Modern day medical treatment demands a substantial number of specialised medical equipment. Machines like ECG, MRI, X-ray, various scanners and monitors are now an essential part of a healthcare clinic and at a private chamber. Even Point of Care equipment like portable X-ray or ECG machines is becoming commonplace. Practitioners rely on these tools for an accurate diagnosis and to provide better medical services.
Healthcare financing provides monetary backing to medical practitioners and clinics to acquire the necessary equipment. These equipment are generally expensive as they are imported from other countries. Financial institutions offer loans as healthcare finance so that medical practitioners don’t have to break into their savings to acquire the must-have POC medical equipment.
How to apply for healthcare financing?
Various financial organisations offer such form of advances to eligible applicants. You have to ensure you meet all the necessary eligibility criteria before you apply for healthcare loans.
These generally include a minimum number of years working as a medical practitioner. For example, an MBBS doctor should have at least 2 years of experience post-qualification. For dentists (BDS/MDS), it should be a minimum of 5 years of experience.
The lender will also take a look at your creditworthiness. Your financial history, repayment habits, CIBIL score, etc. play a crucial role in determining your eligibility. The chances of loan approval will increase significantly if you do not have any record of late repayments or have not defaulted on credit in the past.
You will also have to provide some documents while you apply for healthcare finance. These include essential documents like KYC, proof of practice, bank account statement, recent passport size photograph, etc.
You can proceed to apply for healthcare financing after you meet all the essential requirements. Most financial organisations have moved the application process online. It streamlines the procedure and eliminates any need for lengthy documentation and long queues.
An applicant only has to provide the necessary information online to apply for credit. You will also have to submit an online form to apply for healthcare finance.
Lenders typically approve the application and disburse the loan amount within 24 hours. The quick disbursement process is ideal for people in need of instant financing. Reliable NBFCs like Bajaj Finserv even provide pre-approved offers for various financial products.
Features and benefits of healthcare financing
You can enjoy various features and benefits if you avail healthcare loans from a reputed financial institution. These include –
- Large loan amount – The amount of money disbursed as healthcare financing can reach up to Rs. 30 Lakh. It is enough capital to pay for the latest equipment for a medical practitioner or clinic.
- Affordable interest rate – The affordable interest rates of such loans makes repayment easy without straining your personal budget or overhead expenses.
- Flexible loan tenor – You can choose a tenor between 12 to 96 months to repay the principal amount. Such flexible tenor allows you to decide on the best interest rate and loan tenor according to your convenience.
- Online account management – You can manage your loan account online thanks to the integration of Internet-based services. It allows you to check your available loan balance, EMI repayment date, etc. from anywhere according to your convenience.
Healthcare financing in India went through significant changes during the last decade. As the healthcare industry grew, wellness providers started looking for financing options to pay for equipment, infrastructure, staff, etc. Advances in the form of healthcare finance offered by various financial institutions provide an excellent opportunity for medical practitioners and clinics to acquire better equipment to cater to their clientele. Proper planning and knowing the why and how of healthcare finance can further assist a borrower to utilise the amount and repay according to their convenience.