Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Medical Equipment Loan

    We found 32 Medical Equipment Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Perks
    Fees & Charges
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Perks
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    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Medical Equipment Loan is Rated as "Great!" by 73830 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    If you are a doctor who is planning on starting his own practice or someone who is about to open a hospital then you are going to need to get some equipment together and that is where medical equipment loans come in. 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. For example the x-ray viewer can cost approximately Rs. 13,000 for the basic models, one 47 litre oxygen cylinder can cost about Rs. 16,000 and examinations tables could be as much as Rs. 12,000 and above. A single MRI machine could set you back by about Rs. 1 crore.

    Now imagine ordering all this in vast quantities for a fully functioning hospital. Just the thought of the cost alone is enough to give you the shivers. These costs are the reason why many banks and financial establishments offer loans for medical equipment. These loans are extended to dentists too although the limits on the loans for dentists may be different from those offered to other doctors and hospitals.

    Types of medical equipment loans

    Medical equipment loans are just one type of a loan offered under the umbrella of healthcare loans but they too can be categorised into 3 main types.

    Loans for doctors

    This is a loan that can be taken by doctors who intend to open their own medical facilities. The amount that you will be eligible to take would depend on the bank you approach. For example if you approach Dena Bank then you can borrow up to Rs. 2 crore with a maximum margin of 25%.

    Loans for non-individuals

    Saying non-individuals refers to partnership firms, private companies, trusts, proprietorships, etc. These loans are different from those meant for individuals because they tend to have higher limits on the amount that you can borrow.

    Loans for dentists

    These loans are designed specifically for dentists and the amount you can borrow is lesser than the loan for doctors.

    Eligibility criteria for medical equipment loans

    The eligibility criteria for companies and individuals seeking a medical equipment loans is:

    • Individuals need to have a minimum qualification of MBBS or BDS.
    • Doctors specialising in Homeopathic, Unani and Ayurvedic medicine can also apply for this loan.
    • The age limit for individuals applying for the loan is defined as being in the range of 25 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.
    • Certain banks may also require that the applicants be members of councils.
    • The credit history of individuals applying for the loan needs to be spotless. They should not be considered defaulters by any bank. If there are co-applicants for the loan then their credit history too must be completely clean.
    • Some banks may also require that you should have been residing at your current address or have had you current office for about 5 years.
    • They may also require that you have a minimum of 3 years of experience in running a medical facility.

    Documents required

    To be able to take this loan, you will need to provide certain documents to the bank. These documents may be different for each bank but some of the common ones are:

    • KYC (Know your customer) documents will be required in the case of individuals.
    • Some banks, like HDFC, might require that you submit bank statements for the last 12 months.
    • You may also have to provide the payment details of any loan that you have paid back over a period of 12 months or more.
    • In case of individuals and companies banks may require your ITR documents for the last 3 years.
    • In case of private limited companies an MOU or the deed of partnership may also be required.

    There may be a possibility of the bank requiring you to submit

    Interest rates for medical equipment loans

    Most banks offer a fixed rate of interest on the loans that are slightly above their base lending rates. This means that the interest rates can be as low as 12% per annum. However some banks even offer interest rates that are charged based on a monthly reducing balance which means that the interest you have to pay reduces as you pay the loan back.

    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.
    • Some times the amount that you can borrow may also be dictated by the city you are in. This means that if you are in a metro city then you can borrow the most as compared to other cities though this feature may be available only to companies.
    • The general repayment period for these loans can go up to a maximum of 7 years with some banks offering repayment periods slight higher than that.
    • Banks may also charge you a processing fee for the loan which tends to be 1% to 2.5% of the loan amount. The processing fee depends on the bank that you take the loan from.
    • With online banking becoming more and more popular, many of the banks allow for applications for these loans to be submitted online.
    • Some banks like Punjab National Bank are even offering a 20% discount on the up-front fee if the application is submitted online.
    • In the case of some banks, the time that it takes to issue the funds will depend on the amount you want to borrow. The higher the amount the longer it takes to dispense the funds though it should not take longer than 6 weeks.
    • While providing a 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.
    • Banks may have margins that you will have to pay. In the case of some banks like Bank of Baroda, there may be a margin of 25% applied in case the collateral you provide is not enough to cover the loan you take.
    • 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.
    • Some lenders may allow you to pay the loan back early without charging you a prepayment fee.

