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Key Features of Bajaj Finserv Medical Equipment Loan

  • High Loan Amount: Access up to Rs. 15 crore to finance a wide range of medical equipment, such as MRI machines, X-ray machines, ultrasound devices, laboratory refrigerators, and more. This substantial funding ensures healthcare professionals can invest in state-of-the-art technology without financial strain.
  • Flexible Loan Variants:
    Term Loan: Provides a fixed loan amount disbursed upfront, repaid through Equated Monthly Installments (EMIs) comprising both principal and interest. Ideal for those needing a straightforward loan structure.
    Flexi Hybrid Loan: Offers a pre-approved loan limit from which funds can be withdrawn as needed. Interest is charged only on the withdrawn amount, and borrowers can make part-prepayments without extra charges.
  • Extended Repayment Tenure: Repayment tenures range from 3 months to 120 months (10 years), allowing borrowers to choose a schedule that aligns with their cash flow and revenue generation. This flexibility ensures manageable monthly installments.
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    • No Collateral Required: The loan is unsecured, meaning no assets like property or gold need to be pledged. This reduces risk for borrowers and simplifies the application process.
    • Minimal Documentation: Requires basic documents, including KYC documents (Aadhaar, passport, voter's ID, driving license, etc.), income tax returns (ITR), profit and loss statement, and audited balance sheet for the last 2 years (for loans above Rs. 2 lakh), current account bank statement for 6 months, and medical registration certificate for doctors.
    • Quick Approval and Disbursal: Loan applications are typically approved within 24–48 hours of document verification, ensuring healthcare providers can acquire equipment promptly. Funds are transferred directly to the manufacturer or dealer for equipment purchases.
    • End-to-End Online Application: The entire application process is digital, allowing applicants to apply from anywhere. Steps include filling out an online form with basic details, completing KYC verification, submitting required documents, and receiving guidance from a Bajaj Finserv representative.
    • Competitive Interest Rates: Interest rates are competitive and vary based on the applicant's credit score, loan amount, and tenure. While specific rates are not publicly disclosed, they are generally lower than those of other lenders, making the loan cost-effective.
    • No Hidden Charges: Apart from the disclosed fees (e.g., processing fee up to 2.95% of the loan amount, bounce charges of Rs. 1,500 per missed EMI, and penal interest of 3.5% per month for delayed payments), there are no hidden costs, ensuring transparency.
    • Customized Repayment Options: Repayment terms can be tailored to match the borrower's cash flow, ensuring affordability. The Flexi Hybrid Loan's interest-only EMI option for the initial tenure reduces early financial strain.
    • Loan Management via Customer Portal: Borrowers can access loan statements, repayment schedules, and other details through Bajaj Finserv's online portal, My Account, providing convenience and transparency.
    • Direct Disbursement to Equipment Suppliers: Unlike general doctor loans, the medical equipment finance is disbursed directly to the equipment manufacturer or dealer, ensuring funds are used specifically for the intended purpose.
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Benefits of Bajaj Finserv Medical Equipment Loan

  • Access to Advanced Medical Technology: Enables healthcare providers to purchase cutting-edge equipment like MRI machines, X-ray machines, ultrasound devices, and laboratory tools, improving diagnostic accuracy and treatment outcomes.
  • High Loan Amount: Offers funding up to Rs. 15 crore, allowing the purchase of high-cost, specialized equipment without financial constraints, ensuring comprehensive coverage for modern medical needs.
  • No Collateral Required: Being an unsecured loan, it eliminates the need to pledge assets like property or gold, reducing risk and simplifying the borrowing process.
    • Flexible Repayment Options: Repayment tenures range from 3 months to 120 months (10 years), enabling borrowers to choose a schedule that aligns with their cash flow and revenue, making EMIs manageable.
    • Quick Approval and Disbursal: Loan applications are processed within 24–48 hours of document verification, ensuring swift access to funds. Funds are disbursed directly to equipment manufacturers, streamlining the process.
    • Minimal Documentation: Requires only basic documents (KYC, ITR, bank statements, medical registration certificate), reducing paperwork and expediting the application process.
    • End-to-End Online Application: The fully digital application process allows applicants to apply from anywhere, with steps like KYC verification and document upload completed online, saving time and effort.
    • Competitive Interest Rates: Offers cost-effective interest rates (specific rates depend on credit score and loan terms), making the loan more affordable compared to other financing options.
    • Enhanced Patient Care: Modern equipment improves diagnostic precision and treatment efficiency, leading to better patient outcomes, higher satisfaction, and an enhanced reputation for the healthcare practice.
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How to Apply for Bajaj Finserv Medical Equipment Loan

