Medical equipment financing for a bright and healthy future
Most patients want only the best options available when it comes to healthcare solutions. After all, the secret to happiness is good health. Additionally, in order to offer cutting-edge therapies, medical professionals, clinics, diagnostic facilities, and even super-specialty hospitals must possess cutting-edge, top-of-the-line equipment. Given the high cost of this equipment, it is frequently necessary to look for financing options that will make it simple to upgrade your medical facility. Thankfully, there are many non-banking financial companies (NBFCs) besides banks that provide financing options for medical equipment today. Given that illnesses need to be treated as soon as possible, they make sure you can repay the loan comfortably and get quick approval.
Why choose NBFCs?
Nowadays, a number of well-known NBFCs are providing cleverly structured loans for both new and refurbished medical equipment. They cater to the requirements of nearly all varieties of healthcare facilities, including hospitals, nursing homes, pathological laboratories, private clinics, and diagnostic facilities. X-ray machines, Color Doppler, CT Scanners, dental chairs, cath labs, and other items are frequently included in the equipment range that is financed.
Financing options for medical equipment are frequently provided at enticing interest rates that start as low as 11%. The length of tenures is also very flexible, and it may be up to 7 years. Typically, only minimal paperwork is needed, and loans are processed quickly as well.
What are the additional benefits?
NBFCs can assist you in achieving your goals without having to break the bank, whether you’re trying to upgrade your healthcare facility with cutting-edge technology or trying to expand it. The financing option that is best for you will be framed after they have looked over your needs and financial situation. Additionally, expect prompt customer service, guidance at every turn, and flexible terms that make it easy for you to make payments.
Are you eligible?
An individual doctor, a society, a trust, or a public or private hospital, clinic, or diagnostic facility must be eligible to apply for a medical equipment loan. Additionally, you need to have 3 years in your current business and a total of 5 years of experience. Your company must be profitable in accordance with industry standards, and you also need to have a respectable credit rating and a spotless financial history.
You must submit three years’ worth of audited financial statements and projections as well as other supporting documentation. Also required are the profiles and KYCs of the owner, partners, and directors. Additionally, company registration or constitution certificates may be required by banks and NBFCs.
Good to know
Just keep in mind that the eligibility requirements for financing medical equipment may vary between lending institutions. Ensure you carefully read their terms and conditions and contrast the suggested loan structures from at least two to three lenders. Prior to making a commitment, read customer reviews, meet the sales team in person, and get any questions answered. Make the most of medical equipment loans by giving your patients the best possible care.
