Medical equipment plays an important role in the process of diagnosis, monitoring, and treatment of different diseases. They also help in maintaining safety standards to ensure optimal patient care. Therefore, you will need a piece of top-class medical equipment for setting up your new clinic or for expansion of your existing practice, and its purchase involves a significant cost too.
Therefore, you can avail a medical equipment loan to make sure that you are able to buy machinery on time, without blocking your working capital. From machines like ECG, MRI, and X-rays to scanners and monitors, you can purchase any equipment with this loan. With a Medical Equipment Loan from reputed lenders like Bajaj Finserv, you get access to a large capital of up to Rs.30 lakh for a flexible tenor.
Read on to know how you can easily avail a medical equipment loan.
Meet simple eligibility criteria
Lender’s eligibility norms
For availing a medical equipment loan, you must fulfill certain conditions laid down by the lender. These vary from one lender to another but typically feature the following.
- You should be an Indian resident.
- You should have a professional doctorate degree.
- You should have the required documents such as KYC, income proof, bank statements, and a medical registration certificate.
- Based on your specialty, you will have to have the desired work experience.
- As a super-specialist doctor like MS, MD, and DM, you don’t need any post-qualification experience in order to apply for a loan.
- As a graduate doctor with an MBBS degree, you will have to submit documents proving minimum of 2 years of post-qualification experience.
- Dentists, both BDS and MDS, have to submit documents proving minimum of 5 years of post-qualification experience in order to avail a loan.
- Ayurvedic and homeopathic doctors, both BHMS and BAMS, have to furnish a minimum of 6 years of post-qualification experience and should also own a house or clinic in order to avail the loan.
- DHMS, homeopathic doctors need to submit 15 years of post-qualification experience. Apart from this, they must also own a house or a clinic to apply for the loan.
Your credit score
Every lender, including Bajaj Finserv, will check your credit score before approving your loan application as it an indicator of whether you’re trustworthy. It’s all the more important when you take this loan as it is unsecured. Thus, to avail this loan for self employed, you have to ensure that you have a credit score of 750 or more. In case you have a lower credit score, you must take measures to improve it.
Your minimum income
To know your financial standing and to ensure that you won’t default on the loan, lenders will take a look at your income, making sure that it is regular and will also take stock of your existing debts. Once they are confident about your income and credit utilization details, they will sanction you a loan. Also, since a medical equipment loan is a tailor-made loan, lenders like Bajaj Finserv only fix a small minimum income requirement, so you can qualify easily.
The city in which you operate
It is important for you to have your practice or clinic in a city that Bajaj Finserv, or any other lender of your choice services. This means when applying for a medical equipment loan you must check your city-specific eligibility also just to know whether you qualify for the loan basis your area of residence.
How to apply
Online procedure
- Check whether you meet the eligibility criteria.
- Visit the lender’s website and click on ‘Apply now’.
- Fill an online application form with all the necessary details.
- The lender’s representative will then get in touch with you to confirm your loan amount and help you with the documentation process.
Offline procedure
- You can apply for a loan offline via a phone call, SMS or by visiting the lender’s branch.
- As soon as your application is received, a representative will contact you to take you through the subsequent steps.
So it’s safe to say that with a medical equipment loan you can buy top-notch medical equipment to give your clinic an edge, especially since availing one is so easy. In fact, to further speed up your application procedure, you can check your pre-approved offer from Bajaj Finserv then apply using a customized deal that best suits your needs.
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