What is Union Health?
Union is one of the biggest government owned banks in India with assets worth USD 13.45 billion. The bank is listed on the Forbes 2000 and has representative offices in Abu Dhabi, United Arab Emirates, Beijing, and People’s Republic of China, London, Shanghai, Sydney, Dubai, Hong Kong and Antwerp, Belgium. The bank offers a wide range of financial products and services such as loans, accounts, cards, investment plans and much more.
Union Health is a personal loan product offered by the bank for medical practitioners in India. This personal loan comes with a specific aim of providing finance to purchase electro medical devices and other expensive medical equipment. The loan option offers a high loan amount, easy repayment tenure period and an attractive rate of interest on the loan for medical professionals.
Purpose of Union Health Loan
The main purpose of Union Health is to provide medical practitioners with the finance to purchase brand new electro medical equipment and other expensive medical equipment such as operation theatre equipment, air conditioners, generators, computers and software accessories for diagnosis and other equipment. The loan also grants finance for other medical purposes when clubbed with another loan option.
Eligibility criteria for Union Health Loan
Listed below is the eligibility criteria for Union Health Loan
- The applicant should be a qualified medical practitioner
- The loan is also available to dentists between the ages of 25-65 years of age
- A firm engaged in medical profession and consisting of doctors/ dentists as proprietors or directors is eligible for the plan.
- The applicant must have a minimum experience of 3 years in the medical profession
- Must be a resident of India
Features of Union Health Loan
Listed below are the features of Union Health Loan
- Personal loan granted for the purchase of medical equipment
- The loan is available to any medical practitioner between the age of 25 and 65 years
- Available to a firm engaged in medical profession
- Grants high loan amounts starting from Rs.2 lakh to Rs.800 lakh
- Margin/your share. 25% for purchase of equipment and 35% for acquisition, renovation, modernisation of existing premises.
- Offers a Moratorium period of up to 6 months
- Offers a repayment period of up to 7 years
- Charges a processing fee of 0.50% of the loan amount
- Prepayment of the loan is allowed
- Personal guarantee to be obtained of all members offering (owning) collateral security and borrowers
- Insurance is mandatory of the asset purchased out of bank's finance and that of collateral security.
- Hassle free application process
- Easy documentation
Documents required for Union Health Loan
Listed below are the documents required to apply for Union Health Loan
- Certificate proving medical qualification
- AIMA registration document
- Proof of Identity
- Address proof
- PAN card
- Bank statement of the last 12 months
- 3 photographs
- Proof of out goes for loan repayment and any other out-go
- Details of collateral security