Simple Process to Get Medical Equipment Loan for Doctors
Practising medicine is among the noblest professions in the world. A doctor treats hundreds of patients every day. With medical technology evolving at breakneck speed, doctors may need to upgrade their existing equipment to provide patients with better care.
At Poonawalla Fincorp, we have designed Medical Equipment Loans for Doctors to meet their expansion and upgrade requirements. Applying for a loan with us is a simple and hassle-free process that can be completed online. With providing required documents and meeting easy eligibility criterion, you can avail of high-value funds to take your practice to the next level.
Uses of Medical Equipment Loan for Doctors
Equipment financing for doctors is a secured loan that can be used for various purposes. You will not have to compromise on the quality of treatment due to equipment limitations or funding issues. With Poonawalla Fincorp’s Medical Equipment Loan for Doctors, you can:
- Expand your practice
- Upgrade the equipment in your clinic
- Purchase state-of-the-art equipment for providing top-class treatment
- Improve the technology in your clinic
- Update your operational systems
Features & Benefits
Minimum Processing Fees | High Loan Value | Zero Hidden Costs
The Medical Equipment Loan for Doctors is carefully designed to help meet your capital requirements. When you want to grow your clinic, you will always have enough to worry about. We don’t want loan process shouldn’t be an additional worry for you.
To ensure you have a hassle-free experience, we at Poonawalla Fincorp provide the best features and benefits on our Medical Equipment Loan for Doctors. From an online process and simple documentation requirements to quick processing and fast disbursal, you will get the best experience with our loans.
Here are the top features of Poonawalla Fincorp’s Medical Equipment Loan for Doctors:
- High loan amount of up to ₹10 Crore
- Structured repayment option
- Loan tenure of up to 84 months (7 years)
- Moratorium of up to 6 months
- Quick disbursal
- Affordable interest rates
- Simple documentation requirements
- Zero hidden charges
- Choice of online process
- Easy loan application process with a few easy steps
Eligibility Criteria for a Medical Equipment Loan for Doctors
The eligibility criteria to avail of equipment financing for doctors are straightforward and minimal. All you need to do is meet certain basic requirements based on the following parameters:
- Age limit of the key applicant
- Indian citizenship of the key applicant
- Necessary educational qualifications
- Minimum work experience as a doctor
Do note the above-mentioned MEL eligibility list is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
If you meet the criteria for getting an online Medical Equipment Loan for Doctors, your loan will be granted in no time. Additionally, if your credit score is solid and you have a good credit history, you will get attractive interest rates and terms on your loan.
Documents Required for a Medical Equipment Loan for Doctors
To get a Medical Equipment Loan for Doctors, you will require certain documents for verification. These include:
- KYC documents such as PAN Card, Aadhar Card, Business Address Proof, etc.
- Bank account statements
- Certificate of professional hospital practice
Do note the above-mentioned MEL document list is indicative. Additional documents may be required during loan processing.
Frequently Asked Questions
Why is there a need for Medical Equipment Loan for Doctors?
Upgrading the equipment and machinery to successfully run a doctor’s clinic requires funds. Technologically advanced medical equipment can be expensive. For some, the procurement of such equipment can be financially unfeasible. That’s why availing of equipment financing for doctors can be a great way to set up a new practice or upgrade your existing one. It makes the whole process simple and effortless.
Who can avail of online Medical Equipment Loans for Doctors?
Any Indian citizen who is a minimum of 25 years old at the time of loan application or a maximum of 65 years old at the time of loan maturity and has a medical degree – either an MBBS, MDS, MS or MD can avail of Medical Equipment Loans for Doctors to purchase equipment. The individual must also have a minimum of one year of work experience as a doctor. An already established medical business can also avail of the loan.
How much money can I borrow through a Medical Equipment Loan for Doctors?
As a practicing doctor, Poonawalla Fincorp offers up to ₹10 Crore as a loan for medical equipment financing. You can avail of this loan by meeting certain qualifying criteria and furnishing documents.
Can I get a Medical Equipment Loan for Doctors without collateral?
No. Medical equipment loan for doctors is a secured loan. However, the equipment that you purchase becomes the collateral for the loan. You don’t have to submit any other collateral to secure the loan. In case of failure to make your EMI payments, the equipment can be sold to recover the money lent.
How to apply for a Medical Equipment Loan for Doctors with Poonawalla Fincorp?
Applying for a Medical Equipment Loan for Doctors with Poonawalla Fincorp is simple. The whole process can be completed online in a few simple steps:
- Step 1: Go to the Apply Now option on the Medical Equipment Loan page and fill in the application form
- Step 2: Submit all the required documentation
- Step 3: Wait for all your documents to be verified
- Step 4: After verification, your loan amount will be processed
- Step 5: Your loan will be credited to your bank account