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5 Factors to Keep in Mind While Looking for a Medical Equipment Loan

Aman Khanna
 


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Running a successful medical practice warrants access to quality medical equipment. Right from small instruments like a stethoscope to big ones such as an MRI machine, each equipment has its own role to play.

However, purchasing or upgrading medical equipment at pre-defined intervals requires a substantial amount of money. However, with specialised medical equipment loans, it’s easy to buy, upgrade or lease the one(s) required.

While scouting for this mode of healthcare finance, it’s important to keep these 5 essential factors in mind:

The loan amount

An essential factor, the loan amount depends on the type of equipment you wish you buy or lease. For instance, if you want to purchase or lease an MRI machine, the cost can go up to several crores of rupees. On the other hand, for an X-ray machine, it could be a few thousand rupees.

Hence, it’s important to opt for a loan that gives you an amount large enough to meet the costs of buying or leasing a range of equipment.

The rate of interest

The applicable rate of interest has a direct impact on the EMIs. A loan with a high rate of interest will increase the EMI amount and vice-versa. Hence, it’s important to opt for a loan that offers a competitive interest rate. This will help in better management of finances.

Today, most lenders specify the applicable rate of interest on their websites. Also, there are various loan aggregator websites that help in easy comparison of interest rate; so, you can choose the one that best suits your needs.

Loan tenor

The loan tenor must be chosen with extreme care. Along tenor reduces the EMI amount but pushes up the interest outgo. On the other hand, a short tenor increases EMIs but keeps a tight lid on the interest outgo.

Go for a lender offering flexible tenor for easy repayment. For instance, Bajaj Finserv Medical Equipment Loan offers you a flexible repayment tenor ranging from 12-96 months so that you can divide the expenses into easy EMIs and pay off the loan in an easy way.

Time taken for loan disbursal

Quick disbursal of the loan amount is another essential lookout. Sometimes, changes in tax structure can instantly escalate the cost of medical equipment. In such a scenario, the late arrival of funds can be a dampener. Therefore, it’s crucial to choose a lender who disburses the loan amount quickly.

For example, when you opt for Medical Equipment Loan from Bajaj Finserv, you can expect to receive cash in your bank account within 24 hours of your application.

Documents required

Documentation is an important aspect of the borrowing exercise. Lack of proper documents can lead to rejection of your application. At the same time, a lengthy documentation process might delay the entire process.

Choose a lender offering you the loan with minimal documentation. This not only expedites borrowing but also ensures you get the funds at the right time.

Keeping these essential factors in mind will help you choose or apply for a medical equipment loan that best aligns with your needs.

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