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Important Pointers to Remember Before Applying for a Medical Equipment Loan

These days a number of lenders including NBFCs (Non-Banking Financial Companies) have started providing financial products which are customized as per the needs and requirements of the applicant.

These include loans for engineers, chartered accountants, and even doctors. All of these individuals can avail personal and business loans as per their needs and requirements.

What this means is that doctors wishing to expand their practice can now avail medical equipment loans to help them in achieving their objectives. Now even though these loans are very helpful, there are a few pointers which should be remembered before applying for the loan, a few of which are as follows -

loan for medical equipment

Credit Score

As medical equipment loans are unsecured loans, it is more than imperative to have a good credit score to obtain the loan. This is because you cannot pledge any of your assets as collateral to offset the effect of having a low credit score. Also, having a high credit score helps in getting lower interest rates as this indicates that the borrower is responsible when it comes to repaying back loans and credit card bills. The credit score should thus ideally hover around 750.

Eligibility Criteria

Just because you are qualified or have a good salary does not guarantee that you will be offered a loan. It is thus essential to check the eligibility criteria before applying. When it comes to medical equipment loans, the eligibility criteria will vary from one lender to the other, but here are a few common points which are followed by almost every lender -

  1. Minimum 5 years of post-qualification experience
  2. Graduate doctors require 2 years of post-qualification experience
  3. Homeopathic and Ayurveda doctors require 6 years of post-qualification experience
  4. Super specialist doctors do not require any experience to qualify for doctor loans

To know more about the factors for applying for medical equipment loan, click here: Essential Guidelines to Take a Medical Equipment Loan

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