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5 Things You Should Know About Medical Equipment Financing

As a medical professional, it is your duty to ensure that you offer the right diagnosis and medication to the patients. Your patients are completely dependent on you and they rely on you for their good health and wellbeing. With the right tools and equipment, you will be able to perform efficiently and ensue that you make the right diagnosis. It is crucial to upgrade the equipment from time to time or replace it with a latest device. The advances in technology has made it necessary for medical professionals to invest in equipment that is high in efficiency and improves their practice. Purchasing new equipment is easier said than done and this is why lenders across the country offer medical equipment financing. Here are the five important things about medical equipment financing.

1. Available for all medical professionals: The loan is available for all medical professionals across all specialization areas. However, it is important to have proof of education and experience. Different lenders have varying experience requirements so you need to be aware of the same and adhere to it. Many lenders require you to have an experience of 3 years at the current place of practice. The loan is offered to individual doctors, partnership, private company, trust, society, and public company.

2. New and refurbished equipment: The loan is available for all new and refurbished equipment in the market. It is not necessary for you to invest only in new equipment.

3. Downpayment: Although the loan amount is high, the lender will not extend a loan for 100% value of the equipment. You will have to make downpayment for the same. You can make the minimum amount of downpayment or make a higher downpayment if you have funds on hand. The balance will be your loan. You will also have to attach proof of downpayment at the time of loan application.

4. Tenure: You need to be aware of the tenure of the loan. There are loans with a tenure as high as 15 years but you need to be very careful when you agree on the loan tenure. Financing heavy medical equipment is not easy and the lender will offer a long tenure so that the repayment is convenient and timely. The tenure will also depend on the loan amount and equipment you are buying.

5. Usage-specific loan: This is not a personal loan or a business loan, the loan is specifically provided for the purchase of a medical equipment and you need to use it only for that purpose. You cannot use the funds for any other purpose in the business. If you want a loan for any other purpose, you need to choose the loan product accordingly. This loan is usage specific.

Medical equipment financing is an efficient and convenient way of enhancing your medical practice. When you improve the equipment and upgrade technology, you can provide the right value to the patients and it will directly improve the state of healthcare in the country.

Hero FinCorp

Hero FinCorp is a diversified financial services provider in India. We are an associate company of Hero MotoCorp Ltd. Hero FinCorp Limited (HFCL) was incorporated in December 1991 as Hero Honda FinLease Limited.

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