Medical Equipment Loan

Emerging medical technologies offer newer and more efficient ways for the diagnosis and treatment of diseases. This makes it essential for any medical professional to have up-to-date equipment. However, upgrading a hospital or clinic with new medical devices like X-ray, MRI, or CAT scan machines can be expensive. A medical equipment loan can help cover these costs. One can then repay the borrowed amount in easy EMIs over the loan tenure.

Here are the interest rates and other charges associated with medical equipment loans available on Bajaj Markets:

The following are some notable features of a loan for medical equipment you need to know before applying for it:

• Larger Amount of Loans: With a medical equipment loan, you can get a loan amount of up to ₹50 Lakhs. With access to a larger amount of funds, equipping your healthcare facility with the latest apparatus becomes easier.
  

• High Loan-to-Value (LTV) Ratio: Medical device loans are secured by the equipment you purchase using the loan amount. These loans come with a high LTV ratio, covering up to 85%-90% of the cost of the equipment.
  

• Low Interest Rates: Since these loans are secured, you also enjoy low interest rates on your borrowing, translating into higher savings. The interest rate on healthcare equipment finance starts from as low as 11% p.a.
  

• Easy Application Process: On Bajaj Markets, easily apply for the loan through a simple digital application process. This speed up the verification and loan approval process, enabling you to get quicker and smoother access to the required funds.
  

• Flexible Loan Tenures: Most lending institutions offer flexible repayment tenures that can go up 96 months

When applying for a medical equipment loan, you or your healthcare facility need to fulfil the following eligibility requirements:

• Individuals need to be self-employed doctors having a minimum qualification of an MBBS or BDS degree
  

• Self-employed doctors practising Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy can also apply for this loan
  

• In case of a healthcare facility, the promoter of the firm needs to be a doctor with the above-mentioned qualifications
  

• Hospitals, pathological laboratories and diagnostic centres, nursing homes, and clinics are eligible to apply for these loans
  

• If you are a self-employed doctor, you must be within the age bracket of 25 to 65 years
  

• Some financial institutions may require you to have 1-3 years of post-qualification work experience

These are some common criteria that most lenders need you to fuilfil. However, these requirements vary depending on the lender you choose to get the loan from. Check all the criteria specified by the loan provider before you apply for a medical machinery loan.

The following are some documents you need to submit when applying for a loan for medical equipment:

1. For Self-employed Doctors:

• Proof of Identity: Aadhaar card, voter ID, passport, or PAN card
  

• Proof of Residence: Aadhaar card, voter ID, passport, utility bills, or rent agreement
  

• Proof of Business Address: Utility bills or rent agreement
  

• Proof of Income: ITR for the last 2 years or bank statement of the last 6 months
  

2. For a Firm or Company:

• Proof of Business Address: PAN card, business address proof, and other registration documents
  

• Proof of Identity of Director, Proprietor, or Partner: Aadhaar card, voter ID, passport, or PAN card

To apply for a medical equipment loan on Bajaj Markets, follow these steps:

• Click on the ‘CHECK OFFER’ option on this page

• Enter your personal and professional details

• Select the lender you want to get the loan from

• Provide the required loan amount and the preferred tenure

• Submit the loan application

After this, a representative of the lender will reach out to you for further proceedings.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.