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What you Need to Know About Healthcare Financing: Read the Full Guide Here

As a healthcare professional, you must have the right equipment to diagnose your patients so that you can provide them with quality treatment. This, in turn, increases your efficiency, profitability, and goodwill. However, medical equipment purchase can be very costly and you may find it challenging to pay up front.

While a personal loan can meet your equipment needs, you should consider healthcare finance. A customised loan for professionals like you, this loan is designed to suit all your needs and offers swift financing. Here’s a guide to healthcare finance to help you understand why this is the right financial product for your requirements.

Importance of healthcare finance

Medical equipment can cost you a fortune. For example, a basic X-ray machine costs around Rs.1.25 lakh and a semi-fowler hospital bed can cost around Rs.15,000. The best way to finance it without compromising on other responsibilities is to take a loan. Healthcare finance makes it possible for you to purchase such expensive medical equipment with ease.

In due course of time, you can use this solution to add a diagnostic centre to your clinic, offering customers a better experience and multiplying your sources of revenue. Moreover, using the loan allows you to use software smartly as well.Byinstalling and upgrading the medical software you use at your hospital or clinic, you can nullify human errors and improve accuracy. Whether it is billing software, an accounting, or patient management software, healthcare finance will help fund the software purchases with ease.

So, avail Healthcare Finance from top lending institutions like Bajaj Finserv who also offer attractive repayment and loan management options to help you stay in control of your medical practice. Here are a few other features this financial solution.

Eligibility and documentation

To avail Bajaj Finserv Healthcare Finance, you have to meet these simple eligibility criteria regarding qualification and work experience.

  • You need at least 2 years of experience as an MBBS doctor.
  • No experience needed if you are an MS, MD, DM or are a doctor who is a super-specialist.
  • Have at least 5 years of experience as a doctor with a BDS and/or MDS degree.
  • Have at least 6 years of experience and own a house or clinic as an Ayurvedic doctor with BAMS and/or a homoeopath doctor with a BHMS degree.
  • Have at least 15 years of experience and own a house or clinic as a homoeopathic doctor.

Instant approval and quick disbursal

You can get instant approval on your healthcare finance application and get the money in your account within 24 hours after verification of your documents. This is because the financing solution is tailor-made for professionals like you and its terms and conditions have been moderated keeping your needs in mind.

So, once you meet above eligibility criteria you can apply for healthcare financing and submit a copy of your medical registration certificate, copies of relevant financial documents, and a few simple KYC documents.

Affordable high-value unsecured loans

With Bajaj Finserv Healthcare Finance, you can avail a substantial loan of up to Rs.30 lakh at economical interest rates without pledging any collateral. Now, meet your financial needs stress-free, without compromising on any front.

Convenient repayment options

You can choose to repay your loan over a flexible tenor spanning from 12 to 96 months and reduce your repayment burden significantly. In case you start reaping high profits, you can also part-prepay your loan anytime during the tenor at no extra charges.

Flexi Loan facility for greater ease

As a unique offering, Bajaj Finserv also allows you to avail healthcare finance as a Flexi Loan. Basis this facility you can withdraw anytime and any amount from your total sanction as per your needs and pay interest only on the utilised amount. This helps you reduce your interest outgo and credit cost.

Moreover, you can also choose to repay the amount you use as interest-only EMIs and then pay the principal in full at the end of the tenor. This will give you more time to align your funds for all your future expenses and keep your EMIs well within budget.

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