Maximum Loan offered by Banks for Medical Equipment Loans:Loans are available starting from Rs. 10000. There is no maximum amount of loan. It is generally decided after considering the financial background of the customer, his repayment capacity, tenure of the loan etc. Loan is given maximum up to 85% of the value of the medical equipment. The loan is repaid through Equated Monthly Installments or EMI. Loan is repaid within a tenure of 1 to 5 years.
Interest Charged by Bank on Medical Equipment Loans:
Most banks charged according to the existing market rates. These rates are highly competitive. The rate of interest can either be taken on fixed or fluctuating basis.
Process Of Medical Equipment Loans Application:
Loan can be applied for by filling the application form either in person or online. Banks normally charge around 2% of the total loan amount as the processing fee.
Documents Required for Medical Equipment Loans:
-Proof of Identity (Passport, Ration card, Driving license)
-Proof of Residence
-Proof of Income (Income statement for last two years and bank statement for the last 6 months)
-Proof of Existence of Business/Office
* Terms and conditions may vary from bank to bank
