Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Medical Equipment Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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.1,000 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.1,000 Amazon voucher free 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.1,000 Amazon voucher free Paperless approval option available
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    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    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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    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
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    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Perks
    Fees & Charges
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    Medical Equipment Loan is Rated as "Great!" by 76020 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

    • Bank Bazaar Customer Support
      "Love to Use Bank Bazaar website"
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with ICICI Bank because I was offered a high rate of interest. I got a rate of around 15% where as I was getting lesser rates from other banks for the personal loan. The services and response was on time and there were couple of follow up calls too.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Userfriendly website"
      0.5 4.0/5 "Great!"
      As per the loan application status, Bank Bazaar gave me good follow up and I got good response from Bank Bazaar. I am using Bank Bazaar website is good to compare the interest rate. I would like to suggest Bank Bazaar should give multiple option, so the customer will have a choice to chose an another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Loan process should be fleixible"
      0.5 2.0/5 "Expected more"
      ICICI was looking for last six bank transactions, I have an account with SBI but I have a transaction around five years. Hence ICICI have rejected my personal loan application. I have submitted all of my documents, they have check my credit score as well finally they rejected it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Excellent very very good service provided by bank bazaar .com and very very happy for simple loan apply process and sanction your amount and fast service and any executive service and fast information & loan section and comfortable with any language.
      Was this review helpful? 1
      , patna
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "The best"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been great and the process is smooth. They are very professional and they are the best in handling a customer. The follow up calls was much and they showed interest and they valued the customer. The website is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I looks for any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through google search. I have been using it for three years its good.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      My friend has referred me to go with bank bazaar to get an credit card and I have downloaded bank bazaar mobile application and I have started applying for credit cards and personal loan. The bank bazaar mobile application is easy to use and user friendly rather I would say it is also useful for the financial management,. The customer service with bank bazaar is very good and supportive to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The ICICI bank gave a call and asked me from which company I am receiving the salary and I told my company name but I am receiving the salary from 2 different company names , so very next day I got a text from ICICI bank saying that My personal loan application got cancelled. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say it was an average service from ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Looking for better feature"
      0.5 3.0/5 "Satisfactory"
      Standard Chartered customer service is good, when I applied for the personal loan they called and collected my documents. They done a verification process over the phone call but they have not visited my place to verification. Loan process got delay, Then I almost waited for two weeks, the time which they committed to disbursed the amount, I did not receive it and finally my application got closed.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Looks like the site is loaded with full of information. I am expecting bankbazaar to bring in more partner banks. I got to know about bankbazaar through advertisements. I am with bankbazaar for a long time. I had applied for a personal loan through this channel the site is very much easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      SCB took around a week's time to disburse my personal loan. Both customer service and response e was really good with SCB. I initially approached online and later changed the channel and I got the loan through some other channel. Rate of interest is very much nominal with SCB. The required loan amount was disbursed by SCB and I am very much happy about it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from HDFC Bank and the I got the loan in a jiffy. The bank has offered me a good deal on the interest rate and they were decent in the charges as well. The paper work is simple and overall I have no issues even for the after loan services.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Dissatisfied service"
      0.5 1.0/5 "Really Bad"
      First time I received a call from Standard chartered and they visited took my document from me. Then there was no response from Standard chartered end, their customer service is very bad, after getting my documents they didn't communicate anything about the application status.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
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