A medical equipment loan is a specific type of financing designed to help healthcare providers, medical professionals, clinics, hospitals, or businesses gain necessary medical equipment. This funding option allows individuals or institutions to purchase or upgrade medical devices, machinery, tools, or technology essential for healthcare services.
Through Buddy Loan, you can access a network of suitable lenders and secure a loan at competitive interest rates, starting at 11.99% per annum.
|Interest rate p.a
|Bajaj Finserv – Medical equipment finance
|₹1 lakh to ₹6 crore
|7% – 14%
|SBI – Healthcare business loan
|₹10 lakh to ₹20 crore
|Starts at 10.10%
|ICICI – Healthcare equipment loan
|Up to 90% of the equipment cost
|8.5% – 13.5%
|Tata Capital – Equipment finance
|₹3 lakh to ₹ 50 lakh
|12% – 20%
|IndusInd Bank- Medical equipment loan
|₹3 lakh to ₹10 crore
|8.5% – 12%
When considering a Medical Equipment Loan, these fees encompass various aspects of the loan, affecting the overall cost and financial feasibility of acquiring a medical equipment loan.
When applying for a Medical Equipment Loan, these fees affect the overall cost, effecting the financial practicality of acquiring the loan.
|Ranges from Rs. 5 lakhs and goes up to Rs. 20 crores.
|3 to 7 years
|Upto 2 % of the loan amount
|About 4%- 5% of the remaining amount
|Late Payment Penalty
|1% to 3% per month on unpaid EMI
These criteria are specifically designed to ensure that healthcare professionals, entities, and institutions meet certain requirements to avail themselves of the loan facility.
Not sure of your credit score? Check now for free!
The EMI Calculator for Medical Equipment Loans is a convenient tool that helps understand the payable EMI in an informed manner. Users can input the loan amount, tenure, and interest rate to instantly calculate the expected Equated Monthly Installment (EMI).
|Loan Paid to Date (%)
However, you can use the EMI calculator below to have an understanding of monthly repayment obligations. It assists borrowers in assessing their financial capabilities to plan their budgets accordingly.
When applying for a business loan for Medical Equipment purchase, gathering the documents is a critical step in the loan application process. These documents serve as essential proof and verification to support the loan application for acquiring medical equipment. It also ensures that the borrower clearly understands their financial position and the terms of the loan, aiding in a smooth and transparent lending process.
What factors are considered when applying for a medical equipment loan?
Lenders typically consider the creditworthiness of the borrower, the financial stability of the healthcare facility, the purpose of the loan, and the potential impact of the equipment on patient care and revenue generation.
Let’s go through the Subsidy schemes to avail a medical equipment loan, from below:
The Production Linked Incentives Scheme (PLI) Scheme for Medical Devices manufacturing proposes a financial incentive to boost domestic manufacturing and attract enormous investment in medical devices segments such as cancer care devices, radiology, and imaging devices, anesthetic devices, implants, etc.
This scheme in pharmaceuticals and medical devices aims to boost India's manufacturing, foster innovation, and create global support through enhanced investment and production. 55 pharmaceutical companies qualifying for the 15,000 Crore Scheme will elevate India's standing as the "Pharmacy of the World," driving increased production and investment in these crucial sectors.
Note: The Medical Devices Scheme targets specialized devices such as cancer care, radiology, and anesthetic devices, while the Pharmaceuticals Scheme encompasses a wider scope, including pharmaceuticals and medical devices. Both aim to foster innovation and manufacturing in these sectors.
Looking for business loans?
This scheme plans to reduce manufacturing costs, enhance accessibility, and improve the affordability of medical devices by allocating Rs. 400 crore from FY 2020-2021 to FY 2024-2025, aiming to bolster domestic medical device infrastructure.
Medical equipment loans offer a strategic financial solution a broad spectrum of healthcare-related tools and technologies eligible for financing. Here is the medical equipment eligible for financing:
These features and benefits help you make the loan availing process easier and support the improvement of healthcare services through accessible financing options:
Get Medical Equipment
Loan Starting at 3lacs
The tenure can extend
upto 84 months
to suit your
Avail personal loan
with entirely digitised
Get instant loan approval
No hidden charges and
Do you need a business loan?
Choosing the right loan for medical equipment needs involves several key steps for a suitable and beneficial financing option:
Here are the quick steps that you can apply for a medical equipment loan:
You can avail a business loan as per your need for medical equipment purchase. Buddy Loan provides you with a pool of RBI approved lenders, providing business loans of upto 50 lakhs.
Check the steps below and apply for a loan now!
Apply for a business loan now!
Medical Equipment Loan is specialized financing for healthcare professionals or entities to purchase or upgrade medical devices. It operates like a standard loan, providing funds solely for acquiring necessary medical equipment.
Hospitals, clinics, individual practitioners, diagnostic centers, and healthcare-related businesses are eligible to access Medical Equipment Loans.
A wide range of medical devices including diagnostic tools, surgical equipment, imaging devices, laboratory instruments, and dental equipment can typically be financed through these loans.
Repayment periods vary but often range from several months to a few years, depending on factors like loan amount and borrower's financial circumstances.
Yes, both small clinics and individual practitioners are generally eligible to apply for these loans to acquire necessary medical devices for their practices.
Depending on regional tax laws, tax benefits or deductions might be available for the interest paid on Medical Equipment Loans. Consult a tax advisor for specific details.
Yes, Medical Equipment Loans can be utilized to upgrade existing medical equipment, allowing healthcare providers to invest in newer technologies and improve services.
Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.
Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.