All About Medical Equipment Financing

To provide the best medical care to your patients, it is important to ensure that medical professional have the best equipment and infrastructure available to them. But setting up such a cutting edge medical facility or purchase of new equipment is a very expensive proposition. Thus, many times medical professionals turn to financial solutions, like medical equipment financing, in order to provide the best patient care.

Medical equipment financing, a form of financing for doctors and medical professionals, is offered by banks and financial institutions. These loans are specially designed to provide financial support to medical professionals for the purchase of new equipment or expansion of their facilities.

Types of Medical Equipment Loans

1. Loans for Doctors: Loans designed for doctors are usually long term and big ticket in nature. They are ideal for doctors who want to invest in expensive testing and other equipment that will have a huge impact on patient care.

2. Dentists: These loans are generally short term and small ticket in nature. They are typically availed by dentists for the purchase of dental chairs, imaging equipment, dental autoclave, etc.

3. Non-individuals: This form of loan is provided to super-specialty hospitals, nursing homes, pathology labs, diagnostic centers, private clinics, trusts, societies, etc.

Why Should one Opt for Such Loans

1. Higher limits: Medical equipment financing has higher limits which enables you to purchase the most advanced and modern equipment for your facility.

2. Balance Transfer: You can take advantage of a lower interest rate by transferring the balance of an existing medical equipment loan with a lower priced option.

3. Multiple repayment options: Medical equipment loans provide a variety of options for the repayment which makes it easier for a borrower to repay the amount.

4. Available for purchasing new/ refurbished equipment: Since high quality equipment is highly expensive, the loan is available for the purchase of new as well as refurbished equipment.

5. Enables upgrading of the existing medical facility: Medical equipment loans enable the upgrading of an existing medical facility in terms of infrastructure as well as the purchase of new equipment.

6. Available for a variety of products: Medical equipment financing is available for a variety of products which include MRI/CT Scanner, X-Ray, Dental Chair, Ultrasound and many more. The loan makes it easier to purchase the products and equipment for the medical facility.

Points to note:

1. Identification: To begin with, you need to figure out the purpose of the loan and the tenure for which you intend to use the amount.

2. Eligibility criteria: The eligibility criteria are similar to other loans which include the usual credit and financial history check. In addition, for availing medical equipment finance it is required to have five years of total work experience and three years of experience in your current position. The borrower also has to provide proof of educational qualifications which includes the Indian Medical Association Certificate and the registration certificate of the hospital or medical facility.

3. Choosing the funding partner: If you have chosen a reliable funding partner, you are halfway there. A responsive & agile funding partner like Hero FinCorp will provide a quick and hassle free loan approval process. With Hero FinCorp, your loan can be disbursed within a period of 5-7 days, provided all your paperwork is in order.

4. Documentation required: To make the process quick and hassle-free, it is ideal to make sure that all the documents are complete and well in place. The documentation required includes the audited financial statements for the last three years along with the projections, profiles and KYC documents of the directors, partners, proprietors. A certificate from the Indian Medical Association, company registration certificate and consultancy documents will also be needed. Holding a positive credit score helps in quick processing and approval as well.

Other Loans for the Healthcare Industry

Hero FinCorp provides a variety of loan options for the healthcare industry. With continuous innovation in technology, a medical professional is required to ensure that he has the latest equipment for the best patient care. Hero FinCorp offers loans for various purposes ranging from secured term loans to working capital finance and loans against property for funding the day to day operations as well as funding the infrastructure.

With a growing population, India has a long way to go in providing latest medical care to patients, this is especially true in small cities & towns. This presents a great opportunity to young medical professionals, who can build a great practice for themselves by providing state-of-the-art facilities and modern patient care to such ignored sections of the population. Hence, medical equipment financing is extremely important, as availability of such financing solutions, are the enablers of modern patient care in our country today.