Part of the Medical Industry? Learn About Loan for Medical Equipment

The loan for medical equipment industry in India has witnessed a boom only in the past few years. Thanks to the budding healthcare chains who have setup thousands of hospitals and healthcare centres across the country. This industry, specifically, is highly influenced by the country’s GDP factor. It also subjected to influence by awareness of the mass for medical treatment, thedemandfor specific/imported equipment, overall healthcare expenditure and public/private sector expenses. One may require MRI machines, Sonography Machines, CT Scanners, X-Ray Machines, and Colour Dopplers, among others

Factors contributing to the medical equipment industry

Apart from the above-mentioned factors, the strongest factors that affect the growth of this industry are the local diseases that require immediate medical attention. Some of the diseases are cancer, diabetes, ophthalmological diseases, cardiovascular diseases, gastrointestinal issues, etc. It is true that the rural and to an extent the urban masses too are unaware of the treatment options for certain medical conditions such as diabetes, available at hospitals and medical units.

Market Competition

However, the corporate-style hospitals across the major cities and towns in the country, calls for the best medical equipment. In order to compete with such chains, the smaller, local hospitals, medical units, and doctors facilities also purchase latest medical equipment to survive the corporate competition. The advantage that such competition offers is the booming medical equipment market. However, this industry requires ahefty investment, to support the purchase of multiple expensive equipments internationally and locally.

Requirement for loan for medical equipment

An organisation needs to invest millions and sometimes billions in the purchase of such equipment. It is not an easy task without the help of financing. It is a boon that India has various companies, both non-banking, and banking, that offer easy loan for medical equipment. Whether you are an established medical facility that required fresh purchase or change in medical equipment, or you are a start-up that requires a loan for setting up the right equipment, these companies offer all. These companies provide loan for equipment in order to improve the cash flow of the business, conserve the existing cash reserve and also maintain your flexibility in terms of finance.

Eligibility Criteria

Although these loan providers do not indulge in steep eligibility requirements, there are certain conditions that you must meet in order to be eligible for such a loan. Let’s take a look at the eligibility requirements.

For buying a loan for medical equipment you must be:

• A doctor
• A Medical Facility/Hospital
• Nursing Home
• Individual Medical Facility
• Diagnostic Centre

Apart from these, you must also qualify as one of the below-mentioned entities:

• A Limited Liability Partnership
• A Proprietorship
• A Partnership firm
• A Private Limited Company
• A Limited Company
• A Trust or Related Society

Features of the Loan for Medical Equipment

These financial products are available easily from various financial and non-financial sectors. The top-most companies offer you highly competitive features which you must be smart enough to compare and purchase.

• Loans that are specifically designed for buying medical equipment
• Loan amount of 15 crores and more
• Easy instalment option for 6-7 years
• The equipment purchased to be held as the primary security against the loan

The above-mentioned features ensure easy purchase of loan and repayment. The documentation process is made easy as well with the basic requirement such as:

• List of existing owned equipment
• Six months bank statement
• Two years of income tax returns along with the computation, audited balance, and the profit and loss account
• The previous repayment track record
• Relevant experience in the industry

Benefits of such loans

These financial products are not only unique but also exclusive in nature. This loan is extremely industry-specific and follows specific conditions. The flexibility of purchasing and repaying these loans make them popular in the healthcare sector. These companies understand the pulse of the consumer and offer products in tandem with the same. They ensure easy documentation and quick accessibility of these products.

Hero FinCorp is a diversified financial services provider in India. We are an associate company of Hero MotoCorp Ltd.