In recent years, the medical field in India has witnessed an integration of technology in almost every sphere.
With new breakthroughs in this field each day, the demand for upgraded equipment has increased across medical facilities in India.
So much so that, as per a report published in Express Healthcare, the medical-device industry in India is estimated to reach $25-30 billion by 2025.
Irrespective of their demand, one of the most prevalent problems with availing such high-tech equipment is financing their purchase.
This is why, financial institutions in India have made medical equipment loan available for professionals in this field, which can allow them to upgrade their labs without hassle.
What are medical equipment loans?
These are a type of business loans for doctors, which can be utilised to purchase the latest high-value medical equipment and software with ease.
One can utilise this advance to purchase equipment like X-ray and ECG machines, MRI scanners, angiogram equipment, alongside a host of monitors and scanners.
The high-value nature of these loans allows medical practitioners to fund the purchase of these machines, which often have a high import-duty attached to them, without hassle.
Furthermore, this advance allows you to fulfil the reasons to upgrade your medical equipment like facilitating ease of treatment, boosting patient retention, etc. efficiently.
These loans also offer borrowers several benefits that can make them a suitable option to finance such requirements.
Benefits of these Medical Equipment Loans –
One can enjoy the following benefits by availing this unsecured advance –
The high loan amount value
Under this loan, medical practitioners can avail up to Rs.37 lakh, which can allow them to finance the purchase of expensive medical equipment without hassle.
Furthermore, since physician loans do not have any end-use restrictions, they can be utilised to fulfil any number of requirements of this nature.
Such loans proffer borrowers the benefit of a flexible tenor ranging between 12 and 96 months, making it easy to repay the availed advance without hassle.
Furthermore, the attractive rate of interest available against such loans also aids in alleviating the borrower’s repayment burden to quite an extent.
While such business loan for doctors can be utilised to fund the purchase of medical equipment, they can also be considered a dental practice loan, and be utilised by dentists to upgrade the equipment in their clinics.
Fast approval and instant disbursal
These loans offered by leading financial institutions like Bajaj Finserv have instant approval and disbursal benefits that can allow individuals to avail them within 24 hours after approval. This facility allows one to utilise the funds on an emergency basis if required.
Minimal documentation requirements
This loan for doctors comes attached with easy-to-fulfil eligibility criteria and minimal documentation requirements. As a result, these are easily accessible and allow you to fund the purchase of medical equipment without hassle.
With such benefits and more, these medical equipment loans make for the most convenient solution for this purpose. Nonetheless, before applying, one should check the formalities they will need to fulfil to avail the loan.
Eligibility criteria and documents required for the advance Medical Equipment Loans
This particular medical equipment loan can be availed by a host of medical practitioners like graduate doctors, specialists, dentists, homoeopathic and ayurvedic doctors, etc.
To know how to be eligible for a doctor loan, medical practitioners should take a look at the criteria below –
- Graduate doctors will have to complete at least 2 years post-qualification experience to avail this advance.
- Super-specialist doctors will not need to adhere to any post-qualification experience requirements.
- Dentists will require 5 years of post-qualification experience.
- For homoeopathic and ayurvedic doctors, the post-qualification requirement can range between 6 and 15 years. They will also need to own a clinic or a house to be deemed eligible to avail the advance.
Apart from complying with these easy-to-meet eligibility requirements, potential borrowers must also supply the following documents to avail the advance –
- Medical registration certificate.
- KYC documents.
Thus, while the documentation and eligibility to avail a medical equipment loan are minimal, healthcare practitioners should ensure that they fulfil them to propagate a hassle-free application process.
So, if you are looking to upgrade the existing equipment in your medical lab, opting for this financial solution can aid you to so without putting a dent in your pocket.