When it comes to healthcare solutions, most patients want to settle for the best. After all, good health is the key to happiness. And to provide state-of-the-art treatment, physicians, clinics, diagnostic centers, and even super-specialty hospitals need to have top-of-the-line, innovative medical equipment. Since these equipments are priced quite high, it often becomes imperative to look for financing options that will help you upgrade your medical facility easily. Fortunately, there are many non-bank finance companies (NBFCs) in addition to banks that offer medical equipment financing solutions today. They make sure that you can comfortably repay the loan and benefit from quick approvals as illnesses need to be cured as soon as possible.
Why choose NBFC?
Several well-known NBFCs now offer smartly structured loans for new and refurbished medical equipment. They address the needs of almost all types of healthcare facilities, such as hospitals, nursing homes, pathology laboratories, private clinics, and diagnostic centers. The range of equipment financed typically includes X-ray machines, color Dopplers, CT scanners, dental chairs, cath labs and more.
Medical equipment financing solutions are often offered at attractive interest rates starting as low as 11%. Tenures are also extremely flexible and can last up to 7 years as well. Minimal documentation is usually required, and loan processing is also quick.
What are the other advantages?
Whether you’re planning to expand your healthcare facility or trying to upgrade with advanced equipment, NBFCs can help you achieve your goals without burning a hole in your pocket. After reviewing your needs and budget, they will work out the financing solution that best suits your needs. You can also expect prompt customer service, assistance at every step, and flexible terms that help you pay conveniently.
Are you eligible?
In order to apply for a medical equipment loan, you must be an individual doctor, partnership, trust, hospital, clinic, diagnostic center, public or private. You must also have a total of 5 years of experience and 3 years in your current business. Your business must be profitable by industry standards, and a satisfactory credit score and impeccable financial history are also required.
Regarding the documents, you must present the projections and audited financial statements of the last 3 years. In addition, profiles and KYC of owners, partners or directors must be provided. NBFCs and banks can also apply for company registration or incorporation certificates.
Good to know
Remember that different lenders may have different eligibility criteria when it comes to medical equipment financing. Carefully review their terms and conditions and also compare the suggested loan structures between at least two or three lenders. Check opinions, meet the sales team in person and clarify any questions you may have before signing the dotted line. Take full advantage of medical equipment loans and give your patients the best they deserve.
