Medical Equipment Finance, a part of Healthcare Finance is incorporated with the objective of leveraging the growing healthcare market in India. The whole healthcare industry is quite expensive these days. Studying to be a doctor is expensive, availing the services of a doctor is expensive and so is the equipment that is used to treat people.
Features and Benefits of Medical Equipment Loans
- These loans can be taken from banks and non-banking finance companies.
- Since medical equipment can be very expensive, these loans offer very high limits. Individuals can borrow as much as Rs. 2 crore and companies even more.
- While providing collateral is not mandatory, banks may ask for it if your loan amount exceeds a limit set by them. In some cases there may even be a requirement for you to have a guarantor for the loan.
- This loan is not just restricted to hospitals or doctors. It can also be taken by medicals labs, diagnostic centres, nursing homes, speciality clinics, etc.
Purpose of Medical Equipment Loan
The major goal of a medical equipment loan, as the name implies, is to support healthcare firms for new start-ups, facility expansions, and medical equipment upgrades. It’s a secured term loan that can also be utilised for the company’s auxiliary purposes. Businesses may borrow money at a low interest rate and choose their own payback schedule to meet their needs. This form of loan is available from several of the country’s main banks.
Eligibility criteria for Medical Equipment Loans
- Individuals need to have a minimum qualification of MBBS or BDS.
- The age limit for individuals applying for the loan is defined as being in the range of 21 years and 65 years though this may differ from one bank to the next.
- If a company is applying for this loan then the promoters of said company should have a minimum qualification of MBBS or BDS.
- Should be a citizen if India
- They may also require that you have a minimum of 3 years of experience in running a medical facility.
Where to get Medical Equipment Loans?
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.