    Other loans for the healthcare industry

    Loans for medical equipment is just one aspect of the loans provided for the healthcare industry. Some of the other loans provided are:

    • Infrastructure loan
    • This is a loan that can be taken help pay for the construction of a hospital or the premises of clinic or any other facility engaged in health services.

    • Working capital finance
    • This is a loan that can be taken to ensure that you have funds to conduct your daily business and can be taken as a cash advance or as an overdraft.

    • Merchant establishment loan
    • This too is a form of Working Capital Loan which can be taken against the credit card swipes every month.

    FAQ

    Q. Will I have to open an account with the bank to get this loan?

    A. That is a matter of bank policy and some banks may require you to open an account with them to take this loan.

    Q. How much of the required amount will I get?

    A. Most of the times you may not get cover for the entire amount but you will still get a percentage of what you need for the entire project.

    Q. Will I get the money in a lump sum?

    A. While some banks may provide the funds in a lump sums other banks offer it in instalments to pay for expenses as they come.

    Q. How do I pay the loan back?

    A. The loans can be paid back via post-dated cheques, electronic clearance or standing instructions.

    Q. Do these loans come with letters of credit?

    A. Letters of credit are subject to the bank's policies however there are some banks that do offer them with the loan.

    Q. What if my credit history is not good? Will I still get the loan?

    A. No. Most of the banks insist that you and the co-applicants for the loan have no defaults in the credit history.

    Q. What if I want to take the loan for longer than 7 years; can I do that?

    A. Yes. Some banks offer tenures of 10 years too. You can approach them for the loan.

    Q. Is it necessary for me to have a guarantor?

    A. No. The need for a guarantor is determined based on the amount you want to borrow and the bank's policy.

    Example:

    Let us suppose that you are interest in a medical equipment loan and approach HDFC for said loan. Here is what you can expect out of the loan:

    Features of the HDFC medical equipment loan

    • The loan is available to doctors, dentists and companies alike.
    • With the HDFC medical equipment loan you can get help with finance for working capital and construction of the facilities too,
    • HDFC allows for balance transfers which means that you can transfer the balance of a similar loan from another bank to HDFC.
    Eligibility criteria

    To be eligible for the HDFC medical equipment loan you will need to:

    • Have a minimum qualification of MBBS or BDS.
    • You or your intended establishment will have to be a part of the healthcare industry in terms of being a doctor or a nursing home, pathology lab, diagnostic centre, etc.
    • Have stayed in your current house, or worked out of your current office, for a minimum of 3 to 5 years.
    • Have experience in running a medical establishment and this experience needs to be of at least 3 years.
    • Have a record of having repaid a loan that lasted more than 1 year.
    • Have a credit history that is free of any defaults. This applies to the co-applicants of the loans as well.
    Documents required
    • You will need to provide bank statement of the previous 12 months for a bank that you use for the bulk of your transactions.
    • You will also have to submit KYC documents.
    • Project reports to provide banks with the details of the funding requirements.
    • 3 years of ITR documents and balance sheets if applicants are promoters.
    Loan amounts

    The amount that you can borrow will depend on the document you submit. This means that you may not receive 100% funding but you will still may get 80% of the funds as indicated by the projections for the project.

