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Loan Details
Doctor Loan Scheme
Specialized financing solutions designed to support doctors and medical practitioners.
Features & Benefits
- Attractive interest rate for Doctors
Purpose
- For setting up clinic/ hospital (Fully constructed property with O.C. and copy of application for permission to run Hospital/Clinic hospital to be obtained within one year failing which penalty @1% will be applicable)
- For purchase of equipment’s / furniture at the clinic or hospital
- Renovation of clinic / hospital.
Quantum of Loan / Amount
- Maximum up to Rs. 500.00 lakhs – for new medical practitioner
- Maximum up to Rs. 1100.00 lakhs – for existing practitioner for min 3 years
Margin
- 10% of cost of premises
- 20% cost of equipment
- 20% of cost of furniture/cost of renovation
ROI
9.50% p.a
Month rest
Documents / Income Proof
- Prescribed loan application form
- Latest Photograph, Photo Identity Proof and Residence Proof of the Applicant
- IT returns for last 3 years (fresh medical practitioners IT returns may not be insisted)
- License to practice and other documents required for mortgage
- Copy of application for permission to run Hospital/Clinic
Security
- Purchase of new premises/ Construction of clinic or hospital on owned plot.
- Renovation of clinic – Equitable Mortgage of the premises/ clinic respectively.
- Purchase of equipment/ furniture – Hypothecation of equipment/ furniture to be purchased & collateral to be taken as stated below:
- For existing doctors: No collateral for loan amount up to Rs.5.00 lakhs
- For New Doctor: No collateral for loan amounts above Rs.5.00 lakhs to Rs.50.00 lakhs 50% collateral exposure percentage.
- Loans from Rs.50.00 lakhs to Rs.500.00 lakhs – 100% of the collateral exposure percentage.
Surety
- 2 Guarantors acceptable to the board.
Tenure / Repayment
- For Premises: upto 120 months
- Only for Equipment’s/renovation/furniture upto 84 months.
- Premises plus equipment’s/renovation/furniture upto 120 months
- Moratorium period upto 1 year may be granted on merits of case
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