All You Need to Know About a Medical Equipment Loan

Medical equipment does not come cheap and it is not possible for a medical professional to upgrade it regularly. However, it is equally important to adopt new technology and ensure that the equipment you use offers the best results for your patients. A lot of medical professionals prefer to upgrade the equipment and technology every four to five years. With the advances in technology, it has become crucial to set aside funds to upgrade. Not many doctors have the extra fund to put it into a new equipment and this is where medical equipment loan comes into play. The loan is offered by several lenders in the industry and it is one of the most preferred forms of borrowing. The loan is available for new and refurbished equipment. If you are thinking about buying new equipment, here is all you need to know about the loan.

Eligibility

• You can be a public company, partnership, private company, individual, trust or society to apply for the loan.
• You must have the qualification to apply for the loan.
• You need at least 5 of experience including 3 years in the current business.
• Your business should be profitable as per industry norms.
• You must have a satisfactory financial credit and history.

Documentation required

• You will have to provide proof of education and experience, this includes your registration with the IMA.
• You need to provide the KYC of partners and directors.
• Proof of address and proof of income.
• Business registration documents.
• ITR of the past three years.

Application procedure

The loan application procedure is simple and transparent. You simply need to fill the online application form and submit the above-mentioned documents. You must remember that the lender will not offer 100% value of the equipment as loan. Hence, you will have to make downpayment for the same. The higher the amount of downpayment, the lower will be your loan. The loan tenure can range anywhere from 12 months to 84 months. You need to repay the loan in EMIs over the tenure. You must use the EMI calculator to get an insight into the EMI payable each month. The calculator is available online for free. All you need to do is provide the amount and tenure. You will see the estimate within minutes. It will help decide whether you will be able to make the loan repayment on time.

A medical equipment loan is specially designed for medical professionals across the country. The loan has helped several individuals expand their medical practice. With new technology and equipment, it is possible to improve the state of healthcare in the country. As doctors use the latest equipment, they will be able to diagnose the condition efficiently and it will enhance the treatment they offer. Enjoy high loan amount and flexible repayment tenure with the loan. The loan amount will be based on the market value of the machinery and it is significantly high considering the high cost of new equipment.

Also Read – A Complete Guide on Medical Equipment Financing

Hero FinCorp

Hero FinCorp is a diversified financial services provider in India. We are an associate company of Hero MotoCorp Ltd. Hero FinCorp Limited (HFCL) was incorporated in December 1991 as Hero Honda FinLease Limited.