Union Bank of India- Product

Search

Home You are here : path  Products path Personal path Union Health

image    UNION HEALTH

FEATURES

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 equipments 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.
  • 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 premises of the Hospital / Nursing Home.
  • Equipment for scanning centres / polyclinic / pathological laboratory / diagnostic centre / physiotherapy centre / set-up by radiologists / qualified doctors.
  • Composite loan is also permissible i.e.
    • Purchase of equipment / machinery/ vehicles etc

    AND

    • Acquisition of premises and/or expansion / renovation / modernization of existing premises.
  • Finance for the refundable deposit amount (of premises taken on lease) can be considered with a maximum cap of up to ‘6 month rent’ or ` 30 Lakh, whichever is lower, subject to following terms and conditions:
    • Lease agreement must be registered
    • Lease agreement must cover the entire tenure of loan and the lease period not to be, in any case, less than tenure of the loan
    • The same must be considered against a tripartite agreement between bank, lesser & lessee
    • The refundable deposit amount to be released directly to the owner of premises with an undertaking from the owner of premises that he/she will refund the deposit amount, to the party through the bank only
    • The entire refundable deposit amount returned will go towards settlement of the loan and in case there is any surplus left the same will be returned to the borrower

ELIGIBILITY

Any qualified registered medical practitioner with minimum 3 years experience and in the age group of 25 to 65 in any branch of medical science, with minimum qualification of:

  • MBBS
  • BAMS (Bachelor of Ayurvedic Medicine & Surgery)
  • B.H.M.S. (Bachelor of Homoeopathic Medicine & Surgery)
  • BDS (Dentist)
OR

Degree in Para medical services like

  • X-Ray Technology and Radiology
  • Medical Laboratory Technology
  • Physiotherapy
  • Optometry of Ophthalmic Technology
  • All courses/degrees should be recognized by statutory authorities in India
  • A medical graduate with minimum one-year experience can be considered for financing under the scheme with a maximum loan quantum restricted to ` 20 Lakh. This norm will be applicable only for borrowers having experience between 1-3 years.
  • Firms engaged in Medical profession (including limited liability companies/ partnerships) in which only Doctors/ Dentists are Partners/ Proprietor/ Promoters

QUANTUM

  • 75% cost of equipments and other assets subject to

Minimum

Maximum

` 2 Lakh

` 800 Lakh

MARGIN

  • 25% of cost of equipments and other assets to be financed
  • 35% for acquisition of premises and/or expansion/renovation/modernization of existing premises.

ROI

Fixed

Floating

12%

1Y-MCLR +3.15%

REPAYMENT TENURE

  • Maximum repayment tenure of 84 months
  • Moratorium period of up to 6 months
  • Interest during moratorium period to be serviced as when applied in the account.
  • The repayment period should be co-terminus with the maximum permissible age.

PROCESSING CHARGES

  • 0.50% of loan amount + GST
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

SECURITY

  • Purchase of equipment / machinery / vehicles etc.

Prime Security

Collateral Security

Hypothecation of assets purchased / created out of bank’s finance (irrespective of quantum of loan).

50% of loan amount by way of
Mortgage of immovable assets.
Pledge of movable assets like Bank Deposits/ NSCs/ KVPS/ surrender value of LIC policies.

  • Acquisition of premises and/or expansion / renovation / modernization of existing premises

Prime Security

Collateral Security

Mortgage of land and  building for which advance is given

Nil

  • Composite loan, i.e. for purchase of equipment/machinery vehicles etc. and acquisition of premises and/or expansion / renovation / modernization of existing premises

Prime Security

Collateral Security

Hypothecation of assets purchased / created out of bank’s finance and mortgage of land and  building for which advance is given.

No separate collateral security need to be insisted for.
The value of land and building for which advance is given, in excess of 100% of loan amount, can be considered as collateral security towards that quantum of loan sanctioned for purchase of equipment / machinery / vehicle etc.
In case of shortfall, further security by way of:
Mortgage of immovable assets.
Pledge of movable assets like Bank Deposits/ NSCs/ KVPS/ surrender value of LIC policies etc

PREPAYMENT PENALTY

  • No prepayment charges to be levied if the loan is adjusted by the borrower from own verifiable sources or by genuine sale of asset financed.
  • A takeover charge of 2% to be levied on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lump sum from any third party/source.

GUARANTEE

  • Personal guarantee of all partners in case loan is given to a firm.
  • Personal guarantee to be obtained of all members offering (owning) collateral security and borrowers.

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

FORMS & DOCUMENTS

FAQS


union

union

  • Rewarded

    Rewarded

    Earn reward points on transactions made at POS and e-commerce outlets

  • Book your locker

    Book your locker

    Deposit lockers are available to keep your valuables in a stringent and safe environment

  • Financial Advice?

    Financial Advice?

    Connect to our financial advisors to seek assistance and meet set financial goals.

  • ATM & Branch Network

    ATM & Branch Network

    Find UBi Branches and ATMs in proximity to your location.