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  • Medical Equipment Loan Reviews

    • ICICI Bank Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Due to lacking of documents only especially when it comes to address proof, I have not taken the personal loan with the ICICI bank and the rate of 12%. I would like to say that the customer service needs to improve with the ICICI bank and the response too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      The interest rate is too high for the personal loan with ICICI bank,which is of 16.5% so I just cancelled my loan application. But from the bank I received very good response for the loan application. I do have multiple account with ICICI bank. All their service are good.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one because they have contacted me in couple of times, also I am using it from the last two to three months of time. I would like to say that the response is good one with the Bankbazaar.com and am happy with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Financial Advisor"
      0.5 5.0/5 "Blown Away!"
      My experience with Bank Bazaar is good, The website is good to check the interest rates of ICICI, Axis and other banks and its convenient to choose the best bank in the market. I got instant response from Bank Bazaar website once I have posted the request for personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      ICICI bank have not reverted to me till now and the rate of interest was around 14.5% and the customer service was not good like I have went there thrice to their place for submitting the documents. I would like to suggest that ICICI bank need to be more transparent with the customers.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      ICICI Interest rate is competitive as per the market, but first time when I applied for the personal loan through online channel it was rejected, again I went to bank personally and I took the personal loan with nominal interest rate, I am fine with that.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar.com is also good and they have approached me and they have helped in a good way. I have used it for the first time. Website of the Bankbazaar.com is easy to access and the response is an immediate one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • HDFC Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I got the personal loan with the HDFC bank for the interest rate as 12.9% and the customer service was pretty good,. Within a week of time, the loan amount got disbursed to my account and the response was very good. Processing charges and the insurance charges were around 7000 Rupees, which should be optional.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Better service with bankbazaar"
      0.5 5.0/5 "Blown Away!"
      I have made a web search for the personal loan , then I have found bankbazaar.com, There web portal is easy to use and customer friendly. The customer support with bankbazaar is really helpful and supportive. This is my first product getting through bankbazaar.com.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application went smooth with the standard charted bank. The documentation process also went smooth. They just took around 2 to 3 days to disburse my personal loan. The rate of interest is nominal with them. Overall the service is better with Standard Charted Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Informative web portal"
      0.5 5.0/5 "Blown Away!"
      I got an excellent service from bankbazaar. They provided a lot of information about the loan. It was easy to select the bank for the loan as they are providing the bank details. Since they are providing the information in detail, it is very easy to go with the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      ICICI bank closed my personal loan application due to constrains with eligibility criteria. When I submitted the application they were so active and very responsive towards my application. There was no issues with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Helpful"
      0.5 4.0/5 "Great!"
      Bankbazaar.com have helped me and the website is good and the response is fast too. I came to know about Bankbazaar.com through some professional knowledge and they have contacted me within three to four months of time from the time of my inquiry.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the personal loan with the Oriental bank of commerce because I have postponed the plan to some extent. Rate of interest was around 10% for the personal loan and the customer service was good one and they were polite too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      The experience at Bankbazaar has been good in the services and they responded well to me and on time. The calls continued till the end of the process checking my loan application has been on track. The website is designed well and very informative.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Fullerton Personal Loan
      "High ROI & charges"
      0.5 3.5/5 "Pretty good"
      Since I was not in town I could not submit the documents for the personal loan at Fullerton. More over the rate of interest was extremely high and so was the processing charges. I got a rate of 19%. The services and response was on time to check on my requirement.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The overall experience was good at Bankbazaar as the process was on time and the services was fast. I received a follow up call as well which was helpful. The website is good and it is easy to access and also informative with the details of various banks
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • IndusInd Bank Personal Loan
      "Disappointed with the service"
      0.5 1.0/5 "Really Bad"
      I have not received good response from Indusind bank for my personal loan application. Actually they informed me that since Iam salaried person loan cannot be sanctioned to me if Iam salaried then only it can be done it seems I have opted for 4 laks loan,
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had taken the personal loan from ICICI bank. The interest rate is around 16.75% which is little higher than the other banks. But I got very good response from the bank, the entire process went good without any hassles.
      Was this review helpful? 0
      , indore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good in Customer service"
      0.5 4.0/5 "Great!"
      Customer service is good with bankbazaar. I received regular updates and proper service on my application. Website was quite easy and it is accessible. I did not find any challenges with bankbazaar while processing my loan request with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 24, 2017
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