Medical equipment loan FAQs

Medical Equipment Loan
Frequently Asked Questions

Up To ₹10 Crore | Quick Approval | Flexible Tenure

Frequently Asked Questions on Medical Equipment Loan

Find out answers for your general queries

What is a Medical Equipment Loan?

A Medical Equipment Loan specially caters to the financial requirements of healthcare professionals who wish to set up a new clinic/hospital or upgrade their existing premises with advanced medical equipment to provide better medical services to their patients.

With Poonawalla Fincorp, you can avail of a Medical Equipment Loan of up to ₹10 Crore at an attractive interest rate and enjoy other benefits like quick approval and flexible tenure.

How to apply for a Medical Equipment Loan online?

Applying for a Medical Equipment Loan with Poonawalla Fincorp is easy. We have a simple online application process. Follow the steps below to get the loan:

  • Step 1: Click on the ‘Apply Now’ button.
  • Step 2: Fill in the required details on the loan application form.
  • Step 3: Upload necessary documents.

On successful verification, the loan amount will be disbursed into your bank account instantly.

What are the documents required to apply for a loan?

Our simple documentation process ensures that you don’t deal with a lot of paperwork. You only need to submit a few basic documents, including:

  • KYC Documents: Government-issued IDs such as PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport (for self-employed individuals). Firm/Company PAN Card, and other Applicable Registrations (for Firm/Company).
  • Bank Account Statement: Bank account statement for last six months
  • Qualification Documents: Degree Certificate and Certificate of Practice

Note: The above-mentioned loan documents list is indicative. Additional documents may be required during loan processing.

How to use a Medical Equipment Loan EMI calculator?

When you apply for a Medical Equipment Loan, knowing the exact EMI payable allows you to plan your finances better. Our Medical Equipment Loan EMI calculator allows you to do the calculations easily and it requires you to enter a few basic details to get the results.

You must enter following details:

  • Loan Amount
  • Loan Tenure
  • Interest Rate

Once you enter the details, the calculator will show the exact amount you must repay.

Please note : *The tentative amount payable is calculated based on the principal amount, the interest charged & tenure input by you.

What are the features of and benefits of Medical Equipment Loan?

Applying for a Medical Equipment Loan is a great way to get the funds for upgrading your clinic/hospital and/or buying modern equipment to provide better treatment facility to your patients. Our loan comes with a range of attractive features and benefits, including:

Instant Disbursal: Get the loan directly into your bank account after verification.

Minimal Documentation: Provide your KYC documents and address proof.

Zero hidden charges: All fees and charges are disclosed.

Flexible EMIs: Repay the loan at your convenience with a loan tenure of up to 84 months.

No End Usage Restriction: Use the loan to meet any financial requirement.

Easy Application: Just hit the ‘Apply Now’ button to get a Medical Equipment Loan!

How much loan can I avail?

If you are a healthcare professional and are looking for funds to upgrade your clinic/hospital or diagnostic centre, you can apply for a Medical Equipment Loan. It is one of the best ways to get the fund you need. With Poonawalla Fincorp, you can avail Medical Equipment Laon of up to ₹10 Crore.

What is the interest rate charged on a Medical Equipment Loan?

At Poonawalla Fincorp, we offer Medical Equipment Loan at the most competitive interest rate starting at 9.99%. The interest rate applied to your application may be higher based on your eligibility.

Is there any application fee for applying for a Medical Equipment Loan online?

If your Medical Equipment Loan is sanctioned, we levy a minimal processing fee.

What the are eligibility criteria to apply for a Medical Equipment Loan?

Our Medical Equipment Loan criteria are minimum so you can get maximum benefits. You must fulfil following requirements:

  • You must be aged between 25 and 65 years.
  • If you are a medical professional like MBBS/MDS/MD/BDS/MS, you must have at least one year of work experience after completing their medical qualification. Other healthcare professionals must have three years of post-education experience.

Note: The eligibility mentioned above list is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

How can I check my eligibility?

You can check your eligibility for Medical Equipment Loan on our website under the Eligibility and Documents section.

Will my credit score have an impact on Medical Equipment Loan approval?

Yes, if you have a high credit score of 750+, you have better chances of getting your Medical Equipment Loan approved with favourable terms and conditions.

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