Business Loan for Medical Equipment

A business loan for medical equipment is crucial for healthcare providers to acquire high-end tools necessary for offering quality care. It supports various facilities, including diagnostic centres, speciality clinics, and small to medium hospitals. With a business loan for medical equipment, you can purchase essential items like MRI machines, CT scanners, ultrasound equipment, and so on.

The interest rate on these types of business loans is competitive, and the eligibility criteria are tailored for medical professionals. You can apply for a medical equipment loan online at SMFG India Credit easily, and our free loan eligibility calculator can help you get an idea of your financing options.

Features and Benefits of Loans for Medical Equipment

Let us explore how SMFG India Credit makes financing for medical equipment accessible and manageable through business loans:

Loan Amounts up to INR 75 Lakhs*

With a medical equipment loan, you can access unsecured loan amounts of up to INR 75 lakhs* to meet the diverse financial needs of your growing practice. 

Quick, Hassle-free Loan Application

The medical equipment lending process is designed to be simple and efficient. You can apply for a medical equipment loan online, reducing the time and effort involved in physically visiting a lender’s branch. This streamlined process ensures you can focus more on your practice and less on paperwork.

Flexible Repayment Tenure

One significant advantage of loans for healthcare equipment is the flexibility we offer in repayment. You can choose a suitable tenure of up to 48 months*, making it easier to manage your finances with easy EMIs.

No Collateral Required

Business loans for doctors, up to INR 75 lakhs*, are available without the need for collateral or guarantors. This feature makes medical equipment lending accessible to more medical professionals, as it removes the barrier of having to pledge assets.

Minimum Documentation

A loan for medical equipment requires minimal documentation, eliminating the need for lengthy paperwork. 

Eligibility Criteria and Documents Required

In order to be eligible for a business loan, you need to be self-employed with a minimum of 3 years of current business and 5 years of business experience. Applicants should be at least 22 years old while applying for the loan and younger than 65 years old when the loan matures. Your business must have a minimum turnover of INR 10 Lakhs and a profitable record for the past 2 years. Your annual income (ITR) should also be at least INR 2 Lakhs. You can check the detailed business loan eligibility criteria here.

When applying for medical equipment lending, you'll need to submit the following basic documents:

• Identity Proof: Valid ID and PAN Card.
• Address Proof: Voter ID, Ration card, Passport, or Driving License.
• Bank Statements: The latest 6 months of statements.
• Income Documents: For the last two years, ITR, income computation, balance sheet, and profit and loss account (CA certified).
• Proof related to your practice.

You can check the detailed document requirements here. Additional documents may be requested based on your individual profile.

How to Apply for a Business Loan for Medical Equipment

You can apply for a medical equipment loan with these easy steps: 

1. Assess the amount required for the medical equipment you need to purchase.
2. Compare different lenders to find the best terms for medical equipment lending.
3. Review the eligibility criteria and gather the necessary documents.
4. Visit our online loan application portal. Select ‘Business Loan/SME Loan’ and enter the requested information. Submit error-free documents along with your application.
5. Your application will be reviewed and you’ll be contacted for further details if necessary.
6. Review and accept the medical equipment finance offer.
7. The approved funds will be disbursed to your account.

By following these steps you can efficiently secure business loans for healthcare equipment to support your medical practice.

Applicable Fees and Charges for Business Loans

When considering a business loan for medical equipment, it's essential to know the associated fees and charges to make informed financial decisions. Here are some common charges you may come across, apart from interest rates which are minimal and competitive. 

Processing Fees

These are the administrative costs associated with processing your loan application. The Processing fees is 2.75% of the loan amount + GST. 

Late Payment Charges

If you miss a payment, a late payment fee of 2% plus GST is charged monthly on the overdue amount, calculated on a day-to-day basis. This amounts to 24% per annum. It's crucial to ensure timely payments to avoid these additional costs.

Collection of Cheque/Cash

There are no charges for the collection of cheques or cash. This benefit can help you manage your repayments without worrying about extra fees for each transaction.

Prepayment Charges

If you decide to repay your loan early, you can face prepayment charges of up to 7%* of the principal outstanding.

Cheque/ECS Dishonoured Charges

If a cheque or ECS is dishonoured, a fee of INR 300 is applied per dishonoured cheque or ECS per presentation. 

Swap Charges

Replacement of Post-dated Cheques to ECS: To replace post-dated cheques with ECS, a fee of INR 500 is charged per instance. This fee applies when you decide to switch your repayment mode from post-dated cheques to ECS.

Replacement of ECS to ECS: A fee of INR 500 is charged per instance for replacing an existing ECS with another ECS. This fee is applicable if you need to update your ECS details.

Loan Cancellation Charges

If you cancel the loan before the first EMI, a cancellation fee of INR 1,000 is applied. This charge covers the administrative costs associated with processing the loan cancellation.

Securing a medical equipment loan for business is straightforward and can significantly enhance your medical practice. By understanding the fees and charges, eligibility criteria, and documentation requirements, you can efficiently manage your finances. Apply now or contact us to learn more about medical equipment lending.

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