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Medical Equipment Financing

By Finserv MARKETS - Jun 4,2020
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Medical Equipment Financing

In a former report titled India Pharma 2020, Mckinsey and Company had predicted a 20% growth in patients by 2020. Moreover, a 1.3% steady growth in population and an increase in disease spread (the recent pandemic cases being a prime example) are making strong cases for rapid growth in the Indian medical industry. Hundreds of aspirants are appearing for medical entrance exams and pursuing higher education in medical studies.

Healthcare Spends by Government
As these students turn into the practitioner, they face numerous costs associated with setting up clinics, hospitals and diagnostic centers. One such cost is purchasing medical equipment. The medical equipment market has seen revisions in the last iteration of the national budget. For example, imported medical equipment is now attracting a reduced overall cess of 5.25% compared to 10% earlier. The medical finance industry is also undergoing major reforms.

Changing medical equipment finance landscape

Doctor Loan: Changing medical equipment finance landscape

Roshni, who has recently completed his M.S. in Dental Surgery from the University of London, has returned to India after working as a practitioner in the U.K. for three years. After having a significant experience in practicing dental care, Roshni wants to move with her parents and her husband and wish to open her own dental care hospital. She has some savings from the work she did in the U.K. and is considering leasing medical equipment. However, her friend Umesh suggests that buying the equipment is a more cost-effective and she now stands at a dilemma.

After doing some research, Roshni realized that she is actually eligible for Doctor Loans from financial services platforms such as Finserv MARKETS. Moreover, with the digitization of equipment supply, she can now order her choice of medical equipment within seconds and can get the financial support from Finserv MARKETS. At Finserv MARKETS one can easily get the Professional Loans for Doctors (also known as Doctor Loans) in very quick time with a minimal documentation process. The whole process just take 3 minutes to approve and within 24 hours your money will be credited into your account.

The need for Doctor Loans for Medical Equipment is apparent. This is not just Roshni’s story but also of thousands others who are considering setting up their own clinics in the midst of a growing demand for both healthcare and diagnostic services.

In the wake of growing disease spread and health consciousness amongst the population, the medical industry is showing preference for multiple assays as compared to simple or targeted assays. This calls for greater setup costs due to the amount of equipment needed to remain relevant in both practice and the industry. Purchasing medical equipment therefore becomes a strong argument because of the fact that you, as a practitioner, are likely to remain in practice for the rest of your life. Owning the medical equipment you need in your practice, therefore, becomes the second most important investment (after education) for a promising and successful career. At the same time, medical equipment loans are also a great option for existing practitioners, since medical science and equipment are subject to lighting fast developments in digital science, particularly Artificial Intelligence and Machine Learning. In such a context, practitioners must keep their clinics and hospitals up-to-date with the latest equipment in order to provide best healthcare and succeed in their profession.

In order to avail of medical equipment loans, one must meet a predefined set of business loan eligibility criteria. Most lenders are cutting the bars when it comes to the entry point for availing a medical equipment loan considering their qualifications as well as experience. Doctor Loans on Finserv MARKETS provide an entry point into medical equipment finance for eligible practitioners with the following qualifications  and experience:

  • Super specialist (DM/MD/MS) – No minimum threshold of  experience
  • MBBS– Work experience of at least two years post qualification is required
  • MDS/BDS – Work experience of at least five years post qualification is required
  • BHMS/BAMS– Work experience of at least six years post qualification is required

Once you have ensured that you are eligible for Bajaj Finserv Doctor Business Loan on Finserv MARKETS, the steps to getting your funds into your bank are easier than ever:

  • Step 1: Fill in your personal details on the online application form
  • Step 2: Fill in your preferred loan amount and repayment tenure
  • Step 3: Submit all the mandatory documents
  • Step 4: Get the money in your bank within 24 hours from approval

As technology is evolving and causing paradigm shifts in medical science, it is also impacting the way in which medical equipment is financed. Lenders are speeding up the processing times and taking things digital, so that you, as a practitioner, can avail a Doctor Loan for financing and cutting edge medical equipment at your fingertips.

Business loans for doctors available on Finserv MARKETS are offering some of the best options for financing your medical equipment. With features like part-prepayment and quick processing time within 24 hours, Bajaj Finserv Doctor Loans on Finserv MARKETS can provide you with loan amounts of up to Rs. 30 lakh. As a medical practitioner, you are working in an industry that is subject to fast growth and promising returns on your investment. Investing in your practice will only make you faster.

Apply Now

Apply for a Doctor Loan today on Finserv MARKETS and discover the limitless potentials of your career.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522