In recent years, the Indian healthcare sector has witnessed noteworthy development, with promises to continue in this trajectory in the upcoming years. Resultantly, it has created significant business and employment opportunities contributing to the country’s GDP.
Along with that, the support from specially curated financing options has also played a part here. Financial institutions operating around the country now offer a tailor-made loan for medical equipment India against easy-to-meet terms.
Nonetheless, to streamline this process further, individuals need to keep some essential pointers in mind.
How to get a medical equipment loan quickly?
To source a loan for medical equipment in India swiftly, one can take the following factors into consideration –
Maintain a reputable credit profile
The credit profile of an individual decides his/her creditworthiness as a borrower. It gives lenders a fair idea of how they have performed over the years and whether they have repaid their dues or not. Based on this information, financiers decide whether to extend a loan to a certain individual.
Credit score and repayment history are two main factors here, and applicants can take necessary measures to improve their credit profile.
Keep the required documents handy
A loan for doctors requires individuals to submit a set of documents without fail. Moreover, to fast track their application process, borrowers can keep these documents handy. The same can be said for this financing option as well.
Usually, to avail credits to finance an equipment purchase, individuals need to provide the following –
- Documents of the practice
- Personal details, i.e. KYC papers
- Bank account statement (both business and personal)
This list of documents is indicative, and the requirement might differ from lender to lender. Along with these, borrowers need to provide a detailed business plan to increase their chances of securing funds.
Apply online
The introduction of the online application process has also expedited the process of securing a loan for medical equipment in India. Nonetheless, before applying, professionals should know the factors that will ensure that they are buying the right medical equipment.
Choose a lender wisely
Since the loan application and processing depends on a lender, it is ideal to select one carefully; usually, to enjoy fast credit disbursal, individuals can resort to a financial institution that they already have a working relationship with.
This will help them skip verification and other associated processes as the concerned financier already has the required details. Thus, one can save considerable time during this process.
Furthermore, leading financial institutions like Bajaj Finserv provide their customers with pre-approved offers. These further streamline this process and are available on financial products like business loans, personal loans, etc. Borrowers can quickly check their pre-approved offer by submitting their essential contact details.
Maintain a low debt-to-income ratio
This ratio represents the fixed financial obligation of borrowers for every month. Therefore, keeping this ratio low will help them to increase their repayment capacity and chances of securing a loan.
Keeping in mind the aforementioned pointers can help individuals secure a loan for equipment purchase without any hassle and fast. However, before moving ahead with the process, they should keep in mind some factors to make an informed decision.
Top 3 points to consider while applying for a loan
- Interest rates: Considering the medical equipment loan interest rates is the first thing to do here. It will help individuals estimate their total debt.
- Loan tenor: The next point to consider is the loan tenor to learn the time they have to repay this outstanding and plan accordingly.
- Repayment options: Repayment flexibility allow individuals to pay off their debt without any hassle. Thus, multiple repayment options are important factors to look out for.
A loan for medical equipment in India has presented financial institutions with an opportunity to secure necessary funding without much hassle. However, individuals must know the reasons to upgrade their medical equipment today to ensure that they are convinced about the matter before proceeding.
