Business OD For Doctors
Purpose
- Any purpose relating to purchases of medical items/ equipment/infrastructure, renovation of hospital /clinic etc.
- Meeting day to day establishment expenses & other urgent needs related to profession.
- Takeover of existing credit facilities from other banks/financial institutions provided such accounts are regular and in standard category.
Who Can Borrow
- Any individual having a Bachelors/Masters Degree in the field of Medical Sciences like MBBS/MS/MD/BDS/MDS from an University recognized by Medical Council of India / Government of India
- Any Company, Society or Firm engaged in Medical Services, provided at least one of its Directors/Members/Partners possesses above qualification.
Nature Of Facility
- Overdraft limit
Amount Of Facility
- Maximum Rs. 50.00 lac
- Minimum Rs. 5.00 lac
- 3 times of average gross ITR of last 3 years
Rate Of Interest
- The rate of interest as decided by the bank from time to time would be applicable
Security
- Equitable Mortgage of property
Guarantors
- Two guarantors acceptable to bank
Processing Fees
- Loan amount + GST
Share Holding
- 1.5% of loan amount
Documents Required
- Photograph , PAN and KYC documents of borrower and guarantor
- Medical degrees and license to practice
- Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
- Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
- Relevant documents related to the property being mortgaged like Title Deed, mutation copy, sanctioned map etc as applicable)
- Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan