Union Health Loan

Union Bank of India offers the Union Health scheme for medical practitioners between the ages of 25 years and 65 years. However, medical practitioners must have a minimum experience of at least three years. The loan can be used for the purchase of equipment, machinery, ambulance, acquiring premises to start a clinic, renovation/expansion of nursing home/hospital, etc.

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Minimum Qualification Required

MBBS
Bachelor of Homeopathic Medicine and Surgery
Degree in Paramedical services such as Physiotherapy, X-Ray Technology and Radiology, etc.
Bachelor of Ayurvedic Medicine and Surgery
BDS (Dentist)

Features of Union Health

Feature	Details
Eligibility	Age Criteria: 25 years to 65 years Must have completed education from a branch in medical science that is mentioned under the scheme.
Margin	25% of the equipment cost and other assets may be financed. 35% of the cost of acquiring the premises or for the renovation of existing premises.
Repayment Tenure	Maximum tenure: 7 years Moratorium period: Up to 6 months
Security	Depending on the requirement, the security that is required will vary. You can visit any Union Bank of India branch or the official website to get details of the security that must be provided.
Guarantee	In the case of a firm, a personal guarantee of all the partners. In case collateral security is provided, personal guarantee of the borrowers and all members.
Quantum	Minimum: Rs.2 lakh Maximum: Rs.800 lakh
Rate of Interest	Fixed: 12% Floating: 1-year MCLR + 3.15%
Processing Fee	0.5% of the loan amount plus GST. However, additional charges will be levied for Memorandum registration/CERSAI/Stamp Duty/Legal/Valuation
Prepayment Penalty	No charges are levied in case the borrower prepays the loan from his/her verifiable sources. In case the loan is taken over by another financial institution or bank, 2% of the average balance that is outstanding over the preceding 1 year will be charged.

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Documents Required

Application form.
Passport-size photograph of guarantors and applicants (2 copies).
Income Tax Returns for the last 3 years.
Performa Invoice from an Authorized Dealer for the ambulance/medicines/equipment/machinery.
The estimated cost for the renovation of the nursing home.
Copy of registration of the establishment/shop/firm.
Project report with details of cash outflow and inflow.
Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
1. Permanent Account Number (PAN) Card
2. Voter ID
3. Driving License
4. Passport
Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
1. Passport
2. Aadhaar Card
3. Electricity bill
4. Telephone bill
5. Audited balance sheet for the last three years in the case of firms.
6. Agreement from the seller to acquire the land.
7. Registration copy permitting the doctor to practice.
8. Approved building plan from a competent authority in case of modification/renovation/purchase of a nursing home.

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