Registered medical practitioners are eligible to get loans for expanding their clinics, buying equipment, etc., as long as the RMPs are actively and successfully running their businesses. Based on the submission of the report and its subsequent validation, the banker determines the loan amount.
The large nationalized banks and many private banks provide medical professionals with medical equipment funding.The following medical equipment loan options are available to medical professionals in India.
NBFC focused on medical equipment
Since NBFCs offer such a high degree of flexibility, they have become very popular amongst borrowers. For this reason, you have the best chance of getting the medical equipment funding from an NBFC. There are more than 100 nationalized banks and finance companies in India, but you cannot apply to each one.
Your local banks
You can obtain a medical equipment funding loan from your local or national bank. However, ensure that the bank has an instant loan for doctors that covers medical equipment. In the absence of said services, you might end up returning empty-handed, which could waste much of your time.
Financial lending online
Lastly, numerous online financial service providers provide services online that are independent of the borrower’s location (in India). You can purchase the medical equipment you need if you wish to try them out.
Benefits of modern medical equipment loans
In India, medical professionals can avail of a medical equipment loan from any of the banks or non-banking financial companies (NBFCs). As NBFCs provide a degree of flexibility and ease, they have recently gained popularity. You will also receive these conditions when you purchase medical equipment:
- Structures that are flexible
- Finance options that are convenient
- Repayments that are customized
- Packaged offerings
Consider building a business or application for the device
Investors will not be interested in a complicated, detailed business plan. The company wants to see market research and a prototype to demonstrate the idea’s feasibility.To get started, consider these six questions about your loan for medical equipment:
- What is the purpose of this medical device?
- Is there a clinical need for this medical device?
- What are other devices similar?
- Which medical device is used by the end-user?
- What will the purchaser of this medical device be?
- Does the device have a large market?
Maintain a strategic approach
Funding often covers medical technology startups’ research, development, and manufacturing costs. Developing an executive summary of their regulatory strategy is a major challenge for these companies.
It is essential to have a strong regulatory strategy during the fundraising process, so investors can easily access milestones and other deliverables when pitching to them.
An effective regulatory strategy should demonstrate that you have the knowledge and experience necessary to secure the funding and to position the device to elicit interest from investors.
Medical device regulations are constantly changing. As expectations increase for the capabilities of medical devices, these changes will increasingly become common. What is important here is to build a strategy that ensures regulatory compliance.
The high cost of medical equipment may indeed deter most doctors and medical establishments from expanding plans for buying or leasing medical equipment. Still, there are a variety of financing options that are available today. Here are three different funding scenarios we can consider.
Loans for businesses
You will be able to borrow up to Rs. 10 lakh with flexible tenure of 7 years with this loan if you plan to renovate your clinic, hire more staff, or buy new medical equipment. You do not need to pledge any assets and take advantage of an open credit line.
Loans to finance medical equipment
Medico-equipment financing refers to loans that doctors and consultants who work in private practices and need to purchase medical equipment can apply for. As medical equipment is expensive, many physicians take out medical equipment loans since these loans are easy to obtain. Lenders provide these loans against the equipment the physician is buying. You can get up to Rs. 150 lakh with minimal documents.
As long as there is some collateral, property loans can be used for anything. You can use this money to cover everyday expenses, pay for wages, finance equipment, or expand your business. These are just some of the possible ways of purchasing such equipment.
However, medical equipment loans continue to be the best loan option for medical practitioners and hospitals. A personal loan can offer you several benefits, and this is why you should explore this option.