Healthcare Equipment Loan FAQ's
How do I repay the Healthcare Equipment Loan?
- The tenure of the loan may vary from 12 to 84 months, depending upon the nature of the deal and the repayment capacity
- Repayment can be made through post-dated cheques (PDCs) / ECS or through Auto-Debit (in the case of ICICI Bank account holders)
- Prepayment of the loan is allowed, at a charge indicated on the ‘Service Charges’ page
- In the event of an accident, you need to inform our local representative of it
How do I approach ICICI Bank for a Healthcare Equipment Loan?
What documents do I need to submit to avail a Healthcare Equipment Loan?
- Pre-approval documents for healthcare or medical equipment financing:
- Application form
- Proof of Identity
- Proof of Income
- Repayment Proof
- Experience Proof
- Residence Proof
- Office Proof
- Academic qualification documents
- Equipment Details – Proforma Invoice.
- Copy of the bank A/c statements.
- Others: Photograph, Memorandum of Association / Articles of Association / Partnership Deed etc.
Other documents as per funding needs
- Post approval / pre-disbursement documents:
- Legal Documentation
- Board Resolution/Partners Authorisation
- Signature Verification
- Repayment instruments
- FI Report
- Personal Guarantee of Promoter(s) with NW statements if applicable
- Copy of Margin money receipt.
- Landlord Consent letter
- Payment Authorisation Letter
Any other documents as per the terms & conditions of sanctioned credit facility
- Post-disbursement documents:
- Invoice copy duly endorsed in favour of the ICICI Bank.
- Copy of the insurance duly endorsed in favour of ICICI Bank as the first loss payee
- Installation report / Asset Verification – Bank will do the Asset Verification (AVR) within seven days of disbursement. Charges to be borne by the customer.
- ROC charge to be duly created as & where applicable (Charge to be created in ROC for the corporate customers with first and exclusive change of the ICICI Bank)
Delay in submission of documents prescribed under the sanctioned terms will attract penalties / levies as per ICICI bank policy.
Can I foreclose or prepay my Healthcare Equipment Loan?
Prepayment of the loan is allowed, at a charge indicated on the ‘Service Charges’ page.
How is the interest charged/calculated for Loan for this Healthcare Equipment Loan?
Interest is charged on a flat rate based on the scheme applicable for the particular product
If I do not meet all the criteria for the loan, can I still avail of a loan?
Yes you can, your application will be considered based on the credit strength of your co-applicant Approval will be at the sole discretion of ICICI Bank Ltd.
What are the eligibility criteria for availing an ICICI Bank Healthcare Equipment Loan?
- Experience of at least 3 years in running a healthcare business. For Dentists, experience requirement is 5 years
- List of owned Equipments
- Repayment track records in serving any loan for at least 12 months
- Banking details of last 12 months, of an account with any scheduled commercial bank which has majority of your banking transactions
- Two years’ income tax returns with computation of income, audited balance sheets and profit & loss account for loan amount above 60 lacs