Quick Guide on How to Get a Medical Equipment Loan

Paulo Abad

Finance Medical Equipment Financing Tips

Aug 04, 2020

Establishing your own medical practice involves a lot of things, including setting salaries for your team, finding and renting out space, and getting the right equipment for diagnosis and treatment. Through medical equipment loans, you’ll be able to deal with that last item. Below is a quick guide on how to get a medical equipment loan.

Decide Where to Borrow Money

Banks offer not only medical equipment loans but also financial assistance for aspiring medical students. That being said, you might find it hard to avail of an equipment loan if you’re still paying for the one you previously took on to fund your education. If that’s your case, then best check out alternative money lenders. Thankfully, there are many private financial companies in the Philippines that are more than willing to assist medical practitioners in this regard.

Seek Pre-Approval

Getting pre-approval can help you in many ways. For one thing, it helps determine whether or not you’re qualified for a particular loan amount. And it allows lenders to gauge your creditworthiness. Now when filling up a pre-approval form, the following details might be asked of you:

  • Loan Amount. You have to provide a specific figure for a medical equipment loan, although the lender will ultimately decide on the amount you’ll get.
  • Monthly Sales. Lenders need to see your clinic’s monthly sales figures as well since it helps them know how your medical practice is doing financially. If your clinic is running for some time now, you’ll need to provide additional details.
  • Years in Operation. Banks and private lending companies typically consider applicants whose clinics have been in operation for a specified period (usually six months). So best apply for a medical equipment loan only if your clinic meets that criteria.
  • Personal Details. This includes your contact number, email address, and other relevant information that the lenders can use to communicate with you (and vice versa).

Take note that these are just some of the information you need to provide. To know the exact details you need to deliver during pre-approval, contact your lender.

Submit the Requirements

In case the pre-approval goes in your favor, you’ll then be ready to apply for the medical equipment loan. Aside from the details listed above, you’ll also need to bring certain documents that will be requested by the banks or lending firms. So make sure to prepare this paperwork accordingly, and bring extra copies just in case. And do your best to present an accurate financial report as well, as lying on it can ruin your chances of getting approval (in present and future loan applications).

Wait for Approval

Once you submitted your application form and the other documentary requirements, all that’s left to do is wait for the bank or lending firm to review and approve your loan application. You should know that approval depends on a variety of factors, including the loan amount, your credit history, and the repayment terms. By making sure these things are in order beforehand, you’ll be able to increase your chances.

Get the Money

After your loan application gets approved, you can either go to your money lender to claim the cash or have it sent directly to your bank account (if they have such services). From there, it’s just a matter of using the money efficiently to buy the medical equipment you need for your clinic.

Final Thoughts

The machinery you need for your clinic can come at a high cost. By getting a medical equipment loan, you’ll be able to ease this financial stress. So if you’re a medical professional making plans for your own clinic, better follow the guide above and apply for one now.