Medical Equipment Financing for a Hopeful and Healthy Future

December 1, 2020 Stan

When it comes to healthcare solutions, most patients want to settle for nothing but the best. After all, good health is the key to happiness. And to provide avant-garde treatments, doctors, clinics, diagnostic centers and even super-specialty hospitals must own innovative and premium medical equipment. Since these equipment come with a pretty hefty price tag, it often becomes imperative to look for financing options which help you to improve your medical facility easily. Fortunately, there are many non-banking financial companies (NBFCs) besides banks which offer medical equipment financing solutions today. They ensure that you get to comfortably repay the loan and benefit from fast approvals, since illnesses must be cured at the earliest.

Why choose NBFCs?

A number of well-known NBFCs are nowadays offering smartly structured loans for both refurbished and new medical equipment. They address the needs of almost all types of healthcare facilities like hospitals, nursing homes, pathological laboratories, private clinics as well as diagnostic centers. The range of equipment financed usually includes X-Ray machines, Color Doppler, CT Scanners, dental chairs, cath-labs, and more.

Medical equipment financing solutions are often offered at attractive interest rates which start from something as low as 11%. Tenures are extremely flexible too, and might go up to 7 years as well. Minimal documentation is usually required and the processing of loans happens quickly too.

What are the other advantages?

Whether you are planning to expand your healthcare facility or trying to upgrade it with advanced equipment, NBFCs can help you meet your goals without you having to burn a hole in your pocket. After examining your requirements and budget, they will frame the financing solution which is best suited for you. You can also look forward to prompt customer service, handholding at each step and flexible terms which help you to pay back conveniently.

Are you eligible?

To be able to apply for a medical equipment loan, you must be an individual doctor, society, trust, or a public or private hospital, clinic, diagnostic center. You must also have a total of 5 years of experience and 3 years in your present business. Your business must be profitable as per the industry norms and a satisfactory credit score and spotless financial history are also required as well.

As far as documents are concerned, you will need to submit the audited financial projections and statements from the last 3 years. Also, profiles and KYCs of proprietor, partners or directors must be provided. NBFCs and banks might also ask for company registration or constitution certificates.

Good to know

Remember that different lending institutions might have different eligibility criteria when it comes to medical equipment financing. Go through their terms and conditions carefully and also compare the loan structures being suggested among at least two to three lenders. Check out reviews, meet the sales team in person and clarify any doubt that you might have before signing the dotted line. Make the most of medical equipment loans and gift your patients the best that they deserve.