Medical Equipment Loan

Are you planning to expand or enhance your medical facility with the latest technology and equipment? We provide flexible, convenient loans for Doctors, Hospitals, Diagnostic Centers, Nursing Homes, Trusts, Societies and limited Companies.

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Features of Medical Equipment Loan

All loans are not created equal, Medical Equipment Loan has become a great option for people to use in medical profession. Medical Equipment Loan can be availed by Doctors, Hospitals, Diagnostic Centers, Nursing Homes, Trusts, Societies and limited.

Loan Term

Our Medical Equipment Loan starts from INR 3 Lakhs onward upto INR 50 lakhs on wards. We have a flexible loan tenure ranging from 12 to 84 months.

Interest Rate & charges

Attractive Interest Rate starting at 9.15%. The final rate of Interest will depend upon Profile, Loan amount and tenure.

Medical Equipment Loans- Eligibility

Any Medical Professional in the age bracket of 21-65 years. Our Medical Equipment Loan eligibility criteria is applicable for self-employed individuals, proprietors, private limited companies and partnership firms.

Age

(Min-Max) 24 – 70 years

Business Stability

Business Stability: 3 years and above

Credit Rating

Yes. A good (high) CIBIL Score and Clean Credit History is very important. All lenders refer to CIBIL score before making a final decision on Medical Equipment Loan. CIBIL Score can be a Deal Maker or a Deal Breaker.

Frequently Ask Questions

The loan amount is dependent upon your requirement, your credit score and assessment of the OEMs/ companies.

The minimum tenor available for this loan is 12 months and it can go up to 84 months.

There are multiple repayment methods, such as ECS, NACH, PDC, etc.

A wide range of securities are accepted. The spectrum includes land & real estate property; plant & machinery, equipment; Fixed Deposits, Deposit Certificates, KVP, NSC, securities issued by Central and State Governments, gold and other cash equivalents; life insurance policies; and others. However, applicability of the above depends upon the overall assessment of the borrower.

Loan processing usually takes around 5 to 7 working days, provided everything is in order and all required documentation is made available.

To be eligible for a Healthcare loan you must belong to one of the following categories:

  • General or Super Speciality Hospitals
  • Nursing Home
  • Diagnostic Centre
  • Pathology Lab Centre
  • Speciality Clinics (like Skin, Dental, Maternity, and more)
  • Dialysis Centre
  • Endoscopy Centre
  • IVF Centre
  • Educational Institute – Medical/ Paramedical College, Dental College
  • Large Medical Equipment Dealer
  • Pharmaceutical Manufacturer

No, foreclosure of your loan will have no impact on your credit score. Once the loan is foreclosed the same will be reported to rating agency as closed.

Yes. You are eligible for tax benefits on the principal and interest components of your Medical Equipment Loan under the Income Tax Act, 1961. As the benefits can vary each year, please do check with our Loan Counsellor about the tax benefits that you can avail on your loan.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

KYC Documents of promoter and co-applicants
Shop and establishment certificate/VAT/Sales Tax Registration Certificate
PAN Card
Last 2 years financials with audit report
Last 6 months Bank statement of all bank accounts
Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
Proforma invoice of machinery, in case of Plant & Machinery Loans
Property Documents in case of Property Term Loans

Registered partnership deed
KYC of partners
PAN Card of firm and partners
Shop and establishment / VAT/ Sales Tax Registration Certificate
Last 2 years financials with audit report
Last 6 months Bank statement of all bank accounts
Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
Proforma invoice of machinery, in case of Plant & Machinery Loans
Property Documents in case of Property Term Loans

Memorandum of Association(MOA) / Articles of Association(AOA)
Latest shareholding pattern
KYC of Directors
PAN Card of the entity and Directors
Last 2 years financials with audit report
Last 6 months Bank statement of all bank accounts
Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
Proforma invoice of machinery, in case of Plant & Machinery Loans
Property Documents in case of Property Term Loans

Memorandum of Association(MOA) / Articles of Association(AOA)
Latest shareholding pattern
KYC of Directors
PAN Card of the Company and Directors
Last 2 years financials with audit report
Last 6 months Bank statement of all bank accounts
Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
Proforma invoice of machinery, in case of Plant & Machinery Loans
Property Documents in case of Property Term Loans
Declaration that borrower, Company or any of its Directors have not been debarred / blacklisted / penalized by any Stock Exchanges / SEBI/ RBI. Declaration that the proposed borrowing is within the limits prescribed u/s 293(1)(d) of the Companies Act, 1956.

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