If you're a doctor who is coming up with on beginning his own apply or somebody who is getting ready to open a hospital then you're attending to got to get some instrumentation along which is wherever medical instrumentation loans are available in. the entire tending trade is sort of valuable of late. learning to be a doctor is dear, availing the services of a doctor is dear so is that the instrumentation that's accustomed treat individuals. as an example the x-ray viewer will price or so Rs. 13,000 for the essential models, one forty seven cubic decimeter atomic number 8 cylinder will price concerning Rs. 16,000 and examinations tables may be the maximum amount as Rs. 12,000 and on top of. one magnetic resonance imaging machine may set you back by concerning Rs. 1 crore.
Now imagine ordering all this in Brobdingnagian quantities for a totally functioning hospital. simply the thought of the price alone is enough to relinquish you the shivers. These prices square measure the explanation why several banks and monetary institutions supply loans for medical instrumentation. These loans square measure extended to dentists too though the bounds on the loans for dentists is also totally different from those offered to different doctors and hospitals.
Medical equipment loans are just one type of a loan offered under the umbrella of healthcare loans but they too can be categorised into 3 main types.
Loans for doctors
This is a loan that can be taken by doctors who intend to open their own medical facilities. The amount that you will be eligible to take would depend on the bank you approach. For example if you approach Dena Bank then you can borrow up to Rs. 2 crore with a maximum margin of 25%.
Loans for non-individuals
Saying non-individuals refers to partnership firms, private companies, trusts, proprietorships, etc. These loans are different from those meant for individuals because they tend to have higher limits on the amount that you can borrow.
Loans for dentists
These loans are designed specifically for dentists and the amount you can borrow is lesser than the loan for doctors.
The eligibility criteria for companies and individuals seeking a medical equipment loans is:
Individuals need to have a minimum qualification of MBBS or BDS.
Doctors specialising in Homeopathic, Unani and Ayurvedic medicine can also apply for this loan.
The age limit for individuals applying for the loan is defined as being in the range of 25 years and 65 years though this may differ from one bank to the next.
If a company is applying for this loan then the promoters of said company should have a minimum qualification of MBBS or BDS.
Certain banks may also require that the applicants be members of councils.
The credit history of individuals applying for the loan needs to be spotless. They should not be considered defaulters by any bank. If there are co-applicants for the loan then their credit history too must be completely clean.
Some banks may also require that you should have been residing at your current address or have had you current office for about 5 years.
They may also require that you have a minimum of 3 years of experience in running a medical facility.
To be able to take this loan, you will need to provide certain documents to the bank. These documents may be different for each bank but some of the common ones are:
KYC (Know your customer) documents will be required in the case of individuals.
Some banks, like HDFC, might require that you submit bank statements for the last 12 months.
You may also have to provide the payment details of any loan that you have paid back over a period of 12 months or more.
In case of individuals and companies banks may require your ITR documents for the last 3 years.
In case of private limited companies an MOU or the deed of partnership may also be required.