Frequently Asked Questions on Medical Equipment Loan

Find out answers for your general queries

What is Medical Equipment Loan and what can I avail for?

A medical equipment loan is a secured loan offering where funds are provided to healthcare professionals who wish to upgrade and update their medical practice infrastructure to offer better medical services to their patients.

How to apply for Medical Equipment Loan online?

You can easily apply for a Medical Equipment loan online with our hassle-free process.

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

b. Submit your KYC and Income documents to check your loan eligibility.

c. Your application will be processed for verification.

d. Our quick verification process assures your loan is approved quickly.

e. Once approved, your loan is instantly credited to your bank account.

How to use Medical Equipment Loan EMI calculator?

With our easy and quick Medical Equipment Loan EMI calculator, all you need to input is:

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

b. Tenure in which you would repay the loan.

c. Interest Rate is the percentage charged for the availed loan, based on your eligibility.

What are the documents required to apply for the loan?

At Poonawalla Fincorp, we have a minimum documentation requirement 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

Operative bank account statement of the last 6 months.

Qualification Documents

Degree Certificate and Certificate of Practice.

What are the features and benefits of 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. This loan will benefit you as it provides:

a. Higher Loan Amount of up to 3 Crore

b. Competitive interest rates

c. Longer repayment tenure up to 84 months

d. No hidden charges ensuring complete transparency

e. Minimal documentation for hassle-free process

How much Loan amount can I avail?

With Poonawalla Fincorp you can avail Medical Equipment Loan of up to 3 Crores.

What is the interest rate charged on Medical Equipment Loan?

You can avail our Medical Equipment Loan offering with interest rates starting at 9.99% to 11.99% p.a.

Is there any applicable fee for applying Medical Equipment Loan online?

A minimum processing fee is applicable on your loan application.

Will there be any charges for foreclosing my loan?

No. With Poonawalla Fincorp you enjoy the convenience to prepay or foreclose your loan at no additional cost.

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

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

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

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

How can I check my eligibility?

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

Will my credit score impact Medical Equipment Loan approval?

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