As a dentist, the quality of your equipment directly determines the quality of healthcare you are able to provide your patients. So, it is only fair that you want to stock your clinic with the latest dental equipment. After all, ensuring this can also give you an edge as compared to your competitors. But, dental equipment is expensive and can deplete your working capital and/or business savings entirely. So, it is essential that before you consider the equipment you are going to buy, you decide how you’re going to finance it. One smart option is to avail a dental equipment loan. It is a doctor loan that can help you tackle your equipment needs with ease, without you having to rely on multiple sources of credit.
To know how to ensure that you’re buying the right medical equipment, click here.
Get started by taking a closer look at how you should go about raising finance for dental equipment.
Identify the dental equipment that you need
The first task you should undertake is determining the dental equipment that forms the basis of the services that you extend to patients. This will include items like dental chairs, lights, burrs and drills, dental lasers, etc. Then, look into all the ancillary equipment, such as irrigation syringes, sterilisation equipment, tongue depressors, etc. that you will need. Make a list of all the equipment, and note down the number of pieces of each type that you require.
Then, deliberate whether you should buy all the equipment or lease some of it and do a simple cost-benefit analysis to arrive at an answer. Also determine the impact of having the latest versions of all equipment versus that of having a model that is slightly backdated. This will also give you a better idea of the costs that you are likely to incur, as slightly older versions of equipment will be more affordable as compared to the latest models.
Ascertain your financial status
Since you’re seeking finance by way of a dental equipment loan, it is important that you pay attention to your financial capacity with regards to repayment. Examine your credit score to make an estimate of the amount that you can borrow, account for payments that you are currently making towards outstanding debt and the income that you are generating. Accordingly, identify how you will repay the loan and how much you will be able to pay comfortably, each month. Calibrate this with your list of equipment and make any changes if you need to.
Scout the market for the best loan
While you can use any number of loans to purchase dental equipment, it is best to scour the market in search of the best finance for doctors. Compare the features and interest rates of various options before choosing one. In this regard, a Dental Equipment Loan from Bajaj Finserv is one of the best in the market. You can avail a high loan amount instantly to take care of all your needs. Take a look at this loan’s key benefits that make it one of the best in the country.
You can avail up to Rs.35 lakh at an affordable rate of interest
You can get funds in your bank account instantly, within 24 hours
You can choose a repayment tenor ranging from 12 to 96 months as per your convenience
You can choose from pre-approved offers to make the most of the loan
You can apply for the loan online and manage it online too
You only have to submit a handful of documents to avail this loan
So, whether you want to foray into paediatric dentistry or upgrade the number of consultation rooms in your clinic, following these three steps will ensure that you are able to finance dental equipment purchase without a hint of stress or worry.