There is a rising demand for premium healthcare and medical professionals are under constant pressure to meet the rising expectations of patients. Medical professionals understand the importance of updating technology and machinery from time to time. They need to update their equipment in order to offer the best services to their patients. It is common knowledge that medical equipments are expensiveand a medical professional cannot make the purchase from his emergency funds. This is where loan for medical equipment makes all the difference. The loan is designed keeping the changing needs of professionals in mind and offers complete solution. This loan will help you whether you want to buy new equipment or refurbished equipment,. The loan has a high amount and flexible repayment tenure, making it convenient and easy for you. Every lender has varying eligibility criteria and you must factor in the same before making a decision. Compare the same online and then make a borrowing decision.
Eligibility criteria
• Private, public, partnership, society, trust and individual doctors can apply.
• Minimum experience of five years is required and three years in current practice is necessary.
• Satisfactory credit history
• Profitability of the business.
Documentation required
You will need to provide KYC of partners or directors and registration certificate. Additionally, you need to provide proof of qualification and proof of experience with audited financial statements of your business for the last three years.
Application procedure
A simple and straightforward application procedure, it entails the following steps:
• Make an online application for loan for medical equipment and upload necessary documents.
• The loan amount will be based on the cost of equipment, your credit score, profile and repayment history.
• Further, you will have to provide an invoice of the equipment you intend to buy.
• If you have a good credit score, your application will be approved within no time.
• You need to remember that a down payment is necessary for the loan to be processed. Make the minimum amount of down payment and optimize the benefit of the loan.
Repayment
Loan for medical equipment has low EMI and flexible tenure. Since the loan amount is high, you can pay it over EMIs during the tenure. You need to thoroughly understand the terms and conditions of the loan before you sign on the dotted line. An EMI will be your regular monthly outflow and you need to understand your ability to make the repayment. Consider your working capital and monthly outflows before you agree on an EMI amount. Timely payment of EMIs will ensure that you have a good credit score.
The loan has helped many medical professionals take their practice to new heights. It is available for all medical professionals including dentists. You only need to provide proof of education and experience for the same. The customer executives will be happy to help you throughout the process of loan application. Grow your medical practice without using up all your savings.
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