The world is seeing rapid development in medical science, from extremely precise surgical robots entering the medical scene to highly accurate diagnostic systems and cutting-edge medical technology entering India.
This has prompted many doctors to invest in providing quality care to their patients, but with excessive costs, it is vital to understand the different ways of financing this cost.
This is where Medical Equipment Finance comes in and can help you invest in providing the best care to your patients.
But what is medical equipment financing, how do you get one, and where should you apply for one? Keep reading to find out.
What is Medical Equipment Finance?
Medical Equipment Financing or Medical Equipment Loan is a financing option that enables doctors and medical care professionals to purchase the latest medical equipment without breaking the bank.
It promotes the enhancement of patient care while reducing the impact on your immediate funds by allowing you to pay it using a loan. It is typically secured against the cost of the equipment itself, thus lending to lower interest rates.
What are the best medical equipment finance companies?
While several medical equipment loan providers offer varying loans for doctors to purchase medical equipment, the one I have personally used and am the most confident about is Bajaj Finserv.
Not only does it have a credible name among other medical financing companies, but it also offers loans at great interest rates and long repayment tenure without any collateral. Best of all, doctors can seek loans starting from 1 Lakh to 6 Crores, offering the best range for lower-cost medical equipment.
One can also approach other medical equipment loan companies such as Axis Bank or Poonawala Fincorp. Which also offer medical equipment loan to doctors.
Where should you get a Medical Equipment Loan?
This process might be different for different loan providers, but in my case, this is the process I followed. At first, I downloaded the Bajaj Finserv application and then signed up using my phone number.
- You can search for medical equipment finance on the home page and find the product page.
- Over there, you can find all the different aspects and factors of availing this loan in detail.
- There is also a loan calculator to determine your loan’s best terms.
- After going through all those steps, you can fill out the application form with basic details, such as your full name, PAN, date of birth, and PIN code.
- After completing the KYC, click proceed, enter the loan amount you seek along with the repayment tenure and submit the application.
I was then contacted by Bajaj Finserv’s representatives and helped with the remaining steps. My loan application was approved within a day or two, and I could purchase state-of-the-art diagnosis machinery for cancer.
Becoming a doctor is not easy; retaining one’s patients and offering them the best care can make a difference in success. This can be achieved by providing your patients with accurate, precise and helpful treatment using medical equipment.
So, give the best care to your patients and do not break the bank trying to purchase equipment at exorbitant costs by opting for medical equipment finance.