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Corp Meditech- Equipment finance for Medical Professionals
1. Eligibility
| v | Any Registered Medical Practitioner in the age group of 25 to 60 years with a minimum experience of 12 months. |
| v | Close relatives may join as co-applicant/s if they are also Doctors. |
| v | Where the age of the borrower is 60 years, repayment period not to exceed 65 years of age of the applicant unless co-applicant has independent income to service the loan. |
| v | Loan for new Doctor/s considered on a case to case basis, based on the merits of the case |
| v | Two OR more registered medical practitioners jointly OR a Firm managed by Doctors. |
| v | A Company owned by at least upto 50% by Doctors. |
| v | Hospitals which are being run/managed by Trusts / Companies/ Institutions, where the ownership is at least up to 50% with Doctors. |
| v | Professionals managing Medical Diagnostic Centers & Testing Labs. |
2. Purpose
| v | Loan is for purchase of Brand new Electro Medical & other sophisticated equipments including OT equipments, Air conditioners, Generators, Ambulance, Refrigerators, Personal Computers and accessories with related software and UPS etc. |
| v | In the case of setting up of clinics, purchase of furniture & fixtures, furnishing, Air conditioning, Electrification also financed |
| v | Purchase/ installation of Lift/ Elevator, Solar water heating system, Solar Electrification system, Wind Mill Generator etc., also considered. |
| v | For purchase of ready built premises for hospital/ clinic OR construction of clinic/hospital in own site OR purchase of site & construction of hospital/ clinic thereon. |
| v | Where loan is for purchase of site and construction of hospital/clinic, value of the land not to exceed 50% of the project cost. |
| v | In case of purchase of ready built property for Hospital/Clinic, age of the property not to exceed 20 years. |
| v | Loan for purchase of second hand Medical Equipments not considered under the Scheme. |
3. Loan amount
4. Margin
For purchase / construction of Hospital/Clinic : 35%
For purchase of Medical equipments/Other items : 15%
5. Rate of Interest
12.50% p.a. with effect from 02.08.2010
(Fixed rate option is not available under the Scheme)
6. Security
| v | Loans up to Rs. 10 lakh are to be secured by hypothecation of Machinery/ equipments/ assets, financed by the bank & a suitable third party guarantee. |
| v | Loan for above Rs. 10 lakh are to be secured by collateral security of immovable property OR other approved securities like Bank deposit/NSC/LIC policy/etc valued atleast at 50% of the loan amount in addition to the hypothecation of assets financed. |
| v | In case of purchase/construction of Hospital/Clinic, mortgage of immovable property required, irrespective of loan amount. |
| v | In case of purchase of ready built property for Hospital/Clinic, age of the property shall not exceed 20 years. |
7. Guarantee
Not required. However, based on their risk perception, Sanctioning Authorities may, on case to case basis, stipulate suitable third party guarantee.
8. Assessment
All loan proposals, irrespective of loan amount are to be assessed based on project report, viability study & Debt Service Coverage Ratio (DSCR)
9. Repayment
| v | Where loan is for construction/purchase of Hospital/ Clinic, repayment period is upto a maximum of 10 years including initial repayment holiday, if any. |
| v | Where the loan is for purchase of medical equipments, repayment period is a maximum of 84 months in EMIs , depending on useful life of asset. |
10.Processing Charges
0.50% of the loan amount sanctioned subject to a minimum of Rs.1000/- (charges are inclusive of service tax)
11. Prepayment Charges - NIL
EMI Calculator
Corp Meditech - On line Application- Click here
Click here to download the application . Download Corp Meditech Application [PDF Format]
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