  • Step 1: Visit the Bajaj Finserv Website
    Go to the official Bajaj Finserv website (https://www.bajajfinserv.in/medical-equipment-finance). Navigate to the "Medical Equipment Finance" section and click on the "Apply" or "Apply Now" button.
  • Step 2: Enter Basic Details
    Provide your 10-digit mobile number and verify it with the OTP sent to your phone. Fill in basic personal details, including full name, PAN card number, date of birth, and PIN code of your location.
  • Step 3: Select Loan Details
    • Specify the loan amount you require (up to Rs. 15 crore)
    • Choose a preferred repayment tenure (ranging from 3 months to 120 months)
    • Indicate the type of medical equipment you intend to purchase (e.g., MRI machine, X-ray machine, ultrasound device)
  • Step 4: Complete KYC Verification
    Submit KYC documents online, which may include Aadhaar card, passport, voter's ID, driving license, and PAN card. Ensure the documents are clear and valid to avoid delays.
  • Step 5: Upload Required Documents
    Provide the following documents: KYC documents, income proof (ITR, balance sheet, profit and loss statement for last 2 years), bank statements (6 months), and medical registration certificate (for doctors).

Eligibility Criteria for Bajaj Finserv Medical Equipment Loan

  • Applicant Type: Registered medical practitioners (e.g., MBBS, BDS) or individuals/entities managing healthcare facilities (hospitals, clinics, diagnostic centers).
  • Nationality: Must be resident citizens of India.
  • Age: 18–95 years at loan maturity.
  • Credit Score: CIBIL Score of 720 or higher preferred.
  • Professional Credentials: Valid medical registration certificate for doctors from recognized medical councils.
  • Business or Practice Vintage: For healthcare facilities, typically 2–3 years of operational history may be required.
  • Financial Stability: Demonstrable stable income through ITRs, balance sheets, and bank statements.
  • Purpose: Loan must be for purchasing or upgrading medical equipment.
  • Loan Amount: Bajaj Finserv provides loans up to 100% of the cost of the medical equipment, subject to eligibility criteria.
  • Repayment Period: Loan repayment tenure can range from 12 months to 60 months, depending on the loan amount and applicant's profile.
  • Business Registration (if applicable): For healthcare facilities, valid business registration proof (GST registration, partnership deed, or certificate of incorporation) may be required.
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Documents Required for Bajaj Finserv Medical Equipment Loan

  • KYC Documents (Know Your Customer):
    • Aadhaar card
    • PAN card (mandatory for all applicants)
    • Passport
    • Voter's ID
    • Driving license
  • Income Proof:
    • Income Tax Returns (ITR) for the last 2 years
    • Profit and Loss Statement for the last 2 years
    • Audited Balance Sheet for the last 2 years (for loans above Rs. 2 lakh)
  • Bank Statements:
    • Current account bank statement for the last 6 months
  • Professional Documents:
    • Medical registration certificate (for doctors)
    • Business registration documents (for healthcare facilities)

