In the rapidly advancing healthcare industry, having access to modern medical equipment is crucial for delivering quality patient care. However, acquiring medical equipment can be a significant financial undertaking for healthcare professionals and institutions. Fortunately, several reputable financial institutions in India offer medical equipment loans tailored to the specific needs of the healthcare sector. In this article, we will explore four of the best financial institutions in India that provide medical equipment loans.
1. State Bank of India (SBI)
Healthcare practitioners and institutions can get medical equipment loans from SBI, the biggest public sector bank in India. The bank's medical equipment loan features cheap interest rates and easy payback terms, and Dinesh Kumar Khara serves as its chairman. The largest credit term available to borrowers is 10 years, with loans ranging in size from 10 lakhs to 20 crores.
2. Bajaj Finserv
Bajaj Finserv is a prominent non-banking financial company (NBFC) in India that specializes in healthcare financing and its Managing Director is Rajeev Jain. They provide medical equipment loans to doctors, hospitals, clinics, and diagnostic centers. Bajaj Finserv offers customized loan solutions with attractive interest rates and flexible repayment tenures. They offer loans with a maximum amount of 6 crores which can be repaid over a time of 3 months to 84 months. The loan limit and tenure depend on the borrower's profile and the specific equipment being financed.
3. ICICI Bank
With Sandeep Bakhshi as its MD & CEO, ICICI Bank is another prominent private sector bank in India. It provides healthcare workers, clinics, hospitals, and other healthcare facilities with loans for medical equipment. They offer financing options for both the purchase of new equipment and the upgrading of infrastructure. According to the borrower's needs, ICICI Bank offers loans that can be extended up to 90% of the equipment value and repaid over a period of 12 to 84 months.
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4. Poonawalla Fincorp
Poonawalla Fincorp, a respected name in the banking industry, offers specialised medical equipment loans to healthcare organisations and experts throughout India. Poonawalla Fincorp, which has Abhay Bhutada as its MD, aims to encourage the growth and improvement of the healthcare sector through its customer-centric strategy and flexible financing choices. They provide affordable interest rates, a maximum loan amount of Rs. 1 crore, and extended repayment terms of up to 84 months.
Conclusion
When it comes to financing medical equipment, choosing the right financial institution is crucial. The State Bank of India (SBI), Bajaj Finserv, HDFC Bank, and ICICI Bank are among the top financial institutions in India that offer medical equipment loans. By choosing the right financial institution, healthcare professionals and organizations can acquire the necessary medical equipment and enhance the quality of healthcare services provided.
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