IDBI Bank – Loan for Doctors
IDBI Bank – Loan for Doctors
Industrial Development Bank of India or IDBI Bank is an Indian bank with a wide network of branches and ATMs across India, offering banking services to retail and corporate clients. IDBI Bank offers a specially formulated loan facility for doctors starting or operating a clinic or a hospital. Funding from this loan can also be used to purchase medical equipments and/or aid in the setting up or development or expansion of a new or already existing clinic. For instance, the financing can be used for purchase of equipments, the setting-up of clinics, X-ray labs, construction of nursing homes, expansion or renovation or modernizations of existing premises, the purchase of vehicles, purchase of ambulances, computers and other medical equipments.
Eligible Applicants
Individuals who are medical practitioners or Doctors with qualified educational degree like MBBS/ BAMS/ BDS/ BHMS are eligible for loan under this scheme.
Amount of Loan
A loan of Rs.50,000 to Rs.2 crores can be sanctioned under this scheme. In case of term loan, the maximum repayment tenure is 7 years. Loan can also be sanctioned under this scheme as cash credit or overdraft facility to fund working capital requirements.
Interest Rate
The pricing of the loan is reflected by the interest rate linked to banks base rate. Base rate is the minimal rate determined by the Reserve Bank of India and below this banks are not permitted to issue customer loans. A bank loan rating conveys the degree of risk with reference to timely payment of the bank facility under consideration of being rated. The processing charges of the loan are up to a maximum of 1% of the loan amount.
Collateral Security
Collateral security must be provided in case of loan above Rs.1 crores. Loan of less than Rs.1 crore can be covered under CGTMSE scheme, if the promoter has a good track record. Further, charge over the financed assets will be created in case of term loan and charge on all the current assets of the business will be created in case of working capital loan. Further, personal guarantees of the promoters would also be required.
Other Schemes
The following other loan schemes are also available for Doctors:
