While the entire world is fighting coronavirus pandemic, medical professionals have stood strong. They are considered as the real warriors in testing times like today. There is nothing more important that healthcare in a country and medical professionals are making the fight easier for all of us. We all understand the importance of medical and healthcare for a country and this is why financial institutions offer special loan products designed for medical professionals. Medical equipment finance helps medical professionals purchase new and refurbished equipment for their medical facility.
Medical equipment does not come cheap and it is essential for professionals to upgrade the technology and use latest equipment that provides better diagnosis. It will ultimately help serve patients better and will improve the state of healthcare in the country. Lenders also offer customized doctor loan for medical professionals. These loan products are specially designed to meet the requirements of doctors across the country. The loan has high amount and low interest rate, making it an ideal option for many.
Here is all you need to know about medical equipment finance.
- Eligibility: Different lenders have varying eligibility criteria with regard to the loan. You can compare the same online and get an insight into it. The basic eligibility criteria requires educational qualification and experience in the field. You need to have the right qualification and registration with IMA. Additionally, you need to have a total experience of five years in the industry and an experience of three years at the present place of practice. Some lenders might have additional requirements and you can check it online on the website.
- Loan amount: The loan amount is typically higher as compared to other loan products. However, when applying for a medical equipment loan, you need to remember that the loan amount will be based on the value of the equipment you intend to buy. The lender will not provide a loan for the 100% cost of the equipment. They usually provide about 70% amount as loan and the balance has to be your downpayment.
- Downpayment: It is important to keep in mind that you will have to make a downpayment for the purchase of equipment. All lenders have varying downpayment requirement and you need to adhere to the same. If you have excess funds on hand, you can make a higher downpayment. You will be required to make a downpayment of about 20% to 30% value of the equipment. A higher downpayment will reduce the loan amount. Consider your ability to make the downpayment before you apply for the loan.
- Interest rate: The rate of interest is a crucial factor when considering a loan option. Low interest loan will make it easier for you to make the repayment and will reduce the overall cost of the loan. A high interest loan means a higher EMI and a rise in overall cost of borrowing. Compare the interest rate offered by different lenders before you choose one. Choose a lender who offers the loan at low interest and has flexible terms of repayment. Even a small difference in the interest rate can go a long way.
- Application procedure: After you have checked the eligibility criteria and chosen a lender, you simply need to fill up the application form online and make your loan application. The process is straight forward and transparent. The application will be processed without any delay and the funds will be disbursed into your account.
- Documentation: You will have to provide identity proof, address proof, educational qualification, proof of experience, bank statements for the last six months, address of the clinic, ITR and documents of the medical equipment you intend to buy.
When everything is in place, the loan application will be approved in no time. If the lenders require additional information, they will contact you about the same. Applicants with a good credit score enjoy a quick approval. You can use the EMI calculator to get a quick estimate online. The calculator is easy to use and is available online. You only need to provide the loan amount and tenure to get an EMI estimate. You can change the inputs until you reach an optimal output. The calculator will give you an insight into the EMI you will have to pay each month.
You need to be very practical when it comes to the EMI amount. Consider your monthly inflows and outflows before you sign on the dotted line. If you think that the EMI amount is very high, you can ask for a longer tenure on the loan. Understand the terms and conditions of the loan thoroughly and then make a decision. The customer executives will be happy to help you with the same. You also need to enquire about prepayment charges and processing fees on the loan.
With medical equipment finance, you will be able to bring the latest equipment in your medical practice. It will not only help with diagnosis and treatment but will also improve the state of healthcare in the country. With new technology and equipment, it is possible to provide better service to patients at all times. Hence, if you have been thinking about investing in new equipment, now is the time to do so. You can easily get finance for the same and it will help change the way you serve people. If you need funds for the expansion of medical facility or for the opening of a new clinic at a different location, consider applying for a doctor loan. It will help meet your needs. Several medical professionals across the country vouch for the loans that are specially designed for them. They have been able to enhance their medical practice and have taken it to new heights. Irrespective of where you own a clinic, you can apply for a loan today and turn your aspirations into a reality. The loan application procedure is straight forward and hassle free. It will be approved within 10 to 15 working days and you will receive the funds in your account.