solution to your medical cases via the right set of equipment and operating support staff.

Leading financial organisations to provide medical equipment financing up to Rs. 30 Lakh. You do not need to pledge an asset to avail these loans.

Eligibility criteria for medical professionals –

Eligibility criteria for professional loans include specific degrees, certificates and other validations which are particular to that profession. Although this varies between lenders, you need to have one among the following qualifications to be eligible for a medical equipment financing loan: –

❏    DHMS

❏    BDS or MDS

❏    MBBS

❏    BHMS or BAMS

❏    MS or DM or MD

Repayment flexibility –

Most individuals consider loans as negative when it comes to managing and scaling their finances. When you invest in an upgrade to your medical practice, you invest in the future. As you offer a comprehensive set of medical treatments, you will be able to generate a better sum of remunerations which will cover your doctor loan interest rate or EMI.

Repayment flexibility can still be a helping hand for you. It takes time for an upgraded setup to generate its target revenue. You must ideate your medical equipment upgrade as a business upgrade. As with every business, there should always be a business plan.

A loan which is flexible enough to morph with your business plan can be a great bonus. So, look for advances with facilities like no-charge part-pre-payment, loans with interest-only EMIs such as Flexi Loan facility from Bajaj Finserv, on-the-go online account management, etc.

Additional financing options –

There are professional add-ons as well as personal obligations for any individual. For example, as a doctor, it is vital for you to consider professional indemnity insurance while utilising your medical equipment financing. Additionally, opt for lending institutions which provide personal loans, home loans or even loans against property amounting up to Rs. 2 Crore as financial solutions.

a As a doctor, you are to provide medical treatments to the best of your capabilities. Integrate state-of-the-art equipment with the help of custom financial solutions to take your medical practice forward towards a healthier future for all.