How much processing fee is charged for Medical Equipment Finance?
Processing fee is levied upon processing Medical Equipment Finance application starting.
| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | |
|---|---|---|---|---|---|
|
9%
|
1%
|
1500
|
84
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
|
9%
|
1%
|
1500
|
84
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
|
8%
|
1%
|
1500
|
84
|
|
|
8%
|
1%
|
1500
|
84
|
|
|
8%
|
1%
|
1500
|
84
|
|
|
7.50%
|
1%
|
1500
|
84
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
9% |
|
|
|
7.50% |
|
|
|
7.50% |
|
|
|
7.50% |
|
|
|
9% |
|
|
|
7.50% |
|
|
|
7.50% |
|
|
|
7.50% |
|
|
|
8% |
|
|
|
8% |
|
|
|
8% |
|
|
|
7.50% |
|
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.
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness ...etc.
Note: - You can avail 80% of project cost as a maximum loan amount.
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.
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.
How much processing fee is charged for Medical Equipment Finance?
Processing fee is levied upon processing Medical Equipment Finance 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.
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.
What are the documents required for Medical Equipment Loan?
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 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.
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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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