Baroda Gujarat Gramin Bank Loan to Doctors
Overview about Baroda Gujarat Gramin Bank Loan to Doctors
Baroda Gujarat Gramin Bank provides financial products and services to an extensive range of customers with a view to become the best regional bank by focussing on excellence in all areas of financial services and banking. The Loan to Doctors scheme is a term loan and/or overdraft special loan facility that can be availed by medical practitioners to establish their office, purchase equipment and meet working capital requirements.
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Purpose of Baroda Gujarat Gramin Bank Loan to Doctors
- To develop clinic, pathological laboratory or nursing home
- To buy diagnostic or medical equipment
- To set up operation theatre
- To purchase office equipment such as furniture, computers, air-conditioners, fax machines, etc.
- To purchase ambulance, car, etc.
- To modernise, renovate, or expand existing nursing home / clinic / premises
- To meet working capital requirements
Eligibility Criteria for Baroda Gujarat Gramin Bank Loan to Doctors
- Individuals / private limited companies / partnership firms / proprietorships that offer diagnostic / pathological / medical services
- Promoters / applicants must possess recognised qualification in a medical science branch such as BDS / BAMS / MBBS or a course / degree in radiology / physiotherapy, etc.
- Private limited companies who apply for the facility must have the object clause verified to offer medical services
Benefits and Features of Baroda Gujarat Gramin Bank Loan to Doctors
- The minimum amount of money that can be availed through this loan is Rs.50,000 and the maximum is Rs.15 lacs for rural/semi-urban applicants and Rs.50 lacs for urban/metro applicants.
- The sub-limit for working capital for semi-urban/rural customers is Rs.1 lac and Rs.3 lacs for metro/urban customers.
- The interest rate for amounts up to Rs.35 lacs is 9.50% per annum and for amounts exceeding Rs.35 lacs, it is 10.50% per annum, both with monthly rest.
- A penalty of 2% per annum is applicable if the repayment is not done within the time frame
- The tenure of this facility is 12 months if taken out as an overdraft to meet working capital requirements and 60 months (including six months of moratorium period) if taken out as a term loan / demand loan
- Processing charges of 1.5% of loan amount not exceeding Rs.2000
Documents Required for Baroda Gujarat Gramin Bank Loan to Doctors
For demand / term loan:
- DP Note
- Hypothecation of assets (pathological equipment / office equipment / furniture / medical equipment bought through financing from the bank
- Letter of instalment
- Blank TTO form
- Authority to directly pay the supplier, wherever needed
- Hypothecation of vehicle if finance is taken out for vehicles such as ambulance
- Letter of continuing security
- DP Note
For general loan:
- Mortgage / assignment / pledge or collateral security
- Draft letter of undertaking
- Undertaking to deal wholly with Baroda Gujarat Gramin Bank
- General form of Guarantee
- Other documents as may be required by the bank