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- Unsecured Medical Equipment Loan
Unsecured Medical Equipment Loan
Expand your business and enhance your facilities with collateral-free Medical Equipment Loans designed especially for doctors. This MSME finance provides long-term funding against the medical equipment purchased.
Features & Benefits
This account comes with a host of unique features:
- The loan amount starts at ₹10 lakhs and goes up to ₹7.5 crores.
- The loan can be availed for a minimum tenure of 12 months and go up to 84 months.
- Collateral-free loans can be availed for up to ₹5 crores.
- Funding against the medical equipment purchased.
- A moratorium of up to 6 months is available.
- Loans for refurbished equipment and balance transfer are also available.
Commercials
| Loan processing charges | It is up to 1% + applicable taxes. |
|---|---|
| Part pre-payment charges | N/A. |
| Foreclosure Charges | It is 2.00% of the principal outstanding. |
| Penal interest | It is 2.00% p.a. additional to the existing rate of interest. |
| Repayment instruction/instrument return charges | It is ₹500 per instance + applicable taxes. |
Eligibility & Documentation
Business vintage
- Minimum 2 years in current profession.
Business Income
- Minimum business income of ₹5 lakhs.
Age
- Minimum 21 years at the time of loan application.
- Maximum 65 years at the end of loan tenure.
Residence/Office Stability
- Either office or residential property is to be owned.
- Residence stability should be for at least 12 months.
- Office stability should be for at least 24 months.
- KYC Documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement of last 6 months
- PAN Card/Form 60
- Degree certificate and registration certificate with MCI or State Medical Council
- Pro forma invoice / Quotation of equipment or machinery being purchased
Frequently Asked Questions
We offer Medical Equipment Loans to individuals, proprietorship firms, partnership firms, LLPs, Pvt. Ltd. companies, unlisted public companies, societies, and trusts.
Eligible profiles are MBBS, BDS, MDS, MS, DM, diagnostic centres, hospitals, pathology labs, nursing homes, clinics, medical colleges, etc.
We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
Repayment shall be in monthly installments, including principal and interest.
The type of equipment funded under this loan are diagnostic equipment, imaging equipment, therapeutic and treatment equipment, life support equipment, medical monitors, pathology equipment, original equipment manufacture and refurbished/pre-owned machines.
Minimum business vintage required for Medical equipment loan is 2 years.
