MEDICO - Special Loan Scheme for Medical Practitioners

• Purpose of Loan: The Loan scheme is available for setting up fo new Dispensary Hospital/Polyclinic or for acquiring equipments, apparatus, furniture & fixtures for an existing /proposed establishment or for repair and renovation of existing premises & purchase of Ambulance.

• Eligibility: QuaIified individual Medical Practitioners) including Dentist/Radiologist from reputed Universities and registered with Indian /Maharastra Medical Council/Dental Council of India. Any practitioner in the age group of 25 to 55 years

• a) Nature of Limit: Hypothecation Loan
 b) Amount: Maximum upto exposure limit of the Bank

• Margin: 25%

• Rate of interest: @ 14%p.a On EMI basis.

• Tenure: 84 to 120 months, on EMI basis including 6 months moratorium period, if required. Interest during moratorium period to be serviced every month during moratorium period.

• Security:
a) Prime: Hypothecation of equipment’s/ assets financed by bank
b) Equitable / Registered mortgage of immovable property, Equal to 100%

• Personal Guarantee: Two guarantors with satisfactory net worth ,along with copies of their IT returns.

• Share Linkage: Borrowers/guarantors should become regular members. (Borrower to hold shares to the extent of 2.5% of credit limit)

• Processing Charges: 0.50% of the loan amount.

• Prepayment Charges: -Nil-

• Documents: (To be lodged with application)
A) Prescribed Application form
B) Project Report
C) Registration/Qualification Certificate
D) Bank Statement for last 6 months.
E) Three years IT returns.
F) Estimates /Proforma invoices for the assets to be purchased.

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