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How Medical Equipment Loan helps in purchase

Updated: Jan 29, 2020 07:04:29am
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How Medical Equipment Loan helps in purchase

New Delhi, Jan 29 (KNN) After becoming a doctor, many have a dream of opening their own hospital or a clinic but the equipment costs too much and you have already invested a large amount of money in your studies. The equipment is very important to treat people. The X-ray viewer costs around Rs 14,000, a standard 47 litre of oxygen cylinder costs around Rs 16,000 and an MRI machine costs a whopping Rs 1 crore.

For setting up a hospital multiple instruments are required, the amount is too much for a person to afford. But there is no need to worry, your dreams of a hospital can be fulfilled by medical equipment loan.

The loan covers vast quantities of different equipment for a functional hospital. Many financial companies offer various loans for medical equipment. For private clinics, like dentist clinics loans are provided but the amount is a bit lesser as compared to those used for opening hospitals.

Types of loans

Medical equipment loans are available a type of loan that can be broadly categorised into three main types:-

  --  Loan for doctors

The loan is given to doctors who want to open hospitals or such medical facilities. The amount varies for different bank.

  --  Loans for non-individuals

These loans are given to partnership firms, private companies and proprietorship firms. Such loans are not given to an individual. These loans are given to firms with higher loan amount.

  --  Loans for dentists

The loans are made for dentists to aid them in the establishment of a clinic by providing loan for the instruments.

 

How can a Medical Equipment Loan help?

There are various advantages in medical equipment loan, they are:-

  --  Low Interest Rates

When you buy a costly medical equipment, the machine will treat it as a collateral i.e. it can be given to the lender if you cannot repay the loan. So, this makes the debt secured loan hence you get a lower interest rate as the risk is reduced.

  --  High Loan Amount

For most of the equipment, you have to pay a whopping amount, so loan in these areas offer higher limits than business or personal loans. After buying the equipment you also have to pay for installation cost, manpower engagement, etc. These loans cover the mentioned cost too. These loans can also be used to repair equipment or upgrade to new machinery.

  --  Easy Process

The loan process if it is too tedious, the borrower gets frustrated and handling or managing a hospital is not an easy task hence equipment loan is easier. It is given to individuals as well as firms. The applicant has to ensure various eligibility criteria like

  --  Age
  --  Nationality

Documents & eligibility required for medical equipment loan:-

Documents Image

The documents are verified earlier than other loans and very easily.

  --  Flexibility

In this field, the income inflow is at a steady pace. So various lenders are ready to negotiate with the doctors, firms so that the lenders can pay money at their own terms and conditions. They can pay through various ways like EMIs, ECS, NACH, PDC and other process. There are various exciting discounts available to easy the payment process. You can also refinance Medical Loan Equipment to a lower price one.

Lenders may offer you to pay monthly, seasonal, quarterly, biannual or annual payments depending on the type of loan amount. You can also take enjoy privileges like 90 day deferment on repayment of loan. You can also collaborate with lender to check what works best for you as they are open to suggestions/discussions unlike other loans.

  --  Soft Costs

You can also get reduction of approx 25% of the soft cost covered. Soft costs are fees, freight or delivery charges. Each lender is different, so you need to check what changes are included or excluded by the lender who is covering you costs.

  --  Tax Deductible

You can show your equipment monthly loan payments as operating expenses and can reduce the tax burden. But for that you need to check with the lender and tax attorney to get tax benefits.

More money to overcome emergency situations

You must have some cash handy incase of emergency situations that may arise like breaking down of a particular machinery. Instead of using business revenues for these emergency situations, you can use equipment loans to repair or replace this equipment.

 

Benefits from medical equipment loan

 - The need for new equipment

As already mentioned, the equipment cost a hefty sum. So to avoid paying high interests business owners turns to equipment loans. Regardless of the number of instruments you need, equipment loan makes it possible.

 - There is no down payment of the loan

Although may loan providers require 20% of the amount to be paid by you yet many lenders are offering 100% equipment cost.

 - Leasing equipment doesn't make sense

You need to pay a high fee for lending equipment after the period is over you have to return the equipment. So you end up paying high fees and don't get the equipment too. But having a loan is a better option since you own the equipment.

 - Working Capital

It also helps you preserve working capital. Since running a hospital requires a lot of capital, saving some capital for for emergency might help.

So these were some benefits if taking medical equipment loan instead of a business loan. There are various business loan providers in Jaipur who provide such equipment loans. You can use these startup loan in Jaipur to kick start your hospital or clinic. You can also use these medical equipment loan for repairing your equipment or to upgrade them. With the competitive world we live, we always need modern technology. The latest technology will help in correct analysis of the patients data thus providing you accurate results for analysis.

 

DISCLAIMER: This story has not been edited by KNN India staff. The view and opinion expressed in the article are of the author Ketan Choudhari, Big Trunk Communications.

COMMENTS

  1. Anjali
    Anjali 15/12/2021 9:22 AM

    Thanks

    Reply to this comment
  2. ranjansinha
    ranjansinha 25/09/2020 5:20 AM

    Medical equipment loan is an excellent way to buy innovative medical equipment for your clinic or to expand your clinic. Such loans are offered at nominal rate of interest and you can sometimes get a medical equipment loan without any collateral.

    Reply to this comment

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