The telemedicine market in India is expected to reach $5.5 billion between 2020 and 2025. With the increase in the demand for medicine, medical professionals need to equip their practice with the latest health technology and equipment. Since availing the latest medical equipment and technology is quite expensive, professionals can avail a medical equipment loan to arrange funds.
Typically, a loan for doctors provides funding for these following purposes. They include the up-gradation of medical technology and equipment at clinics, purchase of high-end machines, setting up and maintaining equipment, etc.
Besides these, the borrower-centric features and benefits of this credit option prove useful for professionals in various ways. Some of the most noteworthy features and associated benefits include collateral-free financing of high value, simple online application and documentation process, quick disbursal of the sanctioned loan amount within 24 hours, easy to meet eligibility criteria, flexible tenure, and affordable rates of interest.
Borrowers can use a business loan EMI calculator to estimate their loan burden and how to rate if interest and tenure impacts the same. In turn, it will help them to pick a suitable tenure and will help to plan repayment accordingly.