Medical equipment loan FAQs

Medical Equipment LoanGet equipped to ensure high quality care

Loan up to 10 Crore | Attractive Interest Rate | 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 is a secured loan offering where funds are provided to healthcare professionals who wish to upgrade and update their medical equipment for providing better medical services to their patients.

How to apply for a Medical Equipment Loan online?

Our hassle-free process allows you to apply for a Medical Equipment Loan online. All you need to do is to follow the below-mentioned steps:

Step 1: Click on ‘Apply Now’ and fill in the application form with basic details..

Step 2: Submit your basic details.

Step 3: Your application will be processed for verification.

Step 4: Our quick verification process assures your loan is verified and approved quickly.

Step 5: Once approved, your loan is instantly credited to your bank account.

How to use a Medical Equipment Loan EMI calculator?

With our easy and quick Medical Equipment Loan EMI calculator, you need to input the following details to know your loan EMI:

    a. Poonawalla Fincorp Medical Equipment Loan Amount you wish to avail.

    b. Tenure in which you would repay the loan.

    c. Interest rate - the percentage charged for the availed loan, based on your eligibility.

This will calculate and show your EMI quickly. Also, you have an option to click on ‘Check Repayment Schedule’ button to understand amortization schedule based on your input.

What are the documents required to apply for the loan?

At Poonawalla Fincorp, we have minimum documentation required to process your loan application. While applying for our Medical Equipment Loan, please keep these documents handy:

KYC Documents

  • Self-Employed Professional: PAN Card, Aadhaar Card, Residence Address Proof and Business Address Proof.
  • Firm/Company PAN Card, Business Address Proof and Other Applicable Registrations.
  • Proprietor/Partner/Director: Aadhaar Card and PAN Card, Residence Address Proof.

Bank Account Statement

Operational bank account statement for the last 6 months.

Qualification Documents

Degree Certificates and Certificate of Practice.

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

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

The Medical Equipment Loan comes with a set of benefits that will help you upgrade the quality of service you provide to your patients. Following are some of the key features & benefits of this loan from Poonawalla Fincorp:

a. Higher loan amount of up to 10 Crore

b. Competitive interest rates, longer flexible repayment tenure of up to 84 months

c. No hidden charges, ensuring complete transparency

d. Minimal documentation for a hassle-free process

How much of loan amount can I avail myself?

With Poonawalla Fincorp Medical Equipment Loan, you can avail up to 10 Crore loan amount to fulfil your requirements.

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

At Poonawalla Fincorp, we provide a Medical Equipment Loan at an attractive low interest rate. For latest interest rate, please contact Poonawalla Fincorp or visit a nearby branch.

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

A processing fee is applicable on your loan application if sanctioned. No application fee is charged for just applying for a loan.

What are the eligibility criteria for applying for a Medical Equipment Loan?

To avail our Medical Equipment Loan, you only need to meet the basic eligibility criteria:

a. The applicant should be a minimum of 25 years of age at the time of loan application and a maximum of 65 years at the time of loan maturity.

b. The applicant must hold an MBBS/MDS/MD/MS degree with a minimum of 1 year of post-qualification experience and for others 3 years of post-qualification.

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

How can I check my eligibility?

To check your loan eligibility, kindly refer to our Eligibility and Documents section.

Will my credit score impact a Medical Equipment Loan approval?

A good credit score positively impacts your loan amount eligibility and the rate of interest to be charged. Your creditworthiness is also important because it demonstrates how reliable you are as a borrower.

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