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Eligible individuals

 

Any qualified registered medical practitioner with minimum three years experience and in the age group of 25 to 65 years in any Branch of medical science, with minimum qualification of:
a.MBBS
b.BAMS (Bachelor of Ayurvedic Medicine and Surgery)
c.B.H.M.S.Bachelor of Homoeopathic Medicine and Surgery
d.BDS(Dentist) or
2.Degree in Para medical service like
a.X-Ray Technology and Radiology
b.Medical Laboratory Technology
c.Physiotherapy
d.Optometry of Ophthalmic Technology
All courses / degrees should be recognized by statutory authorities in India Firms engaged in medical profession (including limited liability companies/partnerships) in which only Doctors/Dentists are Partners/Proprietor/Promoters.

 

PURPOSE

 

For purchase of brand new Electro medical and other sophisticated equipment including operation theatre equipment, air conditioners, generators, personal computer and accessories with software for diagnosis and ups system. Purchase of equipment, machinery and any other items to start clinics in the area of operation of the Branch. For acquiring premises for setting up of clinic, furnishing and cost of medicines if any to be procured Purchase of ambulance for Hospital/Clinic. Purchase of vehicle for use by Doctor Promoter/Doctor Employees, when taken along with loan for other purposes i.e. premises, equipment etc. i.e. a composite loan. Expansion / renovation / Modernization of existing Hospital/Nursing Home Premises. Equipment for scanning centres /poly clinic / Pathological laboratory / Diagnostic centre / Physiotherapy centre set up by Radiologists/ qualified Doctors.

 

ELIGIBILITY

A person has to meet the following criteria to avail the loan :

  • Qualified registered medical practitioner / dentist between 25-65 years of age.
  • Or a Firm engaged in medical profession and having doctors / dentist as proprietor or directors.
  • Minimum experience (practice) of 3 years.

 

 

QUANTUM OF LOAN

 

  • Minimum: Rs 2 lakh Maximum: Rs 800 lakh

 

MARGIN, I.E. YOUR SHARE

 

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

 

MORATORIUM PERIOD

 

  • Moratorium period of upto 6 months**

 

REPAYMENT

  • Repayment period of up to 7 years

 

RATE OF INTEREST AND PROCESSING CHARGES

  • Please click here to know our latest rate of interest
  • Processing charges  are 0.50% of loan amount + service tax.
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.

 

PREPAYMENT PENALTY

  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources
  • A penalty of 2% on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI or adjusted by the borrower in lumpsum from any third source/party (except genuine sale of asset financed).

 

SECURITY

  • Hypothecation of equipment or the item proposed to be purchased out of bank's finance.Collateral security to the tune of 50% of the loan amount.
  • In case of acquiring premises, equitable mortgage (EM) of the premises.

 

GUARANTEE

  • Personal guarantee to be obtained of all members offering (owning) collateral security and borrowers

 

INSURANCE

  • Insurance of the asset purchased out of bank's finance and that of collateral security is mandatory.

 

**Conditions apply. For further details, please visit our nearest branch.

I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
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