Availing Medical Equipment Financing is now a piece of cake!

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We have come a long way since the days when healthcare solutions were of a basic and simple nature, and catered to only common ailments. Today, numerous medical facilities are available which address diseases of a very serious nature, and guarantee patients a healthy and normal life. But these solutions require the use of a variety of sophisticated medical devices and machines, whether it is for diagnosing or treatment. Hence, hospitals, clinics, pathological laboratories, and nursing homes often need to invest in expensive and avant-garde equipment, which can be a difficult venture especially when the budget is a constraint. But with smart and easy medical equipment financing services being provided by both banking and non-banking institutions at present, purchasing the latest medical and technological marvel has become a cakewalk indeed!

A closer look at medical equipment financing

Medical equipment financing is essentially a medical equipment loan which you can avail of from a bank or a non-banking lender. With this you can purchase either a brand new or refurbished medical device like X-Ray machine, CT Scanner, MRI machine, Color Doppler, C-Arms, sonography machines and so on. It might interest you to know that these loans are generally offered at competitive rates, with flexible tenures of substantial durations. The loan amount limit which you can apply for, is usually quite large, and is designed to suit your needs comfortably. The procedure is straightforward and documentation required is also minimal, as long as you satisfy all the requirements of the lender. You might or might not have to offer collateral, depending on the policies of the lending institution. But if your credit worthiness is high, then chances are that, you will be in a better position as a borrower.

What do you need to apply?

To apply for a medical equipment loan, you firstly need to be a specialty or super specialty hospital, pathology lab centre, nursing home, diagnostic centre, skin or dental clinic, endoscopy centre, dialysis centre, IVF centre, medical or dental institute, large dealer of medical devices, or a pharmaceutical manufacturer. In addition, you must have occupied your present residence or office for a minimum number of years as stated by the lending institution. You must have devoted a certain number of years in running a healthcare business, and have a decent repayment track record for any other loan if applicable. Lenders will commonly also ask for your banking details and the account in question must be the one which you use for important transactions. In the unfortunate situation that you or your co-applicant has any default history, the loan will probably be denied.

Now lets take a look at the kind of documents you will need to submit to your lending entity, for this loan. Balance sheets and profit and loss statements are asked for, mandatorily. Bank statements for the past twelve months are also needed. In case yours is a partnership firm, a copy of the partnership deed will have to be submitted too. Also, you might need to provide relevant KYC documents, details regarding the funding requirement etc. Please note that the exact criteria for loan application may vary from one lender to another.

Good to know

It is always wise to explore the offerings by different banks or non-banking financial institutions, before going with a specific one for the loan. You should also compare aspects like interest rates, tenures, conditions for collateral, maximum loan amount and processing fees, before arriving at a decision which benefits you in a cost-effective manner. Last but not the least, have a clear plan in mind as to how you intend to repay the loan. So what are you waiting for? Opt for the right medical equipment loan today, and bring health and happiness to millions.