Medical Equipment Finance fees and charges

Read the fees and charges in detail before applying for our medical equipment finance.

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Applicable fees and charges

Types of fees Charges applicable
Rate of interest Up to 14% per annum
Processing fee Up to 2.95% of the loan amount (inclusive of applicable taxes)
Documentation charges Up to Rs. 2,360/- (inclusive of applicable taxes).
Flexi fee Not applicable
Cash Collection Handling Charges Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash Deposit Charges  Customers will incur a cash deposition charge of Rs. 50 (Inclusive of Applicable taxes) when making cash payments at our branch offices.
PG Facility Charges  Rs. 11 (Inclusive of Applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties.
Prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of such full prepayment
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of such full prepayment

Part prepayment

  • Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part prepayment.
  • Not Applicable for Hybrid Flexi
Annual maintenance charges Not applicable
Bounce charges In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied.
Penal Charge Delay in payment of instalment(s) shall attract Penal Charge of Rs. 190 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (As per respective state)

 Payable as per state laws
Instalment Default Charge Rs. 450/- per month from the first instalment due date for mandates rejected by customers bank until the new mandate is registered
Broken period interest/ pre-EMI interest

Broken period interest/ pre-EMI interest shall mean the amount of interest on loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

  • For Term Loan: Added to the first instalment amount
  • For QDP process: Added to first instalment amount
  • For Flexi Hybrid Loan: Added to the first instalment amount

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, interest is charged only for the actual number of days since the loan was disbursed.
Legal, repossession and incidental charges Actual legal and incidental charges under applicable laws.
LC processing fees
 Up to 2.36% of the loan amount (inclusive of applicable taxes)
CERSAI charges Up to Rs. 118/- (inclusive of applicable taxes)

How to apply for a medical equipment finance

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Step-by-step guide to apply for a medical equipment finance

  1. Click on the 'APPLY' button on this page.
  2. Enter your 10-digit mobile number and OTP.
  3. Fill in the application form with your basic details, such as your full name, PAN, date of birth, and PIN code.
  4. Once you enter all your details, please click on 'PROCEED' to visit the loan selection page.
  5. Enter the loan amount that you need.
  6. Choose the repayment tenure – you can select tenure options of 3 months to 84 months and click on 'PROCEED'.
  7. Complete your KYC and submit your medical equipment finance application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.

Frequently asked questions

What is the processing fee for medical equipment finance?

The processing fee for a Bajaj Finserv Medical Equipment Finance may go up to 2.95% of the loan amount (inclusive of applicable taxes).

Is there a charge applicable on part-prepayments?

Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment. Not Applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

What does bounce charge mean?

Bounce charge is the fee incurred in case of a missed EMI payment.

We charge Rs. 1,500 per bounce for every EMI missed. Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 42% per month on the monthly instalment/ EMI outstanding, from the date of default until the receipt of the monthly instalment/ EMI.

What is the interest rate for medical equipment finance?

You can get a Bajaj Finserv Medical Equipment Finance at a competitive interest rate of up to 14% per annum.

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