The medical equipment industry has seen significant growth in the last few years. Doctors now have access to improved, more accurate tools that allow them to diagnose and treat patients in a better manner.
However, such equipment is often imported from foreign countries, which makes them expensive to procure and install. Clinic owners also have to provide necessary training to their staff so that they can operate the equipment properly. Altogether, it can put a severe financial strain on a clinic’s budget.
Thankfully, this financial deficit has largely been mitigated with the availability of medical equipment loan in India. This form of healthcare financing offers a large sum of money to doctors and aids them to finance repair, upgrade, and procurement of essential medical equipment.
Medical equipment loan provides the much-needed funding to take the first steps to build a profitable medical practice. A professional can streamline clinic management, hire a new and skilled workforce to operate the equipment, purchase and install new tools, and cater to various such requirements with the large loan amount. Funding these expenses with credit also allows them to maintain their working capital and pay for the various overhead expenses of the clinic.
A medical practitioner can easily apply for a medical equipment loan in India. An applicant can follow some simple steps to avail the credit from a financial institution.
How to apply for medical equipment loans in India?
A borrower can follow the below mentioned steps to apply for medical equipment financing with ease.
- Find a suitable lender – Several financial institutions offer medical equipment loan to eligible borrowers. One should look into the features available to settle with the best lending organization.
Ideally, the loan amount should be adequate to finance the requirement of the medical practitioner. An applicant should also carefully consider the fees, interest rate, flexibility, and benefits coming with the loan.
- Check eligibility criteria – An applicant has to meet some eligibility criteria to avail a medical equipment loan in India. These include a good credit score of 750 or above, a minimum experience, etc.
A stable financial history and a decent credit score allow an applicant to avail a larger loan amount or negotiate the interest rate when he/she applies for credit. High credit rating represents that the borrower is responsible with his/her finances.
Applicants should improve their credit score and bring it within the recommended threshold before applying for an advance. Consolidating and repaying existing debts, lowering credit dependency, making timely repayments, etc. are some of the tips that doctors with a low credit score should follow to increase their rating.
- Prepare the documents – A financial institution will require some documents to approve a medical equipment loan. Generally, an applicant has to submit only some essential papers. These include –
- Identity proof, including passport, driving license, PAN Card, etc.
- Qualification proof including graduation and post-graduation certificates, registration numbers provided by the Government of India.
- Bank statement.
- Recent Photograph.
It is of essential importance that an applicant arranges all the necessary documents and submits the same when applying for credit. Missing out on any one of the papers can cause a rejection of the application.
Finally, an applicant should also carefully fill-up his/her loan application to ensure there is no discrepancy in the information. Rejection in the loan application negatively affects one’s credit score. That will further reduce the eligibility to avail an advance or get favorable terms and conditions.
A medical equipment loan in India is one of the easiest methods of financing available for healthcare specialists and clinic owners. It can help them improve their service quality without affecting their working capital or blocking their cash flow.
So, look for a reliable lending institution and apply for medical equipment loan in India as per your requirements.