| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Bank of Baroda
|
9% | 1% | 1500 | 84 |
|
|
Bank of India
|
7.50% | 1% | 1500 | 84 |
|
|
Bank of Maharashtra
|
7.50% | 1% | 1500 | 84 |
|
|
Canara Bank
|
7.50% | 1% | 1500 | 84 |
|
|
Central Bank of India
|
9% | 1% | 1500 | 84 |
|
|
Indian Bank
|
7.50% | 1% | 1500 | 84 |
|
|
Indian Overseas Bank
|
7.50% | 1% | 1500 | 84 |
|
|
|
Indian Overseas Bank
|
7.50% | 1% | 1500 | 84 |
|
|
Karnataka Bank Ltd.
|
8% | 1% | 1500 | 84 |
|
|
Punjab & Sind Bank
|
8% | 1% | 1500 | 84 |
|
|
Punjab National Bank
|
8% | 1% | 1500 | 84 |
|
|
State Bank of India
|
7.50% | 1% | 1500 | 84 |
|
|
As you know advanced medical equipment are expensive to buy, but in recent times it become basic necessity for hospital & clinic. Upgrade your hospitality services by adopting hi-tech medical equipment without effecting your cash flow. This type of facility gives you the accessibility of cash on immediate basis.
Medical loans Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness ...etc.
Eligibility Criteria
Note: - You can avail 80% of project cost as a maximum loan amount.
What are the factors generally affecting medical equipment finance Eligibility Criteria?There are top factors that generally affects medical loans eligibility criteria as given below: -
Age limit criteria: - As per the standard age criteria for availing medical loans, therefore if you are age is below 25 & above 65 at the time of applying loan, due to lack of age criteria you would be able to get loan.
Lack of qualification: - Lender will check you mainstream of studies & working in terms of availing medical finance, if your studies is not meet the criteria you fail to match the criteria.
What are the ways to increase medical equipment finance eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Track credit report on regular basis: - Try to do payment on timely basis, avoid carrying multiple credit cards as the higher usage Leds to lower credit score. Usually, credit score ranging above 700 considered to be the good score which help you in getting loan without facing any trouble.
Limit credit usage does not exceed 30%:- If you are using multiple credit cards , then do use of all credit cards with the least to least 30% ratio of actual limit.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH CACERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEARALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Processing fee is levied upon processing Medical Equipment Finance application starting.
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Under Medical Equipment Loan borrower can get up to 2 Crore as a maximum loan amount.
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Medical Equipment Loan Interest Rate starts from 11.00% to 14.00% depending on applicant credit profile & earlier repayment history.
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Any individual with the qualification of BDS, MBBS & doctors specialization in Ayurvedic & Homeopathic can apply for medical loan.
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Medical Equipment Loan allows purchasing medical equipment's through finance at competitive Interest Rates.
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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.
CA Vikas Jain - Our Mentor
9863-02-02-02