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Apply for Medical Equipment Loan at Low Interest Rate

· Finance

The medical profession is highly respected in India and as a medical professional, it is your responsibility to ensure that every patient receives the right healthcare and medication at all times. Irrespective of where you are and how your practice is, you can now turn your dream into reality with a medical equipment loan. When you upgrade equipment in your facility, you contribute to improving the state of healthcare in the country. The advances in technology have made it imperative for you to upgrade equipment from time to time. If you are planning to buy new equipment or replace old equipment, apply for a loan today. Since medical equipment does not come cheap, the loan has high approval amount and flexible repayment tenure.

Specially designed for medical professionals, the loan will help take your medical practice to new heights. The loan is available for all medical professionals and can be used for the purchase of new or refurbished equipment. It has high loan amount and competitive interest rates. Once you decide on the equipment you wish to own, simply make a down payment and apply for the loan. You will be required to make the minimum amount of down payment for the loan. Based on the cost of equipment, the loan amount will be decided. The lender will not offer a loan for 100% of the market value of your equipment and this is why you need to make a down payment. The balance 60%-70% will be your loan. Different lenders have varying down payment requirement you need to be aware of. You can compare the same online and then make a decision.

All medical professionals are eligible for the loan. However, the experience requirement will vary from one lender to another. Some lenders require experience of three years while many need an experience of five years at the current place of practice. You can make an online loan application and submit relevant documents. You will have to provide identity proof, address proof of clinic, education qualification, registration with IMA, experience certificate, bank statements and ITR. If you have a good credit score, the loan amount will be approved in no time.

The loan application procedure is quick and straight forward. You can make an online application and the loan will be approved in 10 to 15 working days. In case of any additional requirements, the lenders will contact you. Consider the interest rate before signing on the dotted line. You need to understand that the rate of interest will make a huge difference to the monthly outflows. Low interest rate means low EMI and low outflows. You can prepare a repayment schedule to ensure timely payment of the dues. Medical equipment loan is meant to serve medical professionals in the country and has helped several individuals achieve their long term goals. With new equipment, you will be able to diagnose better and ensure timely medication and service of all the patients that approach you.

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