Doctors and medical consultants now have the option of applying to join a dedicated loan scheme introduced by the Allahabad Bank/Allahabad Bank Netbanking. Clinics, nursing homes, and other medical service institutions can also apply.
This article looks into more details about the Allahabad Bank Loan scheme for the medical world and how to go about gaining the benefit of an Allahabad Bank Loan.
ALLAHABAD BANK LOANS FOR MEDICAL PROFESSIONALS
The Allahabad Bank/Allahabad Bank Netbanking loan scheme targets the following segments of the medical world and can be activated by the Allahabad Bank corporate login.
• Medical Professionals.
• Building Hospitals.
• Building Hospital Residences.
• Nursing Homes.
• Poly Clinics.
• Pathological Labs.
• Other Medical Facilities.
At urban centres, the scheme will provide loans of up to Rs. five (5) crores. For semi-urban centres, the scheme will provide loans of up to Rs.two (2) crores and for rural branches, the scheme will provide loans of up to Rs. one (1) crore.
Any loans approved by Allahabad Bank Netbanking will mainly be a term loan based on working capital that is not greater than twenty percent (20%) of the sum of the loan.
COLLATERAL SECURITY GUIDELINES
• For the construction of new premises. Up to thirty-five (35%) must be provided.
• For stocks. Twenty-five (25%) must be provided.
• For receivables, a bank guarantee letter or letter of credit is required for thirty percent (30%) or twenty percent (20%) depending on the amount of the loan.
• For activation follow the Allahabad Bank Online login.
For working Allahabad Bank Netbanking capital loans, stocks, book debts, and any other current assets would be hypothecated. A term loan will require the creation of an equitable mortgage over the loan and the building. All properties acquired from the bank loan must be pledged to the bank for the duration of the loan.
If the Allahabad Bank Netbanking loan is less than Rs. ten (10) lakhs collateral security is not required. Should the Allahabad Bank Netbanking loan be above Rs. ten (10) lakhs, but less than Rs. one (1) crore the cover can be secured with a CGTMSE. Collateral security is however required for loans above Rs. one (1) crore. For all circumstances, personal guarantees are required.
REPAYMENT AND INTEREST
Loan interest rates applied are subject to the credit status details of the borrower making the loan application plus the Bank’s risk measurement. Also, other factors need to be considered such as how interest rates differ from, bank to bank, and base rates + five percent (5%). To activate visit the Allahabad Bank corporate login.
FOR TERM LOANS
• The maximum repayment period is eighty-four (84) months.
• This includes eighteen (18) months of a moratorium.
Working Capital Facility – This calculation is changed each year by the Banks based on their assessment. To activate visit the Allahabad Bank Online login.
ADDITIONAL LOAN REFERENCE FOR DOCTORS AND MEDICAL CONSULTANTS
IDBI Bank – Loan for Doctors
Canara Bank Loan for Doctors
Note: If you have any questions about this article, or require any assistance, please contact Company Vakil