Factors Affecting Bajaj Finserv Medical Equipment Loan Approval

  • Credit Score: A CIBIL Score of 720 or higher is required. A higher score increases approval chances and may secure better interest rates.
  • Income and Financial Stability: Applicants must demonstrate repayment capacity through ITRs, balance sheets, and bank statements showing consistent cash flow.
  • Professional Credentials: Doctors must provide valid medical registration certificates. Non-doctor promoters need business registration documents.
  • Loan Amount and Equipment Cost: The loan amount (up to Rs. 15 crore) depends on the cost of the medical equipment and the applicant's repayment capacity.
  • Repayment Tenure: Tenures range from 3 months to 120 months. Longer tenures reduce monthly EMIs but increase total interest paid.
  • Debt-to-Income Ratio: The ratio of existing debt obligations to income is evaluated. A high ratio may reduce approval chances.
  • Business or Practice Vintage: For healthcare facilities, a minimum operational history (typically 2–3 years) may be required.
  • Documentation: Complete and accurate submission of required documents is critical for approval.

Frequently Asked Questions (FAQs)

What is Bajaj Finserv's Medical Equipment Loan?
Bajaj Finserv's Medical Equipment Loan is a specialized financing product designed to help healthcare professionals and institutions purchase or upgrade medical equipment. It supports doctors, clinics, diagnostic centers, nursing homes, and hospitals in acquiring tools like MRI scanners, CT scanners, ultrasound machines, dialysis machines, or surgical instruments to enhance patient care and business growth. The loan covers both domestic and imported equipment, with flexible repayment options.
Who is eligible for the Medical Equipment Loan?
  • Medical practitioners with qualifications like MBBS, BDS, BAMS, BHMS, or equivalent
  • Individuals or entities managing healthcare facilities (hospitals, clinics, diagnostic centers)
  • Indian residents aged 18-95 years at loan maturity
  • CIBIL Score of 720 or higher preferred
  • Valid medical registration certificate for doctors
What types of medical equipment can be financed?
  • Diagnostic Equipment: MRI machines, CT scanners, X-ray machines, ultrasound machines
  • Therapeutic Equipment: Dialysis machines, laser systems, surgical instruments
  • Laboratory Equipment: Analyzers, refrigerators, centrifuges
  • Both new and refurbished equipment may be considered
What is the maximum loan amount available?
  • Up to Rs. 15 crore, depending on equipment cost and applicant's financial profile
  • Loan covers 100% of equipment cost, disbursed directly to supplier
  • Actual amount depends on applicant's repayment capacity
What are the interest rates for this loan?
  • Competitive interest rates based on credit score and loan terms
  • Generally lower than other lenders in the market
  • Specific rates not publicly disclosed - determined during application
  • Contact Bajaj Finserv or visit www.bajajfinserv.in for current rates
What is the repayment tenure?
Flexible repayment tenures available:
  • 3 months to 120 months (10 years)
  • Shorter tenures have higher EMIs but lower total interest
  • Longer tenures have lower EMIs but higher overall interest
  • Choose based on cash flow projections
Is collateral required for this loan?
  • No, the loan is unsecured
  • No need to pledge property or other assets
  • Simplifies the application process
How do I apply for the loan?
Online Application: Visit www.bajajfinserv.in → Medical Equipment Finance → Click "Apply"
Enter mobile number and verify with OTP
Fill in details (name, PAN, loan amount, tenure)
Complete KYC and upload documents
Submit application; representative will contact you

Offline Application:
Visit Bajaj Finserv branch with documents
Complete application with representative's help
How long does approval take?
  • 24–48 hours after document verification
  • Quick processing ensures timely equipment acquisition
  • Disbursal occurs promptly after approval
What documents are required?
Key documents include:
  • KYC: Aadhaar, PAN, passport, voter's ID, driving license
  • Income Proof: ITR, profit and loss statement, balance sheet (last 2 years)
  • Bank Statements: 6 months current account statements
  • Professional Documents: Medical registration (doctors), business registration (facilities)
  • Photograph: Recent passport-size photo

List of Bajaj Finserv Medical Equipment Loans

  • Term Loan for Medical Equipment
  • Flexi Hybrid Loan for Medical Equipment
  • Flexi Term Loan
  • Equipment Refinance Loan