India’s medical device market is anticipated to grow at a CAGR of 37% and scale USD 50 billion by FY25, which was at USD 10.6 billion in FY20.
Though integrating advanced medical equipment is necessary to ensure top-quality treatment and diagnosis of patients, independent clinicians find it difficult to afford such high-end expenses that come along with purchasing such equipment.
However, with the availability of a medical equipment loan, it has become feasible for medical practitioners to procure or upgrade medical equipment. It is a customized credit option compensates for the expenses resulting from purchasing electronic patient records and patient monitoring systems to integrated diagnostic systems, thus ensuring quality healthcare.
Know the benefits of availing of an equipment loan in India
Medical equipment loan bestows health professional with the following lucrative benefits:
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Collateral-free credit
One of the notable benefits of a medical equipment loan is that medical professionals can access a high quantum loan amount without pledging any collateral. Moreover, it proves to be an ideal credit option for those who do not have any valuable assets to pledge as security.
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Instant loan disbursal
As it is an unsecured credit option, borrowers do not have to involve in a cumbersome documentation process and collateral verification. This ensures quick loan approval and rapid disbursal of the loan amount, helping medical practitioners meet monetary urgencies with ease.
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Cover additional costs
Health professionals will receive an adequate loan amount that will not only help them compensate for the purchase of medical equipment but will also cover the additional costs of manpower and installation charges that come with procuring medical inventory or devices. In this context, doctors should know the must-have point of care medical equipment and the related cost.
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Attractive interest rates
As doctors have a stable revenue source, lenders consider medical professionals trustworthy and approve high loan amounts at a competitive interest rate. A lower interest rate reduces the EMI burden and overall cost of borrowing.
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Flexible repayment tenor
A doctor loan comes with a flexible loan tenor of up to 96 months, helping physicians or doctors repay the loan amount within the tenor and dodge defaulting on EMI pay-outs.
Moreover, steady earnings will help doctors repay their loans on time and enhance their credit scores. With the help of the medical equipment loan, medical professionals can establish their medical practices and integrate advanced machinery to strengthen the healthcare infrastructure.
There are several reasons to upgrade medical equipment today, and with the availability of professional loans, it has become feasible. Upgrading medical devices ensures faster and enhanced treatment.
Know how to apply for a medical equipment loan
Here are the steps that will help individuals avail of an instant loan for doctors:
Step 1: Visit the lender’s official website and select a professional loan.
Step 2: Select ‘Apply Online.
Step 3: Continue with OTP verification and fill out the online application form.
Step 4: Submit the form.
However, to receive instant approval, individuals must know how to be eligible for an instant loan for doctors. Moreover, medicos can enjoy the benefits of exclusive pre-approved offers extended by leading financial institutions like Bajaj Finserv.
These offers are meant to expedite loan applications and are available on various financial products like business loans, personal loans, etc. Intending individuals can check their pre-approved offers by submitting their names and contact details.
To sum up, if medical professionals want to take their practice to a greater height, they must rely on customized external finance options like medical equipment loans. Such credit option ensures that medicos do not face any hindrance in carrying forward their practices due to investing in exorbitant acquisitions.
