As a doctor, providing healthcare services to your patients with modern facilities is of prime importance. Whether you’re looking to establish a new medical institution or expand your existing one, the challenges that come with it are similar to the ones faced by any other small or medium business enterprises.
For clinics, diagnostic centers, dental practices, and veterinary clinics, deploying the most updated and advanced technology is imperative to provide the best healthcare services to your patients. However, with a limited budget, several expenses such as buying the latest equipment and tools, paying wages to staff members, or acquiring more clinic space for expansion, etc. can be a challenge.
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Medical equipment financing
If hefty educational expenses to become a doctor weren’t enough, starting your own medical practice can be even costlier. A basic X-ray machine can cost you around Rs.1 lakh, while the examination tables could incur an expense of approximately Rs.50,000 or more. Add to this the cost of acquiring some other modern healthcare equipment and soon you will need several lakhs of rupees.
However, with many leading NBFCs offering medical equipment loan for doctors, you can upgrade your medical equipment and expand your healthcare facility without worrying about the funds. It can be a prudent and affordable method to pay for all your financial obligations to set up a new medical facility or expand your existing business.
Benefits and features of medical equipment loans
With many financial establishments lending to medical professionals, availing doctor loans have become convenient and cheaper. For example, Bajaj Finserv provides Medical Equipment Loans of up to Rs.30 lakh at competitive interest rates and with flexible repayment options. Here’s how it can be crucial for your business:
Quick and easy approval
Lending institutions generally take little to no time to approve loan applications by healthcare professionals. For example, with Bajaj Finserv, you can get your finances in as quick as 24 hours after the approval of your loan application so that you don’t have to wait for long to purchase the latest equipment for your medical practice.
No collateral required
Doctor loans are collateral-free. This means that you can get access to a large capital without pledging any personal or business assets to avail benefits of the loan. You can use these funds to purchase new equipment, upgrade the infrastructure, or install the latest software to track patient data.
Easy eligibility criteria
Another benefit of availing healthcare financing is the easy eligibility criteria to qualify for the loan and the minimum documents required to be submitted. To avail the benefits of doctor loans, all you need to have is a certain level of experience as a medical practitioner as required by the lender.
Flexible repayment options
Generally, lending institutions allow you to choose a convenient tenor for your loan from 12 to 96 months, as per your repayment capabilities. This means that you can divide the cost of your equipment into easy EMIs and repay them conveniently.
Low interest rates
The interest rates for doctor loans are generally lower than other financing modes such as personal loans or credit cards. This will facilitate more capital savings that can be further infused into your medical practice to provide the best healthcare facilities to your patients.