Medical Equipment Loans for Medical Business Expansion

by Hero Fincorp Loans and Small Business Financing
To excel in the medical profession, it is important to maintain the right infrastructure and use the latest technology to serve the patients. Excellent healthcare requires additional investment in the business from time to time. Expansion of a medical health facility is not easy and requires regular investments that will help in the purchase of new equipment, adapt new technology and build an infrastructure that promises of a better tomorrow. To cater to the needs of every medical professional, loan for medical equipment aims to serve the purpose. The loan for medical equipment is a form of borrowing that is provided to medical professionals for the purpose of their medical business expansion. It is a hassle free process and has a quick approval with minimal documentation.

Indian citizens above 24 years of age with an MBBS/BDS/ medical professional degree can apply for the loan. A minimum experience of three years is required for the applicant along with a positive repayment history. Loans are available to individuals, partnerships and private limited companies. The process of application is simple and quick, it involves contacting the bank or Financial Institution and submission of the necessary documents along with the application form. Loan for medical equipment ranges from Rs.300000/- and go as high as Rs. 1 Crore. Depending on the applicant’s profile as well as the equipment to be purchased, the loan amount is sanctioned. Most Banks and Financial Institutions provide loans of about 80% of the cost of equipment; this could be 65% in the case of used equipment. A positive record of previous loan repayment is beneficial for the applicant. The interest rates for the loan are highly competitive and vary from one institution to another. Most Banks and Financial Institutions provide a hassle free prepayment option that enables an applicant to prepay the outstanding loan amount. The duration of the loan ranges between 12 months to 84 months, depending on the EMI and rate of interest.

The documentation for loan application includes application form, income statement and bank statement for proof of income. In addition, the pro forma invoice of the equipment to be purchased is also necessary. An applicant has to submit address proof, photograph, signature verification and a track record of past loan repayment. Partnership firms require partnership deed and trusts are required to submit the trust deed. If all documents are found in place, the loan is sanctioned within a period of 10-15 days. The loan helps every medical professional achieve their expansion plans and to ensure that they do not need to spend all their savings on the same. Loan for medical equipment is an ideal borrowing option for medical professionals, the business expansion is not easy and the loan will be an aid for the achievement of their long term goals. To enhance healthcare across the country, this form of loan option works best for the medical professionals and it will also allow them to reach out and expand their geographical reach.

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