Medical Equipment Loan – Essential for Medical Practice?

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According to a report by Deloitte Touche Tohmatsu India, the Indian medical devices industry is expected to reach USD 25-30 billion by 2025, propelled by indigenous manufacturing, innovation, and exports. However, currently the country still imports 80% of its medical devices, while adding import duty coupled with heavy maintenance charges make them extremely costly.

As a doctor looking to provide holistic care to your patients, using upgraded and modern equipment is of paramount importance. Whether it’s a domestic purchase, or imported, it requires a substantial amount of money and this is where a medical equipment loan, at an affordable interest rate, is your trusted financial ally. Read on to know the various aspects of this loan that make it crucial for your medical practice.

  • Substantial Loan Amount

The lending landscape has undergone a sea change, thanks to the evolution of NBFCs. Offering customised loan offerings for doctors, you can borrow a substantial loan amount from these NBFCs. For example, Bajaj Finserv Business Loan for Doctors offers a loan amount as high as Rs.35 lakh. You can use this amount to buy medical equipment such as:

  • Digital X-ray machine (Approx. Rs.3 lakh)
  • ECG machine (Approx. Rs.2 lakh)
  • Colour doppler ultrasound machine (Approx. Rs.3 lakh)

With modern clinics turning into integrated diagnostic centres, you can use this loan amount to set up diagnostic facilities in your clinic and buy equipment for the same such as MRI machines, PET and CT scanners, among others.

  • Flexi Loan Facility to Lease/Repair Machines

There are occasions when instead of buying new medical equipment, you need to simply lease them. For example, while buying a 1.5 Tesla MRI machine can cost nearly Rs.1 crore, leasing it can cost around Rs.10 lakh for 2 years.

New-age doctor loans from NBFCs come with a flexi loan facility where you are approved of a loan limit from which you can borrow funds as and when required. You can use the funds to lease the equipment you need.

This feature also comes handy during the breakdown of critical equipment. For which the cost of servicing can run into several lakhs of rupees. Also, since you are charged interest only on the amount utilised and not the entire limit. It brings down your monthly EMIs by 45%, thereby reducing your cash outgo every month. You can also pre-pay at no additional cost when you have surplus funds.

  • Quick Processing and Disbursal

This is another essential feature of such loans from NBFCs. Being collateral-free, where you don’t need to pledge your assets as security, the loan amount is disbursed within 48 hours. All you need to do is fill out the application online,  and upload the required documents. You receive the funds in your bank account within 24 hours.

A hassle-free and quick process to obtain funds. Our loan gives you the financial muscle to address the immediate need for modern and upgraded machinery for your practice.

  • Flexible Repayment Tenors

Be it a medical equipment loan, home loan, personal loan, or loan against property, one of the prime concerns is its repayment. Flexible tenors ensure that you don’t have to dip into your savings for repayment. Flexible repayment tenors of such loans ensure your EMIs are evenly spread.

Based on your income, you can choose a tenor which allows you to repay the loan without depleting your regular savings. Thus, this loan not only gives you the funds to procure the required equipment for your practice, but also ensures your financial goals are on track.

The Bottom Line

With so many benefits finance for doctors is a modern-day need. It not only allows you to buy the latest and upgraded equipment for your practice. Also ensures you are not burdened under high EMIs, thereby hurting other financial goals in the process. Helping you to elevate your practice, this loan plays an integral role in establishing you as a thought leader and an expert practitioner.