The healthcare industry requires both professional knowledge and high-end medical equipment to provide exceptional quality services to the patients. These days, to meet the evolving requirements of the consumers, the basic health care clinics have started transforming themselves into advanced diagnostic centres that are equipped with state-of-the-art technologies. While every professional intends to upgrade his facilities, financing becomes a major hurdle and funding becomes an immediate need.
In such situations, medical equipment loans can offer immense help in upgrading the quality of your medical practice. Today, there are various financial institutions that provide such custom loans to facilitate individuals to expand their medical services. To help you understand them better, here are various reasons why you should take a loan for upgrading your medical equipment.
1. Collateral-free solution to a certain amount – With this incredible financing option, you can provide a complete set of diagnostic solution to your patients. Many financial institutions can offer a loan amount of up to Rs.25 lakhs without asking you to pledge any asset. However, in case of an amount higher than this, you may be asked to keep collateral to raise the funds.
2. Easy application process – Given the increasing competition in the market, many lenders have simplified the whole lending process to attract more and more borrowers. In addition, a lot of lenders have moved the entire application process online so that you just have to fill an online form, attach the necessary documents and quickly submit them.
3. The loan covers additional cost – One of the most important advantages of such loans is that other than offering the funds for the equipment, the loan covers the additional cost. The loans with higher limit will have all your additional expenses covered such as installation, repair charges and refurbish cost.
4. Affordable interest rates – When it comes to availing the benefits of medical equipment loans, health care professionals have plenty of lenders in the market that can provide the loans at attractive interest rates and with flexible repayment terms. In addition, if the borrower has a positive credit history, then he even becomes eligible to negotiate the interest rates and other agreement terms.
Eligibility criteria for availing the loan
To begin with, the basic criterion to avail the loan is that the borrower must be from the medical field and should have at least 3 to 5 years of experience in the field. In addition, he must possess all the documents to support his credibility and years of service to the patients, including the banking transactions of the last year. Along with this, the age of the borrower should be between 25 to 65 years, however, this may differ from one bank to another. Above all, what really decides whether or not you will get the loan at a low interest rate is your credit score and hence, it should be positive.
Clearly, the healthcare industry can tremendously benefit from taking medical equipment loans. From a hassle-free and quick documentation process to low interest rates, flexible repayment terms and collateral-free facility, this is one of the most dependable ways of generating funds to upgrade the machinery and equipment in your healthcare centres.