Find the right equipment financing for your business

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The market for medical equipment financing in India is growing at a rapid pace. This is because of the high demand for medical equipment in the country. Medical equipment financing is a type of lending that provides businesses and doctors with capital to buy new or used medical equipment. This loan is especially helpful for companies and doctors who have just started their practice and do not have enough money to invest in medical equipment. Today, there are various private finance companies that can help you take a loan.

There are various benefits associated with equipment financing for new business, including:

  • It provides new businesses and doctors with capital to purchase new or used medical equipment.
  • It allows businesses and doctors to make purchases without having to worry about their credit scores.
  • It offers low-interest rates and flexible terms.
  • Medical equipment loan programs can help medical facilities to save money and time. They provide a cost-effective way of acquiring the necessary equipment without having to spend a lot of money upfront.
  • A medical facility can borrow the equipment they need from a company that offers this service, use it for an agreed-upon period and then return the equipment to the company when they are done using it. This is a great alternative for hospitals that don't have enough funds or space to buy all the devices they need but still want to provide their patients with quality care.

To apply for any type of loan, you must understand which documents you need Different entities need different documents for a medical equipment loan. Below let us discuss the requirements for applying for a medical equipment loan.

  • For Proprietorship

  • KYC documents
  • GST registration certificate
  • Pan card
  • The last three years financials with the audit report
  • Last six months bank statements of each account
  • Existing facility sanction letter OR repayment track record of existing loan
  • Performa invoice of equipment

  • For Partnership Firm

  • KYC documents
  • Registered partnership deeds
  • Pan card of the firm
  • GST registration certificate OR shop and establishment certificate
  • 3 years Financials with Audit Report
  • 6 Months Bank Statement of each account
  • Facility Sanction Letter OR repayment track record of existing loan
  • Performa Invoice of Equipment from reputed manufacturers or dealers

  • For Companies

  • Memorandum of Association (MOA)/ Article of Association (AOA)
  •  Latest Shareholdings
  •  KYC of Directors
  •  Pan Card of entity
  •  A declaration that the proposed borrowing is within the limit prescribed as Sec 293 (1) (d) of the Companies Act 1956
  •  Last three years Financials with Audit Report
  •  Last six Months Bank Statement of all accounts.
  •  Existing facility Sanction Letter OR Repayment track record of an existing loan, if any.
  •  Performa Invoice of Equipment from reputed manufacturers or dealers

Bottom Line

To reap the maximum benefits of equipment loans, you should try to invest in a trustworthy financing company like Peerless Finance. Peerless offers affordable loan options that are suitable for every type of individual and business. With Peerless, you can customize the loans as per your requirements and get the advantage of quick disbursal. The best part about taking a machine loan for new business from Peerless is that you do not have to pay any pre-closure charges!

Saptarshi Roy Bardhan