The TamilNad Mercantile Bank, or TMB as it is popularly called, offers a special loan for doctors and medical professionals so as to scale up their operations and give better service and care to patients.
The loan amount is meant for purposes like constructions or procurement of medical equipment for hospitals, nursing homes or other healthcare installations.
For partnership firms, trusts and limited companies, at least one of the partners, trustees or directors respectively should be a qualified and registered medical practitioner, or should be involved in the services offered by a registered medical practitioner.
The quantum of loan is capped according to the location of proposed expenses.
Working capital limit is decided on the basis of the healthcare installation’s daily expenses and size as well as stocks held pertaining to clinical requirements. A maximum of 3 months’ worth of requirements will be considered when processing requests for working capital.
Financing Type | Collateral | Interest rate (Base Rate of 10.40% as of November 2015) |
Credit limit | 100% | BR + 3.00% = 13.40% p.a. |
Credit limit | 50% | BR + 3.50% = 13.90% p.a. |
Credit limit | Less than 50% | BR + 4.25% = 14.65% p.a. |
Vehicular purchase | - | BR + 3.00% = 13.41% p.a. |
You can apply for this loan by filling up the application form available online as well as at any of the branches of TMB.
Currently the bank doesn’t support online applications. However, you can download the application form online and fill and submit the same at any of the branches of TMB.
Example
Let’s say you are availing a loan of Rs.10 lakhs and have submitted collateral of 100% of the loan amount. You have chosen the maximum repayment tenure of 7 years (84 months). The rate of interest on fully secured loan is 13.40% p.a. as of now. Suppose you are planning to prepay the loan in 5 years.
Your monthly repayment amount will be:
EMI: Rs.18,410
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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