When it comes to healthcare solutions, most patients don’t want to settle for anything but the best. After all, good health is the key to happiness. And to provide state-of-the-art treatments, doctors, clinics, diagnostic centers, and even superspecialty hospitals must possess top-of-the-line, innovative medical equipment. Since these kits are quite expensive, it is often imperative to seek financing options that will help you easily upgrade your medical facility. Fortunately, there are many non-bank finance companies (NBFCs) in addition to banks that offer medical equipment financing solutions today. They make sure that you can comfortably repay the loan and benefit from fast approvals, as diseases must be cured as soon as possible.

Why choose NBFC?

Today, several well-known NBFCs offer intelligently structured loans for refurbished and new medical equipment. They address the needs of almost all types of healthcare facilities such as hospitals, nursing homes, pathology laboratories, private clinics, and diagnostic centers. The range of funded equipment generally includes X-ray machines, Color Doppler, CT scanners, dental chairs, catheterization labs, and more.

Medical equipment financing solutions are often offered at attractive interest rates starting from as low as 11%. The tenure is also extremely flexible and can also go up to 7 years. Generally, minimal documentation is required, and loan processing is fast, too.

What are the other advantages?

Whether you are planning to expand your healthcare facility or trying to upgrade with advanced equipment, NBFCs can help you achieve your goals without having to put a hole in your pocket. After examining your requirements and your budget, they will come up with the financing solution that best meets your needs. You can also expect fast customer service, control at every step, and flexible terms to help you pay comfortably.
Are you eligible?

In order to apply for a medical equipment loan, you must be an individual physician, a partnership, a trust, or a public or private hospital, clinic, or diagnostic center. You must also have a total of 5 years of experience and 3 years in your current business. Your business must be profitable by industry standards, and a satisfactory credit score and flawless financial history are also required.

Regarding the documents, you must present the projections and audited financial statements for the last 3 years. Additionally, owner, partner, or director profiles and KYC must be provided. NBFCs and banks can also request company registration or certificates of incorporation.

Good to know

Remember that different lenders may have different eligibility criteria when it comes to medical equipment financing. Review your terms and conditions carefully and also compare the suggested loan structures between at least two or three lenders. Check out the reviews, meet the sales team in person, and clarify any questions you may have before signing the dotted line. Make the most of medical equipment loans and give your patients the best they deserve.