Equipment Loans for Medical Businesses: What? When? How?

The Indian Medical Equipment Industry is one of the leading industries in India and is valued at $5.2 billion. The high demand for quality medical equipment is visible from the growth of the sector.

Buying new equipment can be urgent, but it also incurs a considerable investment. Having this much cash in hand can be quite difficult and is not always possible. A medical equipment loan for doctors can help solve this problem.

Not opting for a loan can be a bad decision which every business should avoid. Consider an external financial assistance like a loan as an investment which comes with monthly liabilities. What matters for you is to use the funds to take your venture beyond the obvious pointer.

Why opt for an equipment loan for doctors?

A loan can help provide the financial backing required to take care of the expenses to a healthcare setup expansion.

Substantial loan amounts to upgrade equipment

To upgrade your medical business into a modern healthcare setup, you will need top-end equipment to provide the necessary services. For example, EKG machines for cardiology, incubators for paediatrics, etc.

Make sure you are buying the right medical equipment as per your requirements. The need to afford them makes equipment loan essential.

Update your setup with a diagnostics centre. Include advanced equipment such as latest microscopes and laboratory managing software. Investing in new and advanced technology can not only help to provide more accurate results but also helps in saving time.

How do equipment loans work?

NBFCs generally issue a medical equipment loan to fund the purchase of such equipment. Top financial institutions rarely provide end-use restrictions to such loans. These advances are thus popularly used by clinics, diagnostic centres alike even to lease high-end equipment, some of which are imported.

Eligibility required for equipment loan

Lenders may look for business vintage as well as the financial strength of the organisation. Following are the doctor loan eligibility criteria such as medical equipment loan:

  1. Credit score

One needs to have a credit score more than 750 to avail a medical equipment loan. A healthy credit score means that you are a credit-worthy borrower. Lenders are more likely to provide you the best benefits on such loans.

  1. Documentation needed

You will only need some basic documentation to avail such advances if you refer to the top lenders –

  • Business information and basic personal information

  • Equipment invoice

  • Business bank statements for 3 months

Medical equipment loan can make it easier by reducing the financial burden. To make it easier a lot of NBFCs provide a number of facilities along with their loans to make it easier to avail.

In case your clinic is still using conventional methods, it is recommended that they opt for advanced equipment and healthcare facilities to serve the patients better. As a medical professional, you can easily avail any of the various types of doctor loans such as a medical equipment loan to upgrade your practice.

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