Banks are targeting top- notch
doctors as new segment of customers by offering them attractive medical
equipment loans. This loan is primarily taken to either purchase new
equipment or taking over the existing one.
Maximum Loan offered by Banks for Medical Equipment Loan:
Loans are available starting from Rs. 10000. There is no maximum amount
of loan. It is generally decided after considering the financial
background of the customer, his repayment capacity, tenure of the loan
etc. Loan is given maximum up to 85% of the value of the medical
equipment. The loan is repaid through Equated Monthly Installments or
EMI. Loan is repaid within a tenure of 1 to 5 years.
Interest Charged by Bank on Medical Equipment Loan:
Most banks
charged according to the existing market rates. These rates are highly
competitive. The rate of interest can either be taken on fixed or
fluctuating basis.
Process Of Medical Equipment Loan Application:
Loan can be
applied for by filling the application form either in person or online.
Banks normally charge around 2% of the total loan amount as the
processing fee.
Documents Required for Medical Equipment Loan:
- Proof of Identity (Passport, Ration card, Driving license)
- Proof of Residence
- Proof of Income (Income statement for last two years and bank
statement for the last 6 months)
- Proof of Existence of Business/Office
List of Leading Banks Providing Farm Equipment Loan:
