Canara Bank Loan - Doctors Choice

Canara Bank is one of the oldest and largest nationalised bank of India, headquartered in Bangalore, Karnataka. As of November 2015, the bank had a network of 5784 branches and more than 9153 ATMs spread across India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Bahrin, South africa, Dubai, and New York. Canara Bank offers loan for doctors under a scheme called Doctors Choice. In this article, we review the Canara Bank Doctors Choice loan scheme in detail.

Overview

Doctors Choice loan can be availed by qualified medical practitioners in any branch of medical sciences for meeting term loan or working capital requirement. The loan can be used for:

Setting up of clinic, poly clinic, nursing home, hospital, X-ray labs, pathology labs, physiotherapy centres etc.
Purchase of equipments including surgical, X-ray, CT Scan, Electro medical, operation theatre, air conditioners, refrigerators, generator, etc. essential for carrying on the business.
Expansion/renovation/modernization of existing clinic, poly clinic, nursing home, hospital, X-ray labs, pathology labs, physiotherapy centres etc.
Purchase of vehicles, ambulance, computers/accessories and other essential equipments.
Meet expenses towards business trips.
Start or expand in-house medical store managed by a qualified pharmacist.
Building of quarters for resident doctor.
Working capital requirements.

Eligibility Criteria

Qualified and registered medical practitioners in any branch of medical sciences are eligible to obtain loan under the Doctors Choice scheme. The person could be from any branch of medical sciences like Allopathy, Dental, Ayurvedic, Unani, and Homeopathy having practical experience of operating a medical practice. Entities like partnership firms, LLP, private limited companies and Trusts that are owned and operated by qualified medical practitioners are also eligible under the scheme.

Amount of Loan

Based on the requirement of the applicant and the banks assessment, a loan of upto Rs.5 crores can be sanctioned under the Doctors Choice scheme. The loan can be sanctioned for a maximum of 7 years, at rate of interest that is linked to the Banks base rate.

Other Loans for Doctors

Refer to the following articles for information about loan schemes for doctors:

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Frequently Asked Questions

Common questions about Doctors Loan Scheme by Canara Bank for Medical Professionals.

The Canara Bank Doctors Choice loan scheme is a term loan or working capital facility offered by Canara Bank to qualified medical practitioners in any branch of medical sciences. It provides financing for setting up clinics, hospitals, purchasing medical equipment, renovations, and other business requirements related to medical practice.

Qualified and registered medical practitioners in any branch of medical sciences like Allopathy, Dental, Ayurvedic, Unani, and Homeopathy are eligible for the Canara Bank Doctors Choice loan. Entities like partnership firms, LLPs, private limited companies, and Trusts owned and operated by qualified medical practitioners are also eligible.

The Doctors Choice loan can be used for setting up clinics, polyclinics, nursing homes, hospitals, X-ray labs, pathology labs, and physiotherapy centers. It can also be used for purchasing medical equipment, vehicles, computers, renovations, building quarters for resident doctors, working capital requirements, and business trips.

Based on the requirement and the bank's assessment, a loan of up to Rs. 5 crores can be sanctioned under the Canara Bank Doctors Choice scheme.

The Doctors Choice loan can be sanctioned for a maximum tenure of 7 years.

The interest rate for the Canara Bank Doctors Choice loan is linked to the bank's base rate, which means it may vary depending on the bank's lending rates.

Yes, the Doctors Choice loan can be used to start or expand an in-house medical store managed by a qualified pharmacist.

Yes, the Canara Bank Doctors Choice loan scheme can be availed at any branch of Canara Bank across India.

The eligibility criteria for the Doctors Choice loan require practical experience of operating a medical practice. Therefore, a newly qualified medical practitioner may need to demonstrate relevant work experience to be eligible for the loan.

The article does not mention the collateral security requirements for the Doctors Choice loan. However, banks typically require collateral for business loans, and the specific requirements may depend on the loan amount, applicant's profile, and other factors.