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?
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