With every passing day, the number of cases of Covid-19 is rising by leaps and bounds in India. Each day is witnessing a new record-high tally. However, those numbers only reflect the tally of individuals who are getting tested. Although state governments are striving to ramp up corona testing, there remain scores of individuals who do not have proper access to adequate pathology labs, especially in Tier-2 and 3 cities.
Additionally, there’s an emerging concern of labs flouting ICMR guidelines, prompting several state governments to issue their shutdowns. In other words, amid an ever-rising health crisis, there’s a precarious shortage of proper pathology labs. To address this widening gap in demand and availability, numerous individuals are seeking a loan for medical lab to put in motion their service as early as possible.
Setting up a Pathology Lab in India: Everything You Need to Know
The size of the diagnostics market in India is $9 billion, according to a report published in the Economic Times. More than 45% of this market comprises standalone labs, while 35% of it is held by organised players, and the remaining are hospital-based centres.
Standalone facilities have always comprised the lion’s share of the diagnostics market. However, in recent years, major diagnostic chains, such as Lal Pathlabs and the likes, have increased their foothold considerably by enfranchising independent medical labs, primarily in Tier-2 and 3 cities.
Therefore, it proffers individuals with more options to enter the diagnostics market with greater ease. You can set up your facility independently or get enfranchised. Along with the considerable availability of options for a loan for medical lab, the opportunities to open a diagnostic centre in India are also bolstered.
- Cost of becoming a franchisee in India
Thinking of owning a franchise with any of the major diagnostic chains in India?
Here’s a list of significant franchisers and the corresponding amounts of investment you need.
- Lal Pathlabs –Rs. 50,000 to Rs. 2 Lakh for a floor area of 100 – 250 sq. feet
- Thyrocare – Rs. 1 Lakh to Rs. 2 Lakh for a floor area of less than 250 sq. feet
- SRL Diagnostics Ltd. – Rs. 75 Lakh to Rs. 1 Crore for a floor area of 2000 – 3000 sq. feet
- City Pathlabs – Rs. 1 Lakh to Rs. 2 Lakh for a floor area of up to 250 sq. feet
- Specialty Ranbaxy Labs – Rs. 2 Lakh to Rs. 5 Lakh for a floor area of less than 250 sq. feet
- Lifecare – Rs. 1 Lakh to Rs. 2 Lakh for a floor area of 2000 – 3000 sq. feet
Note that, before you choose to own a franchise with any of the diagnostic chains mentioned here or others, research on the facilities they offer. For instance, currently, it is essential to consider whether you can do Covid testing or not in an enfranchised facility.
- Investment to open an independent facility
An independent medical facility requires outlays across a host of factors. You need to acquire a license & get registered. Also, rent a space, purchase state-of-the-art medical equipment, hire skilled technicians and medical experts and have them on payroll, spend on software systems, and also keep a sales & marketing team to increase traction. In the current context, you also need to ensure a location where most individuals can find you for corona testing nearby conveniently.
The investment, thus, boils down to the scale of your facility. Based on that, your initial cost can be:
- Approx. Rs. 2.8 Lakh for a small-scale pathology lab
- Approx. Rs. 18.5 Lakh for a mid-scale pathology lab
- Approx. Rs. 1.75 Crore for large-scale pathology lab
Whether you choose to go with a standalone facility or acquire a franchise for a major diagnostic chain, you will require substantial funding to get started and ensure seamless operations subsequently. Therefore, you need to look for a loan for medical lab that is convenient, accessible, and easy on your finances.
Medical Lab and its Financing
The Indian financial ecosystem has grown dynamically over the past few years. Today, you can access multiple financing options to effectuate a business. You can opt for unsecured loans such as a personal loan or commercial loan.
However, since they are unsecured, they might involve hefty interest charges that can bear down your finances, especially considering a new business venture. Furthermore, the eligibility criteria put forth for these loans can also be quite stringent, owing to the fact that lenders offer you the loan amount without any collateral.
Strict eligibility criteria pertaining to one’s income, CIBIL score, employment status, etc. can limit the accessibility of these loan options to quite an extent.
Nonetheless, a gold loan can be an easy-to-avail funding option in that regard. By opting for this loan, you will not have to burn through your savings. Instead, you can capitalise on the idle equity on your gold possessions.
Why a gold loan?
Take a look!
How can a Gold Loan for Medical/Pathology Lab Help You?
Gold items are practically a staple possession in almost every Indian household. While they have limited practical utility, they possess considerable monetary value. This feature of gold poses as an ideal gateway to substantial funds, where your finances won’t be saddled. Moreover, the availability of simple loans against gold, with institutions like Rupeek Fintech Pvt. Ltd. facilitating them has helped further the case of borrowing against gold even more. A gold loan, thus, acts as an ideal financing solution to set up your own pathology lab facility.
Still in doubt, whether a gold loan for medical lab is a good idea?
Here’s a list of its features and benefits:
- High per gram rate with no spending restraint
You can acquire a considerable sum against your pledged gold items with a high loan to value (LTV) ratio. The LTV ratio differs from one financial institution to another. Rupeek provides the highest loan amount against the market value of your pledged gold possessions.
A substantial amount with no end-use restriction allows you to address the various outlays involved in setting up a full-fledged pathology lab in India with full body check up facilities.
- Doorstep loan services in 30 minutes
With Rupeek, you can avail a gold loan for medical lab from the comfort of your home. When you apply, the financial institution sends a representative to your home, where the individual evaluates the value and purity of your gold possessions. Based on that, they send a loan approval request. Once it is approved, you receive the loan quantum in your account. The whole process requires approximately 30 minutes. Thus, you can address any immediate expense with ease.
- Minimal eligibility criteria
Unlike other loan options, a gold loan does not involve any stringent eligibility criteria or require lengthy documentation for initiation. You only need to provide your OVDs for KYC to the representative, and the registration requires only minutes to complete.
- Nominal rates of interest
You won’t have to worry about burdensome charges on your finances with a gold loan. Since it is a secured facility, you can avail a loan for medical lab against minimal interest rates.
- Convenient repayment schemes
When starting a venture, your business might not churn out much profit in the initial months. With a gold loan from Rupeek, you can choose to pay interest-only EMIs or pay the entire repayable amount at the end of the term with a single bullet payment. This way, you can ease your financial burden considerably.
- Premium security
The appointed representative leaves with your gold items only when you receive the entire loan amount in your account. Additionally, they transport it in a GPS-traceable bag and deposit it in a vault with the nearby partner bank. You can also enjoy an insurance policy for your gold items until you release them for optimal security.
Since starting a venture is in itself a formidable task, a convenient financing option like a gold loan for medical lab can be ideal for managing your finances efficiently in due course.