Overview
Medical Equipment Finance, a part of Healthcare Finance is incorporated with the objective of leveraging the growing healthcare market in India. It caters to professional doctors (both general and specialists), diagnostic centres, specialty clinics, nursing homes and small to medium hospitals involved in diagnostic/health care with specializations in fields viz. radiology, gynaecology, cardiology, ophthalmology, etc. This Facility can be availed for ECG Machines, MRI Scanners, Ultrasound Scanners, C T Scanners, X Ray Machines, Colour Doppler, Linear Accelerators, Day Camera Mammography, Cathlab, Monograph X Ray Fluoroscope (Indian & Imported Machines), Ophthalmology Endoscopes etc. Imported High End Medical Equipment's like MRI Machines, CT Scan Machines PET CT Scan, Cat Labs, Ultrasound Machines, Colour Doppler, Linear Accelerators etc are also funded.
Features & Benefits of Medical Equipment Loan
| Type | Medical Equipment Loans |
|---|---|
| Nature of Facility | Term Loan |
| Purpose | For purchase of Medical Equipments |
| Funding Range | Minimum: Above Rs. 3 lacs Maximum: Upto Rs. 10 cr |
| Features | Doorstep service, Minimum documentation & Quick processing |
| Pricing | Competitive pricing linked to External Benchmark |
| High loans to Value | 85% |
| Repayment period | Loan is repayable in 1 – 7 years (including moratorium) |
| Balance Transfer/Top-up | Takeover of Existing loan with additional finance |
| Refurbished Equip. Finance | Loan facility also available for refurbished medical equipment through IBL authorised vendors |
Eligibility Criteria of Medical Equipment Finance
Eligibility of Medical Equipment Loan
- individuals/Self-employed doctors, Proprietorship firm, Partnership and Pvt. Limited companies
- Hospitals, Laboratories, Diagnostic Centre, Nursing Home, Clinics-Self Employed Doctor
- ITR/financials - Requirement based
- Age of applicant/partner/Director- 25 to 70(at end of term)
- Clean CIBIL record
- Residence Stability- Owned or 3years(if rented)
- Office Stability- Owned or 2years(if rented)
Documents for Self Employed Individuals
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Proof of Identity:(Any One): (Passport Copy/ Voter ID card/ PAN Card etc.)
-
Proof of Income:
- Income Tax Returns for the last two years along with computation of income, Bank Statement for last 6 months.
- Partnership Firms: Income Tax Returns for the last two years along with the audited / certified balance sheet and P & L account with all the schedules & Annexure, Bank Statement for last 6 months.
- Limited Companies: Income Tax Returns for the last two years along with audited balance sheet and
- P & L account with all the schedules & Annexure, Bank statement for last 6 months.
- In case of audited financial, ITR is not required.
Repayment
In case applicant has availed any loan, repayment for the last 12 months required - or else certificate from the existing bankers of A/c's being satisfactory or repayments to be evidenced through matching of bank Statements and repayment ScheduleMedical Equipment Loan Documentation
-
Proof of Years in Business
- Self-Employed: Affiliation Certificate with local medical associations / certificate from reputed medical house from the same city.
- Partnership Firms: Affiliation certificate with local medical associations / certificate from reputed medical house from the same city, Copy of financial / ITR being filed for more than 3 years before.
- Limited Companies. Affiliation certificate with local medical associations / certificate from reputed medical house from the same city, Copy of financial / ITR being filed for more than 3 years before.
-
Proof of Residence (Any One):(Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement)
-
Office Ownership Proof (if applicable) (Any One)
- Self-Employed: Property Tax Bill, Municipal charges Bill, Electricity Bill, Sale Agreement, Share Certificate from the society.
- Partnership Firms: Property Tax Bill, Municipal charges Bill, Electricity Bill, Sale Agreement, Share Certificate from the society.
- Limited Companies: Property Tax Bill, Municipal charges Bill, Electricity Bill, Sale Agreement Share Certificate from the society
-
Copy of Last Degree Certificate
- Self-Employed: Mandatory
- Partnership Firms: of the promoter doctor
- Limited Companies: of the promoter doctor
Equipment Details
- Complete details of the equipment proposed to finance with the technical brochure. Performa invoice to be submitted, with all details & inclusive of excise & taxes.
- In case of the imported equipment's, the terms of delivery to be mentioned too.
- Undertaking from the manufacturer / registered dealer for technical / software up gradation till the completion of the loan tenor will be taken on best effort basis.
Other
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Self-Employed:Repayment (if Any), Photograph, and Performa Invoice
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Partnership Firms:Partnership Deed, Photograph of Authorized Partner, Performa Invoice
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Limited Companies:Memorandum of Association / Articles of Association, Photograph of Authorized Director, Performa Invoice.
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Photograph:Mandatory.
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Application form:Duly completed and signed by the applicant / authorized signatory for the applicant.
Medical Equipment Loan Fees & Charges
| DESCRIPTION | CHARGES |
|---|---|
| Rate of Interest | Interest Rate linked to MCLR or EBLR based on customer classification |
| Non-Refundable loan Processing Charge | Upto 2% of Loan amount |
| Prepayment Fees (Pre-closure or Part Payment) | 4% plus applicable taxes |
| Delay EMI Payment Charges | 2% + GST on total overdue (P+I) or 100 + GST whichever is higher (Cash basis - non Ageing / on non-payment within 3 days of Due date) |
| No Due Certificate/ No Objection Certificate (NOC) | NIL |
| Duplicate No Due Certificate/ No Objection Certificate (NOC) | Rs.200/- plus applicable taxes |
| Charges for dishonor of PDC / ECS /SI | Rs. 500/- plus applicable taxes |
| PDC Swapping/Repayment mode change Charges | Rs. 500/- plus applicable taxes, per event |
| Duplicate Statement Charges | Rs. 500/- plus applicable taxes, per event |
| Loan Cancellation Charges | Rs. 5000/- plus applicable taxes plus interest for period of loan utilized |
| Duties, Taxes | As per state/Applicable laws |
| Legal Charges | As per actuals wherever applicable |
Fees & Charges
5 Lacs – 10 Cr
Loan Amount*
- *Loan Amount will be range 5 Lacs to 10 Cr
1% onwards
Processing Fee**
- **Processing Fee – 1% onwards*
11 % onwards
Rate of interest***
- ***Rate of interest will be 11 % onwards
Interest Rates on Medical Equipment Loan
| Interest Rate – Q4 2023-24 | ||
|---|---|---|
| Minimum | Maximum | Mean |
| 8.85% | 10.25% | 9.39% |
| APR – Q4 2023-24 | |
|---|---|
| Minimum | Maximum |
| 9.00% | 10.25% |
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Key Feature and Benefits
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Terms and Conditions apply. All Loans at the sole discretion of IndusInd Bank Ltd.