Purchase of equipment for Medical Practitioners

i.

Eligibility

–

Any Individual bona fide member of the Bank.

ii.

Type of facility

–

Term Loan

iii.

Amount

–

` 10.00 lacs subject to the maximum of 36 times of monthly income of the respective borrower.

iv.

Margin

–

25 % or above depending upon merit of each case.

v.

Purpose

–

For purchase of any medical equipment.

vi.

Rate of Interest

–

As per bank’s rules from time to time.

vii.

Other charges

–

As per bank’s rules from time to time.

viii.

Repayment

–

Up to the maximum of 120 months in suitable monthly/quarterly instalment.

ix.

Primary Security

–

Hypothecation of the respective equipment financed by the Bank

x.

Collateral Security

–

Equitable mortgage of immovable property or pledge of any other tangible security acceptable to the Bank.

xi.

Sureties

–

Two sureties of good means to the satisfaction of Bank, preferably an      employee of any Government or Semi Government department, or Autonomous body or local bodies or Public Sector Undertakings or also of reputed Public limited Companies with at least 3 years of continuous service.

xii.

Other conditions

a)

Prospective borrower must be a Graduate or Post Graduate in any branch of Medicine or Surgery from a recognized Indian or foreign university and registered with Indian Medical Association.

b)

At least 5 years of working experience as private medical practitioner or working in any recognized Govt. Hospital of or Autonomous body.

c)

Must be an Income Tax payee.

d)

Financed equipment shall be adequately and comprehensively insured with Bank’s clause at the cost of borrower.

e)

f)

Payment direct to the Vendor for full cost of the Equipment as per Performa Invoice, subject to recovery of margin money from the borrower.

Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues.