- Individual/Partnership/Ltd.Co./ Trust
- Promoters should have minimum MBBS/ BAMS/ GAMS / BDS/ BHMS & registered practitioners.
- Key promoters should be qualified doctors
Prevailing interest rates
a. Size of the limit
Up to Rs 25,000/-
Working capital
9.0%
Term loan
9.5%
b. Size of the limit
Over Rs. 25,000& upto Rs. 2 Lakhs.
Working capital
10.00 %
Term loan
10.50%
c. Size of the limit
Over Rs.2 Lakhs
Working capital
11.50%
Term loan
12.00%
2. Housing Loans: Housing loans can be availed by anyone and are not specific to any profession. There are a variety of housing loans currently in the market and they are given below.
- Home Purchase Loans: This is a basic home loan for the purchase of new home.
- Existing home improvement Loans: These loans are given for implementing repair works and renovations in a home that is already owned
- Home Construction Loans: These loans are available for construction of new house
- Home Extension Loans: This is given for expanding or extending an existing home. For example, addition of an extra room etc.
- Home conversion Loans: This is available for those who have financed the present home with a home loan and wish to purchaser and move to another home for extra funds are required. Through a home conversion loan, existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-paymentof the previous loan.
- Land Purchase Loans: This loan is available for purchase of land for both home construction or investment purpose
- Bridge loans: Bridge Loans are designed for people who wish to sell the existing home and purchase another. The bridge loans help finance the new home, until a buyer is found for the old home.
- Balance Transfer Loans: Balance transfer loans help to you to pay off an existing home loan and avail the option of a loan with a lower rate of interest.
- Refinance Loans: This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
- Stamp duty Loans: This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property
Home loans are generally provided for in the range of 75% -85% of the asset value. The amount of loan varies from institution and it may vary from Rs. 1 Lakh to Rs. 1 crore
Tax benefits available are as under: (a) Exemption under sec 80C of IT Act (Rebate) for payment of principal up to Rs. 1,00,000/-. (b) Deduction under sec 24 of IT Act For interest payment on housing loans upto Rs. 1,50,000/-(in respect of self-occupied house property acquired or construction whereof is completed before 1.04.2001. Tax benefits vary in case of rental.
The loan can be availed in joint name and tax benefit can be enjoyed by both holders on a pro rata basis.
Given below are the Interest rates available in the market
Tenure :
Existing Interest Rate Structure w.e.f 01.01.2004
Revised Interest Rate Structure w.e.f, 29th Nov 2004
Floating Rate of Interest
Upto 5 years (Short Term* Housing Loan Scheme )
7.50 % p.a.
8.00 % p.a
Above 5 years and upto 15 years*
8.00 % p.a.
8.50 % p.a
Above 5 years and upto 20 years*
8.25 % p.a.
8.75% p.a.
Fixed Rate of Interest
Upto 5 years
*8.00 % p.a.
8.50 % p.a
Above 5 years and upto 15 years*
* 8.75 % p.a.
9.00 % p.a
Above 15 years and upto 20 years*
9.00 % p.a.
9.25% p.a.
3 Vehicle Loan : Car Loans can be availed by any one. One can avail the loan either for the purchase of new car or second hand car.
Given below are the Interest Rate available in the market.
1.New Vehicles
A.Floating Rates(table)
Repayment Period
Up to 3 years
>3yrs and upto 5 years
1.50% below SBAR i.e. 8.75%p.a.
Metro/Urban Brs
Rs. 8 lakhs & above :2.75% below SBAR i.e.7.50% p.a.or
Below Rs. 8 lakhs: 2.25% below # SBAR i.e. 8.00%p.a.
2.00% below SBAR i.e. 8.25% p.a.
Rural / Semi urban Brs
Below Rs, 8 lakhs : 1.75% below SABR i.e. 8.50% p.a.
1.50% below SBAR i.e. 9.00 p.a.
2.Used vehicles
Up to 3 years: 0.25% above SBAR i.e. 11.00% p.a.
B.Fixed Rates
Fixed rates will be 50 basis points higher than the corresponding floating rates.
Loans up to Rs. 5 lakhs- both on fixed or a floating rate basis
Loans above Rs. 5 lakhs- only on a floating rate basis.
Step 3: Searching for the right financial institution giving the loan suiting your need and requirements.
The loan is given on the basis of where the clinic is to be set up, i.e. is it for Rural & Semi Urban or Urban.
The institutions giving these loans can be segregated into three categories
- Public Sector
- Private Sector
- Banks
Step 4: Taking Loan
After you have decided for what purpose you need to take a loan it is important to prepare the document for the purpose of getting the loan processed. All banks and financial agencies providing personal loans will require a complete set of document prior to sanctioning of your loan. The list of documents varies from bank to bank and also on the borrower.
It is also important that you arrange for guarantor for your loan or the collaterals that may be required while you take the loan.
Though the list of document given below may be in excess of what an average financing agency may normally require, it is advisable to keep these handy, only so as to prevent any delay in the disbursement of the loan.
For Salaried Doctors
- Application Form
- Latest Salary Slips / Form 16
For Self-Employed Doctors
- Income Tax Returns for the 2 years
- Computation of Income
- Bank Statement for last six months
Proof of Identity
Any of the following
- Passport copy
- Driving License
- Voters I D
- PAN Card
- Photo Credit Card
- Employee ID Card
(Govt. Employees/Public Ltd.Co.)
Proof of Residence
Any of the following
- Passport
- Ration Card
- Utility Bill
- Voters I D
- LIc Policy Receipts
- Driving License
- Proof of Co-Provided Accommodation
- Employer’s Certificate
Proof of Qualification
- Degree Certificate
- Certificate of Registration
Proof of Continuance
- Certificate of practice
- Membership Certificate
- A Photograph
- Post-Dated Cheque
- Signature Verification
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