Medical Equipment Loan

Overview

Unlock the potential of your healthcare facility with our Medical Equipment Loan. Designed for doctors, diagnostic centres, specialty clinics, nursing homes, and small to medium hospitals, our financing solutions empower you to acquire the latest medical technology. Whether you need ECG machines, MRI scanners, CT scanners, ultrasound machines, or advanced equipment like PET CT scans and linear accelerators we have you covered. Our loans cater to both Indian and imported high-end medical devices, enabling your practice to excel in fields such as radiology, cardiology, gynaecology, and ophthalmology.

Equip your facility with state-of-the-art technology and elevate your patient care with our tailored financing options to cater specific needs of the healthcare sector, our Medical equipment loan helps you to set up or upgrade your existing health care facility with modern medical equipment.

Features & Benefits of Medical Equipment Loan

Type	Medical Equipment Loans
Nature of Facility	Term Loan
Purpose	For purchase of Medical Equipments
Funding Range	Minimum: Above Rs. 3 lacs Maximum: Upto Rs. 10 cr
Features	Doorstep service, Minimum documentation & Quick processing
Pricing	Competitive pricing linked to External Benchmark
High loans to Value	85%
Repayment period	Loan is repayable in 1 – 7 years (including moratorium)
Balance Transfer/Top-up	Takeover of Existing loan with additional finance
Refurbished Equip. Finance	Loan facility also available for refurbished medical equipment through IBL authorised vendors
Timelines for Credit Decision	For loans up to ₹25 lakh to units in the MSME borrowers shall not be more than 14 working days. For loans > ₹25 Lakh to units in MSME borrowers shall be 45 working days.(Subject to submission of complete set of documents by the customer)

Eligibility Criteria of Medical Equipment Finance

Eligibility of Medical Equipment Loan

individuals/Self-employed doctors, Proprietorship firm, Partnership and Pvt. Limited companies
Hospitals, Laboratories, Diagnostic Centre, Nursing Home, Clinics-Self Employed Doctor
ITR/financials - Requirement based
Age of applicant/partner/Director- 25 to 70(at end of term)
Clean CIBIL record
Residence Stability- Owned or 3years(if rented)
Office Stability- Owned or 2years(if rented)

Medical Equipment Loan Documentation

KYC documents	Proof of Identity--Pan Card, Adhar Card, Passport etc
Proof of Income	Self-Employed: Income Tax Returns for the last two years, Computation of Income, Bank Statement for last 6 months Partnership Firms: Income Tax Returns for the last two years, Audited / certified balance sheet and P & L account, Bank Statement for last 6 months. Limited Companies: Income Tax Returns for the last two years along with audited balance sheet and · P & L account with all the schedules & Annexure, Bank statement for last 6 months. In case customer has availed loans, repayment track record required
Proof of Years in Business	Self-Employed: Affiliation Certificate with local medical associations / certificate from reputed medical house from the same city. Partnership Firms: Affiliation certificate with local medical associations / certificate from reputed medical house from the same city, Copy of financial / Filed ITR > 3 years ago Limited Companies. Affiliation certificate with local medical associations / certificate from reputed medical house from the same city, Copy of financial / Filed ITR > 3 years ago.
Proof of Residence/Office (Any One): As per Bank's KYC Policy	Self-Employed, Partnership Firms & Limited Companies : Property Tax Bill, Municipal charges Bill, Electricity Bill, Sale Agreement, Share Certificate from the society.
Copy of Last Degree Certificate	Self-Employed: Mandatory Partnership Firms & Limited Companies : Mandatory for promoter doctor
Repayment Track Record	In case applicant has availed any loan, repayment for the last 12 months required - or else certificate from the existing bankers of A/c's being satisfactory or repayments to be evidenced through matching of bank Statements and repayment Schedule

Equipment Details

Complete details of the equipment proposed to finance with the technical brochure. Performa invoice to be submitted, with all details & inclusive of excise & taxes.
In case of the imported equipment's, the terms of delivery to be mentioned too.
Undertaking from the manufacturer / registered dealer for technical / software up gradation till the completion of the loan tenor will be taken on best effort basis.

Others

Self-Employed	Repayment (if Any), Photograph, and Performa Invoice
Partnership Firms	Partnership Deed, Photograph of Authorized Partner, Performa Invoice
Limited Companies	Memorandum of Association / Articles of Association, Photograph of Authorized Director, Performa Invoice.
Photograph	Mandatory.
Application form	Duly completed and signed by the applicant / authorized signatory for the applicant.

Medical Equipment Loan Fees & Charges

DESCRIPTION	CHARGES
Rate of Interest	Interest Rate linked to MCLR or EBLR based on customer classification
Non-Refundable loan Processing Charge	Upto 2% of Loan amount
Foreclosure charges / Prepayment Penalty	Type of Borrower	Foreclosure Charges / Prepayment Penalty & Conditions	Part Pre-payment Charges & Conditions
	Floating rate Term Loan / Dropline Overdraft availed by Individual Borrowers	Nil	Nil
	Floating rate Term Loan / Dropline Overdraft availed by Micro & Small Enterprises (MSEs) MSE status to be confirmed by the borrowers by submitting Udyam Registration Certificate to the Bank	Nil	Nil
	Floating rate Term Loan / Dropline Overdraft availed by Non Individual borrowers, other than Micro & Small Enterprises	4% of the principal outstanding or as specified in the Sanction Letter.
	24% p.a on EMI overdue or Rs 100, whichever higher until repayment
Penal Charges for non Payment of dues
No Due Certificate/ No Objection Certificate (NOC)	NIL
Duplicate No Due Certificate/ No Objection Certificate (NOC)	Rs.200/- plus applicable taxes
Charges for dishonor of PDC / ECS /SI	Rs. 500/- plus applicable taxes
PDC Swapping/Repayment mode change Charges	Rs. 500/- plus applicable taxes, per event
Duplicate Statement Charges	Rs. 500/- plus applicable taxes, per event
Loan Cancellation Charges	Rs. 5000/- plus applicable taxes plus interest for period of loan utilized
Duties, Taxes	As per state/Applicable laws
Legal Charges	As per actuals wherever applicable
Duplicate Amortization schedule	Rs 500/- per event plus applicable taxes