Medical Equipment Loan

Are you a doctor, fresh out of college and looking to open your own clinic? Or are you planning to open your own hospital, in which case you might need to put some medical equipment together? The healthcare industry is growing at a tremendous pace and is expensive. Everything to do with medical industry – from studying to be a doctor, to the equipment that is used to treat patients – is expensive. For example, let's say that you are looking to open a hospital. You will require a couple of basic medical equipment at the very least – say an X-Ray machine, ECG machine, sterilizer, oxygen cylinders, surgical tools, MRI machine etc. All these could easily set you back by crores of rupees. This is where a medical equipment loan could help you. Read on to know more!

Features of Medical Equipment Loan:

•    Avail loans up to Rs. 10 Crore with some lenders
•    Longer tenure to reduce EMI outgo
•    Loan intended for purchase of Medical Equipment
•    Collateral: Generally, primary security will consist of Medical Equipment being financed
•    Unique finance products suited for every budget and need
•    Flexible tenure and payment options
•    Easy processing and speedy disbursement, subject to eligibility
•    Minimum documentation requirement
•    Prepayment options generally available, subject to the lender and their lending policies
•    Repay your loan either via Electronic Clearing System (ECS) or by Post Dated Cheques (PDCs)

General Eligibility Criteria for Medical Equipment Loans

Following is the general eligibility criteria for companies and individuals seeking medical equipment loan:

•    Individuals seeking a medical equipment loan need to have a minimum qualification of MBBS or BDS.
•    Doctors specializing in alternative medicine such as Homeopathy, Unani and Ayurvedic medicine are also eligible to apply for this loan.
•    Age criteria: The age limit of individuals applying for the should be generally in-between 25 years and 65 years, though keep in mind that this may vary from lender to lender.
•    Individual/company credit history should be impeccable.
•    Continuity of business: Depending on the lender, you may need to have at least 3 years of experience in running a medical facility.
•   Medical equipment loan is available for the following: Doctors, Hospitals, Nursing Homes and Clinics, Laboratories and Diagnostic Centers; Entities: Proprietorship, Partnerships, Limited Liability Partnership, Private Limited Company, Limited Company, Societies, and Trusts

Apply for Medical Equipment Loan

Are you looking for a medical equipment loan and looking to expand your business?  If you think you need help in your loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile. Click here to sign up and create your credit profile for free!