Medical facilities can receive loans for more capital intensive medical equipment from lenders and investors on MedNeed.
Terms vary depending on the lenders/investors.
Interest rate varies.
Moratorium (time before repayment starts) varies.
Set tenor (duration of loan) varies.
Can be accessed within a week of request.
Available to all medical facilities.
Available for equipment and supplies procured from any vendor and manufacturer.
The medical facility completes and submits application.
MedNeed confirms the medical facility and the equipment need.
MedNeed works with the medical facility to find the most suitable vendor or manufacturer for the equipment.
MedNeed indentifies lenders/investors to fulfill the loan request.
Interested lenders/investors review and fulfill the loan request.
The medical facility accepts the most suitable loan which could be provided by an individual lender/investor or a group of lenders/investors.
The funds are made available for the equipment as soon as the same day or within a week of the loan acceptance.
MedNeed works with the medical facility to ensure that the equipment is procured and delivered accordingly.
The medical facility starts repayments as agreed in the terms of loan.
Support and guidance throughout the process, from getting the loan to acquiring the medical equipment.
Faster access to loans.
Better terms for loans including lower interest rate and increased moratorium.
Better prices and quality assurance on equipment from certified vendors/manufacturers.
MedNeed works with the medical facility to ensure that the equipment is bought from the right vendor or manufacturer at a reasonable price and that the equipment is covered by reasonable warranty.
The medical equipment can be used as collateral based on the nature of the loan and the requirements from the lenders/investors.
The medical facility pays MedNeed a flat fee of $49 only.
Payment is made after a suitable loan is accepted.
The medical facility must be duly registered and meet all applicable local regulatory and professional requirements.
The director/representative of the medical facility must be a certified member of an accredited medical association.
The medical facility must show due need for the equipment since funds are only for medical equipment and supplies.
The medical facility must agree to abide by the terms of the loan and make repayment as and when due.
The medical facility must understand that MedNeed will work with lenders/investors to collect payments from borrowers who are delinquent or in default using every applicable regulatory and legal avenue possible.