New India Co-operative Bank is growing quickly and steadily ever since its inception in 1968. The bank got its new name in 1977 and has since established into a scheduled and strong multi state bank with a strong presence across the country to provide its customers with the best of financial products and services including small business loans, forex services, home loans, trade services and more. Thanks to its continuous improvement and upgradation of its services and optimal use of modern technology in addition to quality training of its staff and management, the bank is forecast to grow further in the coming years. Loans to finance medical practitioners and paramedics is a facility that can help applicants in the medical field meet their financial requirements.
Purpose of New India Co-Operative Bank Loans to Finance Medical Practitioners and Paramedics
- To purchase tools and medical equipment including ambulances
- To purchase office equipment such as air conditioners, fixtures and furniture
- To purchase premises and set up hospitals / polyclinic / clinic / private nursing home
- To purchase two wheelers and cars
Eligibility Criteria for New India Co-Operative Bank Loans to Finance Medical Practitioners and Paramedics
- Must be a professional medical practitioner
- Individuals / trusts / limited companies / partnerships
- Must possess a degree in BHMS / GAMS / MBBS / BDS / BAMS
Features and Benefits of New India Co-Operative Bank Loans to Finance Medical Practitioners and Paramedics
- The asset financed by the bank must be pledged as security, and in case of property, the real estate financed by the bank must be mortgaged until repayments have been made.
- The bank accepts a minimum of two persons as guarantors.
- If the funds are used to purchase tools and medical equipment, the margin will be 20% of the cost
- If the funds are used to purchase real estate, the margin will be 20% of the cost
- If the funds are used to purchase office equipment, the margin will be 20% to 25% of the cost
- If the funds are used to purchase two wheelers and cars, the margin will be 10%
- If the funds are used to purchase a combination of any two of medical equipment, office equipment, real estate and two wheelers, the margin will be determined by the bank.
- The maximum repayment period in case the loan is taken out to fund equipment, is 60 EMIs, and in case it is used to finance the purchase of real estate, the maximum repayment period is 84 months.
- The interest rate is calculated on reducing balance method and is subject to change from time to time depending upon the discretion of the bank.
- No commitment or prepayment fees are charged unless the loan is transferred to another financial institution.