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    Saraswat Bank Doctor Delite Personal Loan

    Overview about Saraswat Bank Doctor Delite Personal Loan

    This bank was founded in 1918, and has a been a part of history, not just in the country but in the world as well. It was close on heels with the Russian Revolution, was a known Society and as Bank during the First World War, the Second World War along with the Indian freedom Movement and post-independence India. The bank went through very rough patches especially during the time of the World wars. However, they went through with it through sheer determination to save the bank despite all odds. The cooperative movement also had a strong hand in it. Today, the bank is going to complete 100 years of existence within a few years but remains a much modernized bank, keeping pace with times. The personal loans from the bank are equally useful and are available for various sorts of professionals to serve their designated purposes. This for example, is a personal loan meant for doctors.

    Purpose of Saraswat Bank Doctor Delite Personal Loan

    Doctor Delite Personal loan from Saraswat Bank, is meant to help doctors serve the following purposes:

    1. Setting up clinic or hospital: If a doctor wishes to open a clinic to provide private treatment or even a hospital or nursing home with medical amenities that a particular place such as the mentioned should have, this personal loan is useful.
    2. Purchase of equipment’s / furniture at the clinic or hospital: There are some expensive equipment’s required in a clinic of a specialised doctor, leave alone a hospital such as medical scanners and furniture for the patients to sit, when waiting in the clinic.
    3. To conduct renovation of clinic or hospital: often doctor owned hospitals and clinics require renovations of not just the building but the interiors as well. This personal loan from Saraswat Bank is also useful at the time.

    Eligibility criteria for a Saraswat Bank Doctor Delite Personal Loan

    There is simply one eligibility criteria for this loan which is the applicant for this loan must be a qualified doctor.

    Features and benefits of Saraswat Bank Doctor Delite Personal Loan

    The following are the basic features of this personal loan for doctors in Saraswat Bank:

    1. You can take a loan of up to a maximum up to Rs. 100 lakh for a new medical practitioner or a maximum of up to Rs. 300 lakh for existing medical practitioners with a minimum of 3 years of practice.
    2. Advance payment can be made through this loan for 80% of cost of equipment/ cost of premises OR 70% of cost of furniture/ cost of renovation or 5 times of Avg Net cash accruals for existing practitioners OR 3 times of projected Net cash accruals for new practitioners or either of the first two options, whichever is lower.
    3. Repayment can be done for premises & equipment in up to 120months. For Equipment only a time of up to 84 months is allowed and a period of Moratorium period is often granted on merits of case.
    4. Some assets are considered for security as this is secured personal loan. Security includes equipment or furniture purchased, new premises or Renovation of clinic – Equitable to Mortgage of the premises or clinic respectively. You could also have Collateral & Guarantors based on the merits of the proposal.
    5. The following table gives you the basic idea for the interest charged on this plan:

    Current PLR is 14.25% (as of December, 2015)

    Period

    Floating

    Upto 60 months

    PLR-3.00=11.25%

    Upto 84 months

    PLR-2.50=11.75%

    Upto 120 months

    PLR-2.00=12.25%

    Documents required for Saraswat Bank Doctor Delite Personal Loan

    1. You need a duly filled prescribed application form
    2. Photo Identity of the applicant
    3. Residence Proof of the Applicant &

    If Guarantor

    1. ITR for the last 3 years (note: fresh medical practitioners IT returns may not be insisted) & Bank statement for last 3 months
    • Legal documents required for creating mortgage /Quotation of the equipment to be purchased/ renovation cost or furniture cost.
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