Corporation Bank offers loans to registered medical practitioners under the scheme called ‘Corp Doctor Plus Scheme.’ The maximum loan that can be availed under the scheme is Rs.5 crore and the interest rate on the loan ranges between 10.40% and 11.15% p.a. The processing fee for the Corp Doctor Plus Scheme starts from Rs.1,000 and there are no penalty charges on prepayment.
|Up to Rs.5 crore||10.40%|
|Over Rs.5 crore||11.15%|
|Processing Fee||0.50% of the loan amount (minimum Rs.1,000)|
The maximum loan amount that can be availed under the Corp Doctor Plus Scheme is Rs.5 crore. For the purchase of medical equipment, the maximum loan amount is Rs.2.5 crore while for the purchase of physiotherapy equipment, the maximum loan amount has been capped at Rs.50 lakh.
The margin for the construction and purchase of hospital or clinic under the Corp Doctor Plus Scheme is 35% while for the purchase of medical equipment and other items, it is 15%.
If you avail a loan under the Corp Doctor Plus Scheme of up to Rs.10 lakh, you will need to provide a suitable third-party guarantee, the discretion of which will lie with the bank. The equipment/machinery or assets purchased with the loan amount will also be hypothecated with the bank.
For loan amounts of over Rs.10 lakh, you will need to invariably secure the loan with immovable property or approved securities such as LIC policy/bank deposit/National Savings Certificate, etc., along with the hypothecation of assets.
If the loan amount availed is used in the construction/renovation/extension/repair of the hospital or clinic, you can repay the loan in a maximum of 15 years which will not include the initial repayment holiday period of 24 months. For medical equipment purchase, the loan availed can be repaid in a maximum of 84 months which will exclude up to 6 months of the maximum initial repayment period.
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