How to Apply for a Loan for Medical Equipment

As a doctor, you may want to expand or upgrade your practice. However, this costs money. But the good news is that if you have medical equipment, like CT scanners and MRI machines, which are quite expensive, you needn’t worry.

Lending institutions, like banks and non-banking financial companies, allow you to apply for a loan against medical equipment so that you can upgrade or expand your practice without any worry.

Eligibility

To be eligible for a loan against medical equipment, you should meet the following:

• A homoeopathic doctor with a minimum of 15 years experience
• Ayurvedic doctor with at least six years of experience
• A general physician with at least two years of experience
• Dentist with a minimum of five years of experience

Documentation

To apply for a loan against medical equipment, you will need to present the following documentation:

• Identity proof, like Aadhaar card, voter’s ID, passport or driving license
• Medical registration certificate
• Income tax returns for the previous financial year
• Bank statement of the last three months
• Proof of your practice’s age

You should also have a minimum CIBIL score of 750, as a lender will check your credit score. In addition, your debt-to-income ratio should not be more than 50%. If it is higher, the lender will reject your loan application.

To know more about, how to apply for a medical equipment loan, click here: How can Doctors Apply for a Loan to Buy Medical Equipment?