How medical equipment finance works?

For healthcare professionals to run a practice, best-in-class medical equipment is an essential commodity. These high-end equipment can however involve considerable cost. In such situations, medical professionals can choose to avail medical equipment financing so that expensive purchases don’t block their working capital or cash flow. Medical equipment finance helps healthcare providers in improving the healthcare system by upgrading the available treatment facilities.

What are the benefits of medical equipment financing?

Medical equipment financing offers many benefits to healthcare professionals. Financing options can help medical establishments maintain their budget by purchasing medical equipment with smaller down payment amounts. This ensures cash flow is strong and simultaneously provide superlative care for patients with the help of advanced equipment.

Financing can make technological upgradation easier for healthcare facilities.Financing or leasing allows them to more easily change out obsolete equipment for modern replacements. Also with the help of reasonable monthly payments, they can access top-of-the-line medical equipment instead of cheaper substitutes at fractional costs.

How to finance your dental equipment needs?

Medikabazaar Freedom also provides tailor-made smart and flexible payment solutions for dental equipment needs.

What is the procedure to apply for medical equipment loan?

If you are applying in the conventional fashion, then you have to visit the closest bank branch and discuss the loan requirement with a bank representative. The representative will help you figure out the best terms for the loan being taken.
The required documentation to avail this loan are:

• Duly filled Application form
• KYC documents of promoters and applicants
• Shop and Establishment certificate
• PAN
• Proforma invoice of machinery or tools to be purchased
• Copy of MoA
• Project reports if any
• Audited financial statements of the last 2 or 3-years
• Last 6 months bank statement
• Any existing loan details

How can one apply for Medikabazaar freedom?

To apply for Medikabazaar Freedom, visit https://www.medikabazaar.com/financing-options and fill the form at the bottom of the page. Fill in your details like what kind of finance are you looking for, the credit amount and other personal details. Our representatives will get back to you.

How hard is it to get a medical equipment loan?

In conventional medical equipment loans from banks and other solutions, the procedure involves heavy documentation, thus increasing the turnaround times for loan fulfillment and also causing delays in equipment procurement for medical establishments. Medikabazaar Freedom helps solve this problem by cutting down on extensive documentation and making the whole process faster for customers.

How do you get approved for medical equipment finance?

For approved medical equipment finance from Medikabazaar Freedom, you simply need to follow four steps.

• Apply: Register your interest
• Submit Documents: Submit your most relevant documents
• Check your eligibility: Know your financial eligibility instantly
• Receive Funds: Get your Money quickly and easily

What is the interest rate for loan for medical equipment?

With Medikabazaar Freedom, there five main credit categories available. They are as follows: Revolving Credit: If you require recurring working capital, this is the product for you. Revolving credit offers flexibility to utilize your fund limit in parts as well, as per your requirement. Each withdrawal amount is repayable up to 45 days. You can withdraw funds any number of times as long as your current outstanding is within the sanctioned limit.
EMI Based Finance: EMI based finance offers unsecured/collateral free finance. It is provided at competitive rates and is structured to enhance your business growth. Buy equipment, set up a new healthcare unit or expand/modernise your existing unit with this financing option.
Equipment Finance and AMC/CMC Finance: Equipment financing solutions and Annual Maintenance Contract/Comprehensive Maintenance Contract financial needs are highly variable according to the needs of every medical establishment. To cater to such unique financing needs, Medikabazaar Freedom understands your specific requirement and creates tailor-made payment solutions for you.
Long Term Asset Financing: Long term asset financing option can help you acquire capital intensive/high cost equipment/devices that may be critical for your business expansion or replacement of end of life equipment. Long term asset financing comes with a longer tenure for payments, ranging between 3 to 7 years.

What is the eligibility criteria for loan for doctors or medical establishments?

he following is the eligibility criteria for loans for doctors or medical establishments:

Their business must be one of the following:

• Specialty or super specialty Hospital
• Nursing home
• Diagnostic centre
• Pathology lab centre
• Specialty clinics (like skin and dental clinics)
• Dialysis centre
• Endoscopy centre
• IVF centre
• Educational institute - medical/paramedical college, dental college
• Large medical equipment dealer
• Pharmaceutical manufacturer
• Additionally, the following may also may be required:
  • Minimum of 3-5 years of continued occupancy at your present residence/office
  • Experience of at least 3 years in running a healthcare business
  • Repayment track records in serving any loan for at least 12 months
  • Banking details of at least 12 months, of an account with any scheduled commercial bank which has majority of their banking transactions

Who finances heavy medical equipment?

ur payment partners like Muthoot Finance, Rupifi and Indifi finances heavy medical equipment for you.

How long can you finance a medical equipment?

Medical establishments can acquire financing for medical equipment for a term up to 7 years, subject to the loan size and customer type.