Medical Equipment Loan for a Laboratory Up to ₹10 Crore

During the Covid-19 pandemic, the entire healthcare sector was stressed. Laboratories in the country were flooded with cases, with many of them having to turn down patients for lack of capacity. This clearly demonstrates 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 something as small as sufficient 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 from the loan for lab equipment to upgrade machinery.

Reasons to Take a Loan for Laboratory Equipment

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.

If you want a loan to expand a laboratory, you need to meet certain eligibility criteria. Poonawalla Fincorp’s requirements are simple. If you can prove the following, then you will get instant loan approval.

Documents Required for a Medical Equipment Loan for a Laboratory

Once you have determined your eligibility, you need to make arrangements for documentation to avail of our laboratory equipment financing. The documentation requirements are simple. You will need to produce:

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?
The healthcare sector has a lot of growth potential. Since the pandemic, the need for better healthcare infrastructure has increased. Tier-II and tier-III cities in India do not have sufficient medical laboratories to meet their needs and the existing ones need infrastructure upgrades. Poonawalla Fincorp’s loan for laboratory equipment 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 loan for lab equipment?
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 will 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 and a certificate of practice to avail the loan. If your lab is relatively new and you do not have business papers, then you can submit your KYC proofs and bank statements for verification.

Can I apply for a medical equipment loan for a laboratory offline?
Yes, you can avail of laboratory equipment financing 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.