Medical equipment loan interest rates & charges

Medical Equipment Loan –
Interest Rates and Charges

Loan up to 10 Crore | Attractive Interest Rate | Flexible Tenure

Medical Equipment Loan could be taken by any individual who runs a clinic, owns a hospital or a diagnostic centre to upgrade their clinic/diagnostic centre/hospital or buy new equipment to provide better healthcare service. However, upgrading the infrastructure facility in your healthcare centre can be expensive, and you would need a lot of money.

Keeping in mind the healthcare professional’s financial needs, at Poonawalla Fincorp, we offer Medical Equipment Loan at the most competitive interest rates.

Interest Rate Logo Interest Rate
  • We offer Medical Equipment Loan for as low as 9.99%* p.a. Note, the actual interest rate may vary based on your age and work experience.
Loan Fees Logo Processing Fees
  • We charge a one-time nominal processing fee, and it is charged as an administrative fee.
Late Replayment Logo Default Charges
  • If you default on your EMI payment, a 24% penalty charge would be applied on the defaulted amount every annum. So, make sure to make the EMI payments on or before the due date to avoid the additional charges. Also, late payment will affect your credit score.

Also, in case of cheque bounce, you must pay a penalty of ₹500 per bounce, plus applicable taxes.

Fee And Charges Logo Other charges
  • Kindly check our tariff sheet document to get more details about our other fees and applicable charges.

Prepaying a loan means you repay a part of the outstanding principal amount before the end of the actual loan tenure. This is a smart way to reduce the EMI amount and save interest payments. However, you must remember the following things before prepaying a Medical Equipment Loan.

  • Prepay the loan only with your own funds.
  • Refer to the EMI schedule for the outstanding amount and prepay accordingly.
  • Prepay the loan only if you can afford the additional expense.
  • With Poonawalla Fincorp, you don’t incur any prepayment charges.

Foreclosing a loan means paying off the outstanding amount in a single payment. Like prepayment, foreclosing the loans allows you to save a significant amount on interest payments. However, before you foreclose a Medical Equipment Loan, consider the following guidelines:

  • Do a thorough cost-benefit analysis to know how much you will save. You can use the online calculators to get accurate results.
  • Assess your current financial situation to know if you can afford to foreclose the loan and its impact on your medical practice.
Who can avail of a Medical Equipment Loan?

At Poonawalla Fincorp, we offer Medical Equipment Loan to all healthcare practitioners. If you are a self-employed doctor, or dentist or own a diagnostic centre or laboratory, you can get Medical Equipment at the most affordable interest rates, starting at 9.99% p.a. and get the funds you need.

What is the maximum Medical Equipment Loan I can avail of?

At Poonawalla Fincorp, you can get a Medical Equipment Loan of up to ₹10 Crore. Assess your loan needs and choose the right loan amount accordingly. This will help you repay the amount easily without stressing your finances.

What will the EMI be for my medical equipment loan?

The EMI on your Medical Equipment Loan will depend on the amount you borrow. Using the EMI calculator, you can calculate the exact amount on your Medical Equipment Loan. Just enter basic details like interest rate, loan amount and tenure in the calculator, and it will give you accurate results instantly.

*Terms & Conditions Apply

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