Medikabazaar Freedom: Medical Equipment Loan- Benefits, Features, and Eligibility

Introduction:  

Medikabazaar is India’s fastest and largest growing digital platform and a single window solution catering to all requirements for setting up and running a medical facility. Setting up and running a medical facility, be it big or small, is a capital-intensive activity. While setting up the cost of medical equipment itself can run in crores, for example, the cost of a CT scan setup can cost around 3 crores. Besides the setup cost, medical professionals have to ensure working capital availability. A cash crunch situation is not a good scenario for any business. Having separate sources for equipment and finance only adds to the stress and running around. Medikabazaar freedom helps you raise the required finance in a smart, easy, and hassle-free manner. 

Features and Benefits 

Medikabazaar offers fast, flexible, smart, and easy financing solutions to take care of any financial need for running the hospital. Medikabazaar freedom offers the following benefits 

1) Revolving credit: Working capital is a critical requirement of business and its dearth can land any business in trouble. With Medikabazaar freedom, one can have a dedicated credit line of up to 10 lakhs with the flexibility to utilize funds as per the requirement. Payment for invoice can be converted into EMI for a period of up to 12 months.  

2) Buy now pay later: Arranging upfront payments can be a major challenge in business. Medikabazaar freedom offers a “Buy now pay later” option that provides an interest-free credit of up to 10 lakhs. This provides freedom from upfront payment hassles and blocking of capital in upfront payments. After availing one can enjoy interest-free credit for 30 days.  

3) No Cost EMI: Medikabazaar freedom offers a no-cost EMI option against all major credit cards and HDFC debit cards. One can pay back in 6 interest-free EMI post the purchase. The credit limit available on the credit card gets converted into 6 interest-free EMIs and can be done without any documentation hassles.  

4) Long-term asset financing: A perfect solution offered by Medikabazaar freedom to medical professionals looking to procure high-cost medical equipment. One can avail of a credit exposure of up to 7.5 crores against security. The credit offered can be taken for a maximum tenure of 72 months and is a good option to buy medical equipment in a hassle-free manner.  

5) AMC/CMC Financing: Medical equipment requires servicing and maintenance on an ongoing basis. This is important for the warranty of the equipment too. Timely servicing and maintenance prevent events of breakdown and loss of business and reputation. Moreover, sourcing spare parts is time-consuming as well as expensive.  With Medikabazaar freedom, one can avail of a credited exposure of 45 lakhs against security to cover any needed Annual maintenance or comprehensive maintenance contract. One can avail a maximum tenure of 60 months to pay back this loan.  

 Medikabazaar freedom-Eligibility for a medical equipment loan  

To avail of the medical equipment loan through Medikabazaar freedom, one has to meet the following criteria.  

  • The Applicant has to be registered with Medikabazaar as a medical establishment or an independent medical practitioner with a valid degree of MBBS or BDS 
  • The loan is applicable for procuring supplies directly related to medical science 
  • Loan applications in the name of the business establishment can be made post successful completion of 12 months of operation 
  • Individual practitioners opting for equipment loans should have their MBBS / BDS degree registered with the relevant medical council 
  • The doctor applying for the loan should have 3 years of working experience in a job with a medical establishment or an independent practice post his/her graduation 
  • The applicant should be between the age group of 22-65 years 
  • Applicant should be resident citizen of India 
  • The applicant should have a spotless credit history and should not be a defaulter with any bank in the past for any kind of loan. 

The doctor/medico loan is not extended to medico’s practicing homeopathy, Unani, or Ayurveda as a discipline. However, these practitioners can avail themselves of business loans from Medikabazaar if they have a registered business. 
 

Conclusion: 

Medikabazaar freedom is an excellent option as it is smart, flexible, quick, and a hassle-free product. There is minimum documentation needed for the loan and is an end-to-end solution that covers the cost of the medical equipment to working capital requirements. Click on the link to explore Medikabazaar freedom, an easy, flexible, smart, and digital financing option for setting up the facility of your dreams. 

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