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.

Types of Medical Equipment Loans Available

When it comes to medical equipment financing, you will come across various types of loans. You can opt for a loan that matches your needs and requirements. Let's check out what these loans are:

Loans for Physicians:

These loans are ideal for all doctors who wish to open their medical facilities.

Loans for Medical Firms:

These loans are ideal for private firms, partnership companies, proprietorships, trusts, and many more. These loans come with a higher limit on the loan amount one can easily borrow.

Loans for Dentists:

These types of loans are ideal for all dentists, and the loan amount one can borrow will not be higher than the loan for physicians.

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.

How to Apply for Medical Equipment Loan Online?

Piramal Finance makes it quite easy to apply for a medical equipment loan. All you need to do is carry out the straightforward steps below:

Step 1:

Visit Piramal Finance Medical Equipment Loan page. Read the features and eligibility criteria, and start the application process.

Step 2:

Click on Apply Now

Step 3:

Fill in the required personal details such as Name, Contact Number, Birth Year & Business Loan Amount.

Step 4:

Choose the employment type Salaried OR Self-Employed

Step 5:

Add your monthly income

Step 6:

Select the State and Branch (enter the branch by city) and Submit the medical equipment loan application form..

Step 7:

Wait for a call from the official representative to move ahead with the processes.

After completing all the steps, like scanning, uploading the required documents, and paying the processing fees, wait until your medical equipment loan application is approved.

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.

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Frequently Asked Questions

Why do medical equipment loans are needed?
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Can I apply for medical equipment loans online?
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How do I apply for the medical equipment loan online?
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Who can apply for these loans?
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Do banks provide discounts on these loans?
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What are the various types of medical equipment loans available?
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How exactly is this loan different from other doctor loans?
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What is the maximum amount I will get from this loan?
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