What is a Medical Equipment Loan?
Medical Equipment Loan allows purchasing medical equipment's through finance at competitive Interest Rates.
| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | |
|---|---|---|---|---|---|
|
8.50%
|
1%
|
1500
|
120
|
|
|
8.60%
|
1%
|
1500
|
120
|
|
|
8.50%
|
1%
|
1000
|
120
|
|
|
8.90%
|
1%
|
1500
|
120
|
|
|
8.85%
|
1%
|
1000
|
120
|
|
|
8.35%
|
1%
|
1500
|
120
|
|
|
8.50%
|
1%
|
1000
|
120
|
|
|
8.90%
|
1%
|
1500
|
120
|
|
|
8.80%
|
1%
|
1500
|
120
|
|
|
8.50%
|
1%
|
1500
|
120
|
|
|
8.50%
|
1%
|
1500
|
120
|
|
|
8.60%
|
1%
|
1000
|
120
|
|
.png)
|
8.50%
|
1%
|
1500
|
120
|
|
|
8.90%
|
1%
|
1000
|
120
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
8.50% |
|
|
|
8.60% |
|
|
|
8.50% |
|
|
|
8.90% |
|
|
|
8.85% |
|
|
|
8.35% |
|
|
|
8.50% |
|
|
|
8.90% |
|
|
|
8.80% |
|
|
|
8.50% |
|
|
|
8.50% |
|
|
|
8.60% |
|
|
|
8.50% |
|
|
|
8.90% |
|
This type of facility helps to enhance your medical business. Whether you require project finance, equipment finance, working capital limit, bank guarantee or buyer credit. Even it provides finance to infrastructure healthcare industry.
Usually, HealthCare Industry Eligibility Criteria depends on various factors like applicant age, business income, & residency. Etc.
Note: - You can avail up to 100 Cr as a maximum loan amount.
There are few factors that generally affects health Loan Eligibility Criteria as given below: -
Bad business plan: - Business plan somewhat covers your all business planning, implementation & execution where you required to mention revenue generation plan, if your plans is not up to the level then lender won’t approve your application.
650 below credit score: - one of the major point lenders consider while reviewing loan application is your credit score range, 300 – 700 range know to be bad credit score wherein 700 above knowns as good credit score. Due to 650 below score you might lower the chances of loan eligibility.
To increase health Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.
Clear existing debt: - Due to your existing debt your debt-to-income ratio get affected & at the time of applying for new loan it lowers your eligibility. Therefore, try to clear existing debt as it will help you to enhance your eligibility.
Paying bills on time: - Your one time carelessness affect your future opportunity, make sure you pay for all bills, loan EMI on time to avoid lowering your eligibility.
What is a Medical Equipment Loan?
Medical Equipment Loan allows purchasing medical equipment's through finance at competitive Interest Rates.
What is the benefits of Medical Equipment Loan?
Who are eligible for Medical Equipment Loan?
If you are planning to get finance to expand your business scale, make sure you meet basic criteria as your age limit should be in-between 23 – 65 years, your business continuity should be above 3 years & finally your credit score range should be above 700.
Who is eligible for a Medical Equipment Loan?
Any individual with the qualification of BDS, MBBS & doctors specialization in Ayurvedic & Homeopathic can apply for Medical Loan.
How to apply for Medical Equipment Loan?
What are the documents required for Medical Equipment Loan?
Identity proof
Address proof
Bank statement
Income proof
Company documents
Profit & loss statement of last 2 years
Latest 1-year ITR filed
What is the current interest rate for Medical Equipment Loan?
Medical Equipment Loan Interest Rate starts from 11.00% to 14.00% depending on applicant credit profile & earlier repayment history.
How much processing fee is charged for Medical Equipment Loan?
Processing fee is levied upon processing Medical Equipment Loan application starting.
How much minimum & maximum loan amount can I get through Medical Equipment Loan?
Under Medical Equipment Loan borrower can get up to 2 Crore as a maximum loan amount.
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CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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