One of the primary reasons why practicing physicians charge high fees is their expensive medical equipment. While CT Scanners and MRI machines are not even manufactured in India, the price of a simple ECG machine can cross the Rs. 50,000 mark.
Similarly, a simple Dental Chair can come at a price of around Rs. 70,000. The advanced ones can cost more than Rs. 3 Lakh. On the other hand, ophthalmic equipment like an Autorefractor can cost around Rs. 1.5 Lakh, while a Keratometer comes at Rs. 3.5 Lakh.
Hence, buying medical equipment can be a financial pressure on physicians. However, thanks to the medical equipment loan from NBFCs, purchasing these is no longer difficult. These loans are specifically designed to meet such requirements of physicians. Furthermore, you can get a loan for doctors approved in easy steps.
Now, Check out Some of the Features of Medical Equipment Loans:
1. Rapid Approval and Disbursal
Some financial companies can approve these loans within 5 minutes and disburse the same in 24 hours. Hence, you can have funds in your account quickly to purchase medical equipment at the earliest.
2. High Financing Amount
NBFCs like Bajaj Finserv provide Medical Equipment Loan of up to Rs. 30 Lakh. You can utilise this amount for purchasing any product without any restriction.
3. Flexibility of Repaying
The repayment tenure for these physician loans ranges from 12 to 96 months. NBFCs provide ample time for repayment so that the loan does not become a financial burden. However, do remember that the cost of the loan – principal + interest – will be high for a longer tenure.
For example, you have to pay an interest of Rs. 1,67,333 for a loan of Rs. 5 Lakh with 12% rate of interest and 5 years tenure.
On the other hand, you have to pay an interest of Rs. 2,80,136 if the loan tenure becomes 8 years with the amount and rate of interest remaining same.
4. No Requirement for Collateral
These loans don’t require collateral as they are unsecured. Hence, you don’t have to keep an asset with the lender.
5. Only a Few Documents are Required
Lenders require you to provide only KYC documents (Passport, Aadhaar, Voter ID, PAN, etc.) and your medical registration certificate to approve medical equipment loans. You may have to provide other documents like income tax statement, bank account statements, audited business turnovers, etc. in some cases.
6. Easy Online Application
The majority of financial institutions allow you to apply online in a few minutes without any hassle. Furthermore, you can also stay updated about your loan account via online account access.
These features make availing physician loans even easier. However, remember a few points before applying to have your application approved.
- A credit score of 750 or more – Lenders prefer customers who have a credit score of 750 or above. Such a score makes them more creditworthy for an unsecured loan. However, it is vital to learn what to do if physicians have low credit scores.
- Low debt-to-income ratio – A debt-to-income ratio of 50% or less denotes the applicant can pay the EMIs more comfortably without defaulting.
- Post-qualification experience – Physicians with substantial post-qualification experience have higher chances of getting their loan sanctioned.
Hence, taking medical equipment loans can help physicians in immense ways than any other forms of financing.