There is a robust demand for advanced equipment owing to the diverse needs of patients. However, the soaring cost of these machinery act as an obstacle in the path of medical practice.
Hence, the number of health professionals opting for a loan for medical equipment has increased. Moreover, availing medical practice loan helps borrowers reap the following benefits:
- Collateral-free credit option: Borrowers can avail of the credit option without pledging any collateral, helping them secure their assets from the risk of losing them.
- Instant disbursal: Medicos are not required to undergo lengthy documentation and wait for property verification. Hence, lenders disburse loan amounts within a stipulated time.
- Cover additional expenses: Besides funding the purchase of machinery, a doctor loan helps cover the expenses incurred from installation, delivery, etc.
- Nominal interest rate: Lenders consider doctors low-risk borrowers due to their job security and regular income. Hence, doctors can avail of medical equipment loans at an affordable interest rate.
- Extended loan tenor: Borrowers get a repayment tenor of up to 96 months to manage their finances and repay loan principal on time.
How to apply for a medical equipment loan?
With digitisation, it has become easy for doctors or physicians to apply for medical equipment loans online-
Step 1: Visit the official website of the lender.
Step 2: Click on 'Apply Online. On clicking, get redirected to the online application form.
Step 3: Fill up the form after OTP verification and finally submit it.
To sum up, medical practice loan is a functional variant of a professional loan that helps medical professionals develop technological infrastructure and extend quality care to patients.
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