Medical equipment loans are available for those who have been denied a loan by banks. They are also available for those who do not have the required credit score to get a loan from banks.
Medical equipment loans are also available for people without medical insurance. These loans are used to buy expensive medical equipment like wheelchairs, oxygen concentrators, hospital beds, and more.
Many financial companies can help you get a loan for medical equipment in India. But to apply for a loan, you must know the eligibility criteria, documents required, and features of a loan for medical equipment in India. This blog will make things easier for you to understand.
Features of Loan for Medical Equipment
Before investing in any type of loan, it is always a good idea to understand the terms and conditions and features that you can avail yourself of. So, when you apply for a loan at Peerless Finance, here are some of the features of medical equipment loan you can take advantage of.
- Low-Interest rates: When applying for any type of loan, high-interest rates are one of the biggest concerns. But with Peerless, you will not have to worry about such matters. At Peerless, the interest rates start at 10.5% per annum, which is a very appealing rate for people who cannot afford high rates.
- No pre-closure rates: If you pay back the money before the loan before maturity, you do not have to pay any penalty.
- The benefit of LTV: Loan values up to 85% of the cost of the equipment.
- Flexible tenure: With Peerless, you get the advantage of repayment for up to 60 months.
Eligibility Criteria
To apply for a loan for medical equipment, you need to fulfill some eligibility criteria. Here are some of them:
- Entity: Self-employed individuals, partnership, public limited, private limited, and trust/society
- Vintage: A profitable organization for at least three years.
Documents Required
When you are planning to go for a loan for medical equipment, you need the following documents:
For Proprietorship
- KYC Documents of Promoter and Co-Applicants
- Shop and Establishment Certificate/ GST Registration Certificate
- Pan Card
- Last 3 years Financials with Audit Report
- Last 6 Months Bank Statement of all accounts.
- Existing facility Sanction Letter/repayment track record of the existing loan, if any.
- Performa Invoice of Equipment from reputed Manufacturers/dealers.
For Partner Firm
- Registered Partnership deeds
- KYC of Partners
- Pan card of Firm
- Shop and Establishment Certificate/GST Registration Certificate
- Last 3 years Financials with Audit Report
- Last 6 Months Bank Statement of all accounts.
- Existing facility Sanction Letter/repayment track record of any existing loan, if any.
- Performa Invoice of Equipment from reputed Manufacturers/dealers
For Companies
- Memorandum of Association or Article of Association
- 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 3 years Financials with Audit Report
- Last 6 Months Bank Statement of all accounts.
- Existing facility Sanction Letter/repayment track record of any existing loan, if any.
- Performa Invoice of Equipment from reputed manufacturer/dealers
Bottom Line
Loans for medical equipment can accelerate your dreams and help you create a successful future. One company that can help you with getting this loan is Peerless Finance. It is a trustworthy company that has been around for decades and has many appealing features that are appealing to people who do not have enough money to buy medical equipment.
Saptarshi Roy Bardhan
