Medical Equipment Loan for a Laboratory Up to ₹10 Crore
During the COVID-19 pandemic, the entire healthcare sector was stressed beyond limit. Laboratories in the country were flooded with cases, with many of them having to turn down patients for lack of space and resources. It was understood that India needs more labs to bolster its healthcare infrastructure. To help medical professionals expand their existing laboratories, Poonawalla Fincorp provides Medical Equipment Loans for a Laboratory.
A well-stocked laboratory requires many types of equipment, from test tubes and syringes to microscopes and chromatography equipment. Using our laboratory equipment financing, you can expand your existing laboratory infrastructure. You can also use the amount to upgrade machinery.
Reasons to Take a Medical Equipment Loan for Laboratory
Our Medical Equipment Loan for Laboratory can be used to finance any equipment or machinery needed for a medical laboratory. The most common uses of laboratory equipment financing are:
- To expand an existing laboratory
- To upgrade equipment in an existing facility
- To import the best-in-class laboratory tools
Features & Benefits of Medical Equipment Loan for Laboratory
Poonawalla Fincorp aims to provide a hassle-free, quick, and effortless loan process for our clients. To ensure this, our Medical Equipment Loans for Laboratories are structured to give you convenience, affordable rates, and high loan amounts to build a lab that can provide top-quality services to your patients.
Here are the most attractive features of our Medical Equipment Loan for a Laboratory:
- High loan amount of up to ₹10 Crore
- Loan tenure between 12 months and 84 months
- Moratorium of up to 6 months
- Among the best interest rates in the market
- Simple documentation
- No hidden charges
- Complete online process
- Quick disbursal of loan
Eligibility for a Medical Equipment Loan for Laboratories
To get a Medical Equipment Loan for Hospitals from Poonawalla Fincorp, you need to meet certain basic requirements based on the following parameters, which include:
- 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 Medical Equipment Loan eligibility list is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Documents Required for a Medical Equipment Loan for a Laboratory
To get a medical equipment loan for your laboratory, you might need the following documents:
- KYC documents such as PAN Card of the hospital, business address proof, etc.
- Bank account statements for 6 months
- Certificate of professional hospital practice
- Financial documents of last 2 years
- Proforma invoice of the equipment
Do note the above-mentioned Medical Equipment Loan document list is indicative. Additional documents may be required during loan processing.
Frequently Asked Questions
What is laboratory equipment financing?
Laboratory equipment financing is a secured loan that is granted specifically to upgrade medical lab equipment. Medical professionals who want to improve their lab infrastructure can avail of this loan to provide better quality services to their patients or improve their lab capacity.
Why should I take a Medical Equipment Loan for a Laboratory?
Since the onset of the global COVID-19 pandemic, the need for better healthcare infrastructure has increased. Tier-II and tier-III cities in India do not have sufficient medical laboratory equipment and some existing labs need infrastructure upgrades. Poonawalla Fincorp’s loan for laboratory equipment, also called Medical Equipment Loan, can address this situation. You can also use the loan amount to expand or improve the infrastructure in an existing lab to meet the needs of your patients.
Does credit score matter for a Medical Equipment Loan for a Laboratory?
While you may think that credit scores are irrelevant to laboratory equipment financing since they are secured loans, there are many advantages to having a solid credit score. It will improve your chances of getting a higher loan amount, and the interest rate on your loan may also reduce depending on your credit score and credit history.
What are the documents required for a Medical Equipment Loan for a Laboratory?
Poonawalla Fincorp will require you to submit KYC documents, bank statements, financials of previous two years and a certificate of practice to avail of the loan. But do note that additional documents may be required during loan processing.
Can I apply for a Medical Equipment Loan for a Laboratory Offline?
Yes, you can avail of laboratory equipment financing both offline and online with Poonawalla Fincorp. To apply for a loan offline, visit the nearest branch with your eligibility documents, fill up the form and wait for your loan to be sanctioned.