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Medical Loans - Purchase of Medical equipment for medical practitioners

S No. Title Description
1. Eligibility Any Individual bonafide member of the Bank.
2. Type of facility Term Loan
3. Maximum Limit Rs. 200.00 Lakh
4. Margin 25% or above depending upon merit of each case.
5. Purpose For purchase of any medical equipments.
6. Rate of Interest As per bank’s rules
7. Other charges As per bank’s rules from time to time.
8. Repayment Up-to the maximum of 120 months in suitable monthly instalments.
9. Primary Security Hypothecation of the respective equipments financed by the Bank
10. Collateral Security Registered mortgage of immovable property.
11. Sureties Two sureties of good means to the satisfaction of Bank, preferably an employee of any Government or Semi Government department, or Autonomous body or local bodies or Public Sector Undertakings or also of reputed Public limited Companies with at least 3 years of continuous service.
12. Other Conditions ➤ Prospective borrower must be a Graduate or Post Graduate in any branch of Medicine or Surgery from a recognized Indian or foreign university and registered with Indian Medical Association.
➤ Atleast 5 years of working experience as Private Medical Practioner or working in any recognised Hospital of Government or Autonomous body.
➤ Must be a Income Tax payer.
➤ Financed equipments shall be adequately and comprehensively insured with Bank’s clause at the cost of borrower.
➤ Payment direct to the Vendor for full cost of the Equipment as per Performa Invoice, subject to recovery of margin money from the borrower.
➤ Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues.
➤ Insurance policy of the financed equipment to be submitted to the bank every year.

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