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How to Apply Loan For Medical Equipment?

by janeausten
loan for medical equipment

Healthcare is one of the most profitable industries, but starting up your healthcare center is very expensive and can exhaust all your savings. If you are a doctor or a healthcare provider planning to start a hospital or diagnostic center, you need numerous expensive pieces of equipment to work well. But when you opt for a loan for medical equipment, you can easily accomplish your dream of owning your healthcare center.

For instance, an x-ray viewer machine can cost up to Rs 15,000 for the basic models, an ECG machine can cost up to Rs 1.5 lakh, a single MRI machine can cost up to Rs 1 crore, etc. the whole healthcare industry is costly, and ordering all this equipment in vast quality for a fully functioning healthcare center would require a loan to get funded. Banks and financial institutions offer loans for medical equipment because of the high cost of this equipment. 

Suppose you are also planning to take a loan for medical equipment. In that case, you need to consider various things, including your eligibility, the minimum DTIR, maintaining the difference between cibil score and your credit score, etc. These points can increase the chance of getting a medical equipment loan.

Different Types of Medical Equipment Loans

A loan for medical equipment is a single loan that can benefit different healthcare categories. However, there are three different types of medical equipment loans that you must know. 

Loan for Non-Individuals

Non-individual is also known as a company, a partnership firm, proprietorship, trust, etc. medical equipment loan for non-individual is different from those meant for individuals or personal loan because they tend to have higher limits on the total sum that you can borrow.

Loan for Doctors

A doctor willing to start their healthcare center can take this medical equipment loan. The amount the borrower will be eligible to bring depends on the loan provider they approach.

Loan for Dentists

This loan for medical equipment is specially designed for dentists who want to open their medical facilities. However, the amount a dentist can borrow is lesser than the loan for a doctor.

Features of Medical Equipment Loan

A medical equipment loan offers a wide range of benefits to the borrower, which are as follows.

  • Since medical equipment is very costly, loans for medical equipment offer very high limits. An individual can borrow for up to Rs 2 crore, and an individual can borrow even more. 
  • Several loan providers may allow you to repay the loan early without charging you with prepayment costs.
  • You can quickly get a loan at the lowest interest rates by improving your credit score. However, you must also know the difference between cibil and credit scores before applying for a loan.
  • Collateral is not mandatory with a medical equipment loan. Several lenders may ask for collateral, and some offer you a loan without security.
  • This loan is not only available for doctors or hospitals. You can also avail of it if you have diagnostic centers, medical labs, specialty clinics, nursing homes, etc.
  • You can also apply for a medical equipment loan online without any hassle.
  • Lenders may offer personalized solutions to the financial requirements of healthcare professionals.
  • You can easily afford it at affordable prices to meet your financial needs.

What are the Eligibility Criteria for Medical Equipment Loan?

To apply for a medical equipment loan, you must fulfill the following eligibility criteria.

  • A person or a company needs to have a medical degree such as MBBS or BDS.
  • A healthcare provider specializing in Unani, Ayurvedic, or Homeopathic can apply.
  • The age limit for a person ranges from 25 to 65 years. However, this may vary depending on the lender.
  • The credit score for an individual or a company must be good. They and the co-applicant also have a clean credit history of applying for a loan.
  • You must also have 3 years of medical experience to get this loan.

How to Improve the Chance of Getting a Medical Equipment Loan?

While a loan for medical equipment is easy to avail, there are still some points that you must consider to increase your chance of getting a loan.

  • You should maintain your cibil or credit score as it helps to determine your ability to repay the loan. It would be best to balance the difference between cibil score and credit score, which should be at least 750, as it can reduce your creditworthiness.
  • Keep DTIR (debt-to-income ratio) to a minimum.
  • Use a loan eligibility calculator online before applying for the loan.
  • Fulfill all eligibility criteria.
  • Submit all the required documents to the lender.

Conclusion 

A loan can help you to accomplish your dream of opening your medical facilities. Under the medical equipment loan, you can easily avail yourself of a huge amount to start a nursing home, hospital, clinic, dentistry, daycare center, laboratory, diagnostic center, etc. So you must apply for a loan for medical equipment and follow the above points to get your loan approved quickly.

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