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    Ahmedabad Mercantile Co-Operative Bank Doctor Loan

    Overview about Ahmedabad Mercantile Co-op Bank (AMCO)

    Established in 1966, the Ahmedabad Mercantile Co-op Bank (AMCO) with around 32 branches received the status of multi-state scheduled bank in 1996. The Ahmedabad Mercantile Co-op Bank boasts of several attractive features such as free remittance between Mumbai and Ahmedabad, NRE deposits, telebanking, fast clearing of instruments, single window service, special rates for schematic lending and high use of technology and computerization among others.

    Purpose of Ahmedabad Mercantile Co-op Bank doctor loan

    The doctor loan offered by the Ahmedabad Mercantile Co-op Bank can be availed for various purposes including construction of hospital building, modernization of existing premises, purchase of furniture and medical instruments/equipment’s.

    Eligibility criteria for availing Ahmedabad Mercantile Co-op Bank doctor loan

    The following can avail of doctor loan by Ahmedabad Mercantile Co-op Bank

    • Qualified registered medical practitioners
    • Partnership firm/Limited Company (one partner should be a medical practitioner)

    Features and benefits of Ahmedabad Mercantile Co-op Bank doctor loan

    The following are the features of doctor loan extended by Ahmedabad Mercantile Co-op Bank

    • Loan Amount: The maximum personal loan offered under this scheme to doctors is Rs.15 crore
    • Type of loan: The Ahmedabad Mercantile Co-op Bank offers term loans to doctors
    • Interest Rate: The interest rate offered on term loans for doctors is 10.75%
    • Security: Customers have to hypothecate their assets purchased with finance extended by the bank
    • Repayment Period: The maximum repayment period is 60 months for purchase of furniture/equipments and 120 months for construction of hospitals
    • Guarantors: Customers may have to provide guarantee of good net worth individuals
    • Processing charge: Customers have to incur 0.5% of the sanctioned loan amount and service tax as processing charge
    • Insurance: AMCO provides comprehensive insurance cover on the hypothecated assets
    • Margin: The margin is 25% for the purchase of equipment and 40% and 20% for purchase of furniture and construction of hospital respectively
    • Share linking: A minimum of Rs.2000 and maximum of Rs.10,000 (0.5% of the loan amount)

    The following are the benefits of doctor loan extended by Ahmedabad Mercantile Co-op Bank

    • AMCO does not offer a floating rate of interest. The rate of interest, therefore, remains the same throughout the repayment period
    • A loan applicant can combine his or her family income to avail of the doctor loan
    • Customers can pay more than their EMIs, if required
    • Doctor loans extended by AMCO have no pre-payment charges
    • There are no hidden administrative charges
    • Customers have to avail of transparent procedures

    Documents required for Ahmedabad Mercantile Co-op Bank doctor loan

    The following documents have to be submitted for doctor loans

    • Identity Proof (PAN cards/employer’s ID/voter ID)
    • Residence Proof (ration card/telephone/electricity bill/driving licence)
    • Bank Statements
    • Medical registration certificate
    • Evidence supporting requirement for loan
    • Any other document as required

     

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