Medical Equipment Loans for Doctors

Medicine and technology going hand in hand today, it is important for any medical professional or practitioner to be up to date with the latest medical technology and equipment. If you are a medical professional and are running your own clinic or firm, you may be considering investing in some of the top medical equipment. From ECG machines to X-ray machines; hospital beds and stretchers to wheelchairs – these are critical equipment to run a clinic or medical center to practice medical procedures and to ensure your patients are comfortable during their visit to the clinic.

However, acquiring them can be quite challenging, given the fact that the equipment are expensive. This is where taking a loan can come handy. Availing a loan can ease your financial burden and help you repay the loan amount over a period of time without hampering your business.

Medical equipment loans are beneficial for medical practitioners, doctors and companies in the same field.

Chola now enables self-employed professionals like doctors and CAs to avail personal loans easily.

Features of Medical Equipment Loan

High amount of capital – A medical equipment loan provides lump sum funds to purchase latest and updated healthcare related apparatus. Loans for amounts as high as 3 crores are provided.

Only for healthcare related purchases – The loan can be used to buy medical equipment and other supplementary machinery only. It can also be used for repair or installation of medical equipment.

Loan tenure – Medical equipment loan can give you a loan tenure starting from 84 months or 7 years. Many people find this loan tenure quite relaxed and flexible. However, always remember, the longer the tenure, the higher the interest rate.

Attractive rates of interest – Based on several factors like the city you are in to your own financial stability, medical equipment loans come in attractive interest rates.

Easy and fast – Medical equipment loans can be availed easily and speedily these days. Many lenders disburse the funds within 24 to 48 hours or even sooner from submitting the loan application and completion of verification by the lender.

Chola offers professional loans curated specially for doctors, CAs and CSs with flexible loan tenures and affordable interest rates.

There are three types of medical equipment loans:

Loans for non-individuals: Partnership firms, private companies, proprietorships and trusts come under non-individual category. This category has higher limits in terms of the loan amount.

Loans for doctors: This is the category you will fall under if you are a doctor considering opening a clinic or facility of your own. The loan amount you will be eligible to avail will depend on the bank you approach.

Loans for dentists: This category is specifically for dentists and the loan amount is not as high as it could be for doctors.

Eligibility criteria for medical loans:

  • Minimum qualification of MBBS or BDS for individuals
  • Physicians specialized in Homeopathy, Unani and Ayurveda can also avail this loan
  • The age limit for individuals applying for the loan ranges from 25 years to 65 years depending on the bank or lender
  • The promoters of the company must have a qualification of MBBS or BDS if the company is applying for the loan
  • The credit history of the applicants must be spotless
  • Some menders may require three years of experience in the medical field to avail this loan

Chola offers Professional loans for the self-employed. It is a type of personal loan and is a great option if you are considering turning your profession into a business that will benefit many. You can avail an instant personal loan online or call 1800 102 4565 and our executives can help you.

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