Purpose

To finance qualified medical practitioner

i.  For buying equipments.

ii. Setting up/ acquiring/ construction/ Expansion/ renovation of clinics, Hospitals/ Pathological/ Clinical Labs, Diagnostic Centers/ Physiotherapy centers, Nursing Homes, etc. including furniture fixture.

iii. Expansion/renovation/ modernization of existing premises.

Purchase of Vehicle/ ambulances/ lifesaver ambulances etc may be provided under Vehicle loan facility separately under the same scheme.

Eligibility

1. Medical Practitioners registered with statutory bodies like, MCI, DCI, CCIM, CCH etc. and having minimum qualification MBBS/BDS/BPT/ BAMS or equivalent professional degree.
2.  Age Group :

• 25 - 65 years.

3.  Minimum 3 years experience.

       4. Must be tax assesse for last 2 years.

Quantum of Loan

Minimum: Rs 5 lakhs

• :   Rs. 500 lakhs

Working capital facility be restricted to maximum of Rs 20 lakhs

Nature of Loan

Term Loan, Working Capital, Commercial Vehicle Loan

Margin

• Term Loan:

• 25% for purchase of equipment/ machinery etc.
• 35% for acquisition of premises and/ or expansion/ renovation/ modernization of existing premises.

• Working Capital:

• 25% on stocks
• 40% on book debts.

• Commercial Vehicle- 15% of on-road price inclusive of one time road tax, registration & insurance 

Security

Hypothecation of assets to be purchased/acquired with the help of Bank’s finance.
Mortgage of business premises if financed by the Bank.

Hypothecation of Stocks/book debts

Collateral Security

Upto Rs 10 Lakhs: No third party guarantee/collateral security is required and the same shall be covered under CGTSME.
Above Rs 10 Lakhs to Rs 200 Lakhs: Collateral Security by way of immovable property or liquid securities such as deposits, NSC, surrender value of LIC policies equivalent to 100% of the total exposure. Or else the loan may be covered under CGTMSE.

Above Rs 200 Lakhs to Rs 500 Lakhs: Collateral Security by way of immovable property or liquid securities such as deposits,NSC,surrender value of LIC policies equivalent to 100% of the total exposure

Concession for Women/ST/SC Doctors

ROl concession of 0.20 % may be applicable for Women/ST/SC applicants where:

 
(i) Doctor is sole applicant. 

(ii)In case of partnership firm/LLP/companies/Trusts, minimum 51% of shareholding/stake is held by the Women/ST/SC doctor(s).

Guarantee

No guarantee required, if covered under CGTMSE. In other cases, guarantee of Spouse/major children/partners/directors/trustees/suitable third party be invariable obtained.

Personal guarantee of partners/directors should be invariably taken in all cases irrespective of coverage under credit guarantee scheme.

If the owner of the mortgaged property is other than borrower, the guarantee of the property owner must be obtained.

Processing Fee

Loan upto Rs.50 lakhs: 0.25% of loan amount +GST

Loan above Rs.50 lakhs and upto Rs. 500 lakhs: 0.50% of loan amount +GST

Applicability

Term Loan: One Time upfront charges at the time of sanction only.

Working capital facility: Upfront at the time of sanction and on annual renewal.

Repayment

For Term Loan: Maximum 7 years including moratorium period of 2 years/construction period in case of new construction.
For Working Capital: Repayable on demand.

Additional Benefits:

Locker Rent Concession: 50% concession on locker rent for self and spouse for first two years, who avail loan under this scheme.