Doctors planning to begin their practice or anyone planning to open a hospital will need some equipment to provide treatment and services. But purchasing medical equipment can be expensive, and one might not have the funds they need for it. This is where a medical equipment loan can help. The healthcare sector is expensive, and setting up a medical facility can be expensive.

So, for instance, an X-ray viewer can cost around INR 10,000 to INR 13,000. On the other hand, one MRI machine can cost around INR 1 crore, and examination tables and a 45 to 47-liter oxygen cylinder can cost around INR 12,000 and INR 16,000, respectively. So, to ensure you have the funds to purchase all these things, applying for a healthcare equipment loan is crucial.

Advantages and Features of Medical Equipment Loans

Individuals who take loans from medical equipment financing companies will benefit from many features. These are:

• Medical equipment is expensive, and due to such reasons, people can easily take around INR 10 lakhs or more than that to purchase the equipment.
• At times, the loan amount you get to borrow might get dictated by the city they reside in. This means when you reside in a metro city, you can borrow a loan amount as the other cities. But this feature might be available to the companies.
• Repayment for such loans can increase to 5 years.
• Piramal Finance takes a processing of 2% for the entire loan amount.
• You don't need to provide collateral as it's not compulsory.
• Medical equipment financing loans are not just restricted to doctors or hospitals. But nursing homes, medical laboratories, specialty clinics, diagnostic centers, etc., can also take up these loans.

What are the Documents Needed for These Loans?

When you decide to apply for medical equipment loans, you must submit certain documentation. These documents will help in approving the loan.

• Provide all the KYC documents
• Provide the bank statements for the previous 12 months
• Payment details of the last 12-month
• ITR documents for the past 3 years
• A partnership deed or MOU must be provided for all private limited firms.

The Eligibility Criteria of the Medial Equipment Loan

• The applicant must qualify BDS or MBBS.
• Physicians specializing in Ayurvedic, Unani, and Homeopathic medicine can apply for the loan.
• The applicant has to be between the age of 25 years to 65 years. The required age might differ greatly from one bank to another.
• When a specific enterprise applies for a medical equipment loan service, the promoters of that firm should carry a minimum qualification of BDS or MBBS.
• Many of the banks want the applicant to be a member of the councils.
• Applicants' credit history for the loan needs to be spotless.
• Proof of address for around 5 years.
• Proof of 3 years of experience in operating a medical facility.

Get the Best Medical Equipment Loan from Piramal Finance

Now, finding medical finance services has become much easier due to the presence of companies like Piramal Finance. We offer many kinds of loans for physicians, private companies, and dentists, which they can utilize to purchase important medical equipment for running their medical facilities. The loan application process is extremely smooth, and one will not experience any problems when applying for a loan. We ensure our clients get the loan on time with fewer hassles and more convenience.