What are the Interest Rates on Medical Equipment Financing for Medical Professionals?

What are the Interest Rates on Medical Equipment Financing for Medical Professionals?

Looking for medical equipment financing for your practice? You must be seeking more information on medical equipment financing rates of interest. While there are several lenders offering loans and medical equipment finance for doctors and other medical professionals, you may face several difficulties including not getting the financial product/quantum of loan that you desire along with having to pay a considerably higher rate of interest.

What you should instead consider is opting for a loan for medical equipment for purchasing medical equipment and taking care of other requirements for your health centre or clinic.

You will find several pre-approved loan offers here when it comes to loan for medical equipment from top lenders like Bajaj Finserv, they offer loan amount up to Rs. 30 lakh. You can expect reasonable rates of interest along with fast processing and disbursal. When it comes to rates of interest on medical equipment loan (which will suit your purpose in this regard), they range between 14-16% for these loans and you also have to account for 2% processing fees on the loan amount while applying. This loan will help you buy equipment, expand your medical practice, buy software and even hire more staff.

You can get loans up to Rs. 30 lakh which is a sizable amount and there are flexible tenors between 12 and 96 months for repayment. There is a fast online application process and disbursal takes place within 24 hours of collection of your documents by the company representative. There are Flexi loan facilities available where you can get a pre-fixed limit as the loan amount. You can repay the principal amount at the end of the tenor. In the interim period, any money that you take within this limit will only attract interest. You will only repay interest as the monthly EMI, thereby helping you save on costs. You can also conveniently pre-pay the loan at regular intervals. Additionally, these loans do not require you to submit any collateral or guarantee which means that you do not have to put your assets on the line.

You have to keep the eligibility criteria for the medical equipment loan in mind. Super specialist doctors, i.e. those who are MD/MS/DM qualified professionals, do not require post-qualification experience to obtain the loan. However, post-qualification experience of 2 years and 5 years is required in case of graduate/MBBS doctors and dentists (BDS/MDS) respectively. In case of Homeopathic doctors (DHMS), post-qualification experience of 15 years is required while the applicant should also own a house/clinic. Post-qualification experience of 6 years is required in case of Ayurvedic and Homeopathic doctors (BHMS/BAMS) and they also must own a home/clinic.

There is minimal documentation required since you only have to submit your medical registration certificate and KYC documents to the company representative. This has to be done after you apply online and the company representative informs you about your approved loan amount within 24 hours. Once you submit your documents and everything else is in place, you will get the money disbursed to your account within 24 hours. This is a fast and hassle-free way to get funding for buying medical equipment.

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