The Canara Bank is ranked as one of the first and biggest state-owned bank of India, with its head quarter in hearts of Karnataka, Bangalore. The financial strength of this bank is without doubt its backbone and which gives it the capacity to hold massive structures and staff strength in their thousands across the globe. By the year 2015, it had covered a significant network of more than 5,784 offices with over 9,153 bank ATMs spread all across the country. The bank boasts of operating structures in the following foreign countries:
- London,
- Hong Kong,
- Moscow,
- Shanghai,
- Doha,
- Bahrain,
- South Africa,
- Dubai,
- New York, etc.
This loan facility available to medical and clinical personnel is accessed under a grant called the Doctors Choice. Applicants will find comprehensive information as regards this loan scheme. This facility is open to all qualified practitioner who expresses interest.
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Overview
The Doctors Choice loan is open to qualified and registered medical personnel regardless of their persuasion in the industry. This loan when granted is to enable these applicants meet either long and short term needs or help boost their working capital requirements over a period of time. Doctors who apply for the loan must make certain that they are not just registered personnel in the industry, but must also be qualified practitioners. The loan grant can be used for the following:
- To structure new clinical centers, hospital, physiotherapy and laboratory complexes etc.
- For the procurement of medical or clinical equipment which are all crucial for business operations effectiveness and efficiency.
- To enable the development, renovation, or reconstruction of existing hospitals complexes, X-ray laboratories, pathology centers, physiotherapy centers etc
- The loan can go into the purchase of ambulance, official work vehicles, computers, accessories and other key important equipment.
- The loan can help towards the construction of doctors housing quarters.
- It can boost working capital needs to more substantial levels.
Eligibility Criteria
It is important to note that every registered practitioner is entitled to assess the loan as it relates to the Doctors Choice scheme. The applicant should be from the medical field and has a number of years in medical practice experience. All interested candidates of the loan grant will need to provide the documents below:
- Certificates acquired through education
- A 6 month certified bank statement.
- Their income tax returns certificate in the last 2 years
- A verified proof of permanent residential address and government approved identity
However, both eligibility and documentation requirements vary depending on the lending institutions involved. On the other hand, firms or companies bound by partnership, LLP, PLCs and Trusts that are fully owned and run by qualified medical practitioners are also potential applicants under the loan scheme. Below are some of the benefits open to personal loan beneficiaries of the Doctors Choice scheme:
- They are entitled to higher loan amount.
- They are given flexible repayment tenure.
- Part payment option is offered on the table.
- Both the fixed and floating options are made available to them.
- Depending on the loan amount requested, qualified applicants do not need guarantors or collateral as most banks do not require that this is made available.
- They are not affected by prepayment as well as foreclosure charges.
Amount of Loan
The amount of loan to be accessed is based on the key requirement of the applicant as recommended by the financial institution. Through the bank’s assessment, a loan grant of up to Rs.5 crores can be authorized for an applicant under the Doctors Choice scheme. However, the loan can be approved for a maximum of seven (7) years and offered at an interest rate favorable to the applicant and which is subject to the bank’s base rate.
So a situation where applicants require base rate alignment with that of the bank, they will need to convey the letter of consent to include that of all co- borrowers as well as guarantors to the bank. This will become valid from the date of receipt of the above said letter of consent.
Other Loans for Doctors
SBI Loan for Medical Equipment
The SBI loan for medical equipment is a long to medium term loan set aside for the purchase and funding of ancillary equipment. This facility is for a targeted section of the medical/ clinical groups like the diagnostic centers, pathology labs, SMES specialty clients, eye centers and ENT centers. Those who qualify for this loan can only become eligible if they fall under partnerships firms, trusts, PLCs and corporate organizations, a three years’ operating experience in either a diagnostic center/nursing homes or pathology center must suffice, regardless of laid down rules. There must be approvals or registrations obtained from the statutory or regulatory authorities before eligibility. However, the loan quantum comes with a minimum of Rs. 10 lacs and a maximum of up to Rs. 20 crores both at a margin of about 15%. The SBI loan for medical equipment comes with no official tangible collateral security if loan amount is up to Rs. 2 crores.
Bank of Baroda Loan for Doctors
This is a type of loan called Bank of Baroda loan for doctors aimed at assisting practicing practitioners/ consultants and doctors who work in medical hospitals or clinical facilities expand and improve their operational efficiency to offer better services and treatments. This loan grant offers very low interest rates with speedy time of approval. This scheme is only open to individuals with legal medical registration numbers. The following entities are eligible to apply for the loan –
- Partnership firms, PLCs, proprietorships and companies who are engaged in medical or clinical services can apply for the doctor’s loan.
- The documentation required for the loan application has a standard list and are mentioned as follows: applicants 3 months’ pay slip, 3 months’ bank statement, educational certificates, proof of residential address and government approved identity and a valid medical license registration number.
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