If you are a healthcare practitioner, you might be in a dilemma about how to finance your healthcare medical equipment. Here is a detailed insight into the best ways to look into while applying for healthcare medical equipment finance in India. Read on and act wisely! Healthcare equipment is a basic requirement for any doctor practising in India.
In order to provide quality treatment to patients, doctors have to invest in specialized machines and equipment. This investment can be best made with the help of a loan for medical equipment in India. Below are the 7 tips to look into while applying for healthcare equipment finance in India:
- CIBIL score
A good CIBIL score is the foremost requirement of any bank to meet this loan. The credit history of the individual applying for the loan must be completely clean. It is very important to check and calculate your credit score before applying for this loan as it is the reflection of your creditworthiness. It is because a lower credit score may decrease the loan approval chances. Whereas, a higher credit score above 750 increases the chances of getting your loan approved at a lower interest rate.
- Eligibility criteria of the lender
It is important to meet the eligibility criteria of the lender like the minimum qualification, age limit, work experience, credit history, etc. Every lender, be it a bank or a non-banking financial institution, has its own set of eligibility criteria. If you meet all the criteria satisfactorily, you have greater chances to crack a good loan deal. In order to avoid rejection, it is important to carefully read the eligibility criteria laid by your preferred lender.
- Documents required
You can easily get a medical equipment loan by submitting the necessary documents to the bank or the lending institution. Apart from the KYC documents and medical certificate, you are also required to submit bank statements for the last six months. However, this list of documents is indicative, and the documentation may differ from lenders to lenders.
- Amount of loan
Since medical equipment is expensive, the loan provided is also higher. You can avail of up to Rs.150 lakh. However, the amount of loan for medical equipment that you can borrow will depend on the documents that you submit. Depending on the documents and the eligibility criteria, the lender will provide you with the required amount of loan.
- Repayment capacity
It usually comes with a longer repayment tenor. However, the repayment period for this type of loan can be different for different lenders. For some financial institutions, it is higher and for some, it is lower.
- Seeking the best deal
It is always advisable to look out for some good loan deals in the loan-providing industry and then seek the best one. You can visit the websites of different lending institutions to find out a good loan deal. Applying for the best deal helps you to better manage your finances for your required healthcare medical equipment.
- Apply for one loan at a time
It is better to apply for one loan rather than applying for different types of loan at the same time.
The healthcare industry is very expensive these days. Hence, you need to be very cautious while applying for a loan for medical equipment India. So, be wise and crack the best loan deal.
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