by Alma Causey
The current value of the medical equipment market in India is worth approximately $5.2 billion or Rs. 3.64 Lakh Crore. According to Emergo Group, the entire sector is divided according to the following:
● Diagnostic equipment – 31%.
● Consumables – 17%.
● Orthopedic equipment – 12%.
● Dental equipment – 8%.
● Other equipment – 32%.
Instruments and equipment are the largest segments among the medical devices market in India.
Medical equipment comes at substantial costs even though the market is huge and has more than 12 companies contributing to it.
NBFCs and fintech companies come to the rescue for medical professionals in such cases. They provide medical equipment loan in India specifically to help these individuals make high-value purchases.
These loans are readily available and financial institutions and come with several features that help you in various ways.
Some of these include:
1. Funds in your account within a day
Quick disbursal of funds is what NBFCs are preferred for, and you also get to receive such convenience with these loans. These loans can reach your account within 24 hours.
2. Flexibility when you repay
Medical equipment loans come with tenors that range from 12 to 96 months. Thus, you get ample time to repay the funds without making the same a financial burden.
3. Unsecured high financing
You can avail up to Rs. 30 Lakh with these unsecured loans. There are various reasons why you need to upgrade your medical equipment, and these funds can help you do so.
4. Only a few documents needed
KYC documents (Voter ID, Aadhaar, PAN, Passport, Driving License, etc.) and your qualification certificate are mandatory to apply for a medical equipment loan.
You may need to provide the following in addition to the above:
● Proof of address (latest electricity bill, house rent agreement, etc.)
● Bank account statement.
● Income tax returns of the last year (for self-employed individuals).
● Salary slips of the previous 3 months (for salaried individuals).
Some financial institutions may require documents other than the above.
5. Simplistic eligibility criteria
You may need to hold post-qualification experience to apply for these loans. Such requirements vary between lenders.
The general requirements are:
● Dentists – At least 5 years.
● Graduate doctors – At least 2 years.
● Homoeopathic and Ayurveda doctors – At least 6 years.
Super specialist doctors are exempt from such experience mandates.
6. Customized features
Medical professionals may receive features specifically targeted towards them. For example, Bajaj Finserv is an NBFC that provides various benefits to such applicants.
Ensure the following before you apply for a medical equipment loan:
I. Check the amount you are eligible for
Lenders might reject your loan application if you apply for a high amount. Hence, using a loan eligibility calculator can help you solve this crisis.
This calculator tells you the amount you are eligible to receive based on various data. You have to enter your income, net profit, existing loans, etc.
II. Calculate your EMIs
The best step before you apply for a medical equipment loan is to calculate your EMIs after deciding the amount.
Use an EMI calculator to do so. Also, make sure to choose the tenor as your EMIs and total interest payable will depend on it.
For instance, longer tenors decrease your EMIs but increase the total payable interest over the principal (cost of loan) as compared to shorter tenors.
III. Increase your credit score
NBFCs may need you to hold a credit score of 750 or more to apply. A high CIBIL score ensures that you are creditworthy to avail these unsecured loans.
There are various to increase your credit score, and a credit card is one of the ideal ways. Keep your credit utilization under 30% of the limit and pay the total payable amount within the due date to improve your score.
A high CIBIL score may also help you receive lower medical equipment loan interest rates.
Applying for medical equipment loans is effortless, and you can do so online. You can easily apply for a medical equipment loan online. Ensure that you are buying the right medical equipment with the loan and successfully grow your healthcare practice.