Like many other professions, medical practice has its fair share of requirements to meet, which may not be possible without healthcare financing. However, since a medical practitioner strives to improve the lives of people through upgraded diagnosis and treatments, the necessity for adequate financing to be able to provide the necessary treatment gains further importance.
Currently, with the rising price of medical equipment and machines like MRI, ECG, monitors and scanners, etc., it is only becoming imperative to avail such finance. The good news is that gaining access to a large number of funds is easier for a doctor today than before.
Healthcare financing comes with several advantages that a healthcare professional can use to offer medical care with advanced facility. Check them out.
Know the advantages of healthcare finance:
- A high-value loan amount
Financial institutions are making it easy for doctors to uplift their healthcare facility with a loan amount of high value. Doctors can conveniently get access to a high professional loan value of up to Rs. 30 Lakh.
You can purchase advanced equipment and machinery with this amount to facilitate quality treatment and diagnosis.
- Collateral-free credit
Healthcare financing is collateral-free. It means you do not have to pledge or mortgage any asset to gain access to significant capital. You can enjoy financial freedom while providing your patients with the best possible healthcare services without the hassles of the collateral involved.
- Easy-to-meet eligibility criteria and documentation
Availing collateral-free healthcare finance has also become more accessible with lenders asking for simple eligibility criteria to avail such loans. You also need to submit minimum documents. All you need to do is meet your medical practice’s experience level required by your lender.
- Approval is quick and easy
Loans related to healthcare financing are generally fast-tracked by lenders. So, if you apply for such medical practice acquisition loans, some lenders take little to no time to approve it.
- Affordable financing of medical equipment
Medical equipment financing aims to support healthcare practitioners with the necessary funds with which they can improve their services. Therefore, the interest rates on these credits are considerably affordable.
Borrowing the amount, you can upgrade your facility with proper planning and adopt digital solutions to offer an advanced diagnosis of new ailments with a digital approach to healthcare. Low interest means you can affordably repay the loan in EMIs with your facility’s monthly income.
- Easy repayment with long tenor
The long tenor of healthcare financing means repayment becomes easy. With EMIs spreading over 12 months to 96 months, it becomes easy to repay the amount borrowed. You may easily divide the cost of equipment purchased or cost of facility expansion over the months and pay EMIs accordingly. Also, with the long tenor and reduced stress of repayment, managing finance becomes convenient in the long run.
- Flexi Loan facility
Lenders also offer their exclusive Flexi Loan facility with healthcare financing. With this, you can withdraw the number of funds you need from the total sanctioned loan and pay interest only on that amount. You can also choose to pay the interest-only as EMIs and repay the principal at the end of the pre-specified tenor. Ensure that you are buying the right medical equipment with the help of such a professional loan schemes. Generate more revenue than you pay as interest for the purchase you have made to propel your medical setup forward.
These advantages make healthcare financing easy to avail and repay. After meeting the equipment and upgradation requirements of your facility, you may also use it to provide pharmacy services to your patients. Opt for the most flexible mode of such financing.