Financial resources and capital are essential for every business in every industry, healthcare included. If you are a doctor and have a clinic, you know the requirements of running a clinic and its associated costs. You need up-to-date equipment and emergency service provisions, and these require substantial funding.
Thankfully, you can meet the financial requirement by getting a medical equipment loan. However, getting a loan is a decision you should take after carefully understanding the credit and its impact.
Read on to learn about a doctor loan for medical equipment financing, its features, and more.
Purpose of a Medical Equipment Loan
As mentioned, the primary objective of getting a medical equipment loan is to get the financial support you need to upgrade your existing medical equipment. Here are examples of medical equipment that you can purchase with a loan for medical equipment:
- MRI Scanners
- Ultrasound Scanners
- X-Ray Machines
- Colour Doppler
- Linear Accelerators
Please note that this isn’t an exhaustive list.
Features and Benefits of a Medical Equipment Loan
Here are some of the top features and advantages of a medical equipment loan:
High Loan Amount
With a doctor loan for medical equipment, you can get high loan amounts and upgrade or repair your equipment without any financial strain. While the loan amount depends on the lender, it can go up to ₹45 Lakhs or higher.
In addition to the lender, there are factors that affect the loan amount. Your credit score is one among these, and a low score won’t get you the highest sanction on offer.
However, you can take some actions that help boost your creditworthiness to get a larger loan. This includes improving your credit score, business performance, or even pledging collateral.
Affordable Interest Rates
Since many lenders offer medical equipment loans, you can get the funding at competitive rates. To get the best deal, you will need to research and compare the available options.
Then, you can choose an option with the lowest interest rates and favourable repayment terms. You can also offer proof that shows your repayment capacity, which can also help you get a doctor loan for medical equipment at an affordable rate.
Flexible Repayment Options
Another benefit of getting a medical equipment loan is that you can repay it in manageable EMIs spread across a comfortable and convenient tenure. Most lenders allow you to choose the repayment plan according to your finances and convenience.
This helps you choose the appropriate repayment tenure that can help you repay without stress. Some lenders even offer a grace period known as the moratorium period. This means you are not obligated to start the EMI payments immediately after disbursement.
A grace period like this provides ample time to settle and plan your repayment, ensuring you do it without any financial strain.
Minimal Eligibility Criteria and Documentation
To get a medical equipment loan, you must meet certain eligibility criteria and document requirements that the lenders set. Thankfully, the eligibility criteria associated with this loan are often simple and quite similar to a personal or a home loan.
As such, with easy-to-meet criteria and basic documentation, you can quickly apply for the loan and get the funding without any delays. However, remember that these requirements may vary depending on your chosen lender.
Quick Processing and Loan Disbursal
With the advancements in fintech, you can apply for loans in just a few clicks. Moreover, the advancements have also helped lenders review your application quickly and disburse funds instantly upon approval.
As such, you can apply for a doctor loan for medical equipment whenever you want and get access to funding in a matter of days, if not hours. The simple digital process also makes your application hassle-free and easy.
Eligibility Criteria for a Medical Equipment Loan
Check out the eligibility criteria that you need to meet to get a medical equipment loan.
- You should have a healthy credit score
- You must be between 25 to 65 years
- You should be self-employed with at least a degree in BDS or MBBS
- You may need work experience of at least two to three years
- You can be a doctor practicing Homeopathy, Ayurveda, or Naturopathy
- Firms with promoters who have the above qualifications can apply
- Nursing homes, clinics, labs, diagnostic centres, or entities as mentioned by the lender
Remember that the above criteria are general and may vary depending on the lender you choose. So, check the lender’s specific criteria before applying to ensure you meet all of them and complete your application easily.
Paperwork Requirements for a Medical Equipment Loan
Here are some commonly required documents for a doctor loan to be applied for the purpose of medical equipment:
- Identity Proof: PAN Card/ Aadhaar Card/ Passport/ Voter ID
- Address Proof: Utility Bills / Rent Agreement / Passport
- Business Address Proof: Utility Bills / Rent Agreement
- Educational Proof: Degrees, certificates and registrations
- Financial Statements: Bank statements for the last 6 months and ITR for the last 2 years
Remember that the document requirements will also vary, just like the eligibility criteria. Some lenders may even ask for additional documents to verify your profile and application. So, be sure to submit everything on time, as it can lead to quicker processing.
Going for a medical equipment loan is a smart approach to accessing the latest medical equipment without depleting your savings. However, remember to use online tools like the EMI calculator to ensure the repayment fits your budget.
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