SBI Doctor Plus Bank Loan Scheme allows a hassle free financing solution for qualified medical practitioners in any discipline (a person possessing the qualification of MBBS, BAMS, BHMS, BDS, GAMS etc.). Although Doctor Plus loan scheme can be opted for all qualified medical practitioners, it is more suitable for freshers who has entrepreneurial attitude. Here we will find what are the features, eligibility, security, documents required and other things to be considered for availing Doctor Plus Bank Loan offered by State Bank of India.
Features of SBI Doctor Plus Bank Loan
- For buying medical equipment (For dentists doctors, the loan also covers dental implants besides equipment; for orthopedists, the loan also covers various replacements / implants for hip / knee / shoulder / spine etc.)
- Setting up clinic, X-ray lab, nursing home, pathological lab, drug stores etc.
- For purchase of vehicles, ambulance, computers, etc.
- Expansion / renovation / modernisation of existing premises.
- For marketing exercises, business trips.
- Any other activities related to medical profession.
Eligibility for Doctor Plus Finance Scheme
- Individuals / partnerships / Corporates / Trusts (with powers to borrow)
- Promoters should be registered practitioners and possess minimum qualification such as MBBS / BAMS / GAMS / BDS / BHMS
- Key promoters should be qualified doctors.
Loan Amount offered through SBI Doctor Plus
Maximum of Rs. 5 crores of which a sub ceiling for Working Capital limits at:
- 10% of total loan amount for upto Rs 1 crore
- 5% of total loan amount for above Rs 1 crore
Repayment of SBI Loan for Doctors
- Maximum period up to 7 years
- Maximum moratorium 12 months, except for construction purpose, for which moratorium can be upto 24 months
Primary Security for SBI Doctor Loan
Hypothecation of Assets financed by the Bank.
Collateral Security for SBI Doctor Loan
For loans upto Rs 1 crore, no collateral will be applicable if unit is eligible to be covered under CGTMSE guarantee scheme. Otherwise, tangible security of atleast 25% of the loan amount and personal guarantee of the promoter.
Insurance for SBI Doctor Loan
Insurance of assets purchased out of Bank loan and in respect of vehicles, comprehensive insurance as laid down.
Margin of SBI Doctor Loan
- Upto Rs 5 lacs: *10%
- Above Rs 5 lacs: *15%
* There is provision for concession on margin
Interest rates of SBI Doctor Loan
*Interest rate is based on score obtained on simplified credit scoring model
*There is provision for concession on interest rates
Processing Fee Charges for SBI Doctor Loan
0.5% of Loan Amount
Minimum Rs 500; Maximum Rs 50,000
**Sanctioning of loans upto Rs 25 lacs is based on credit scoring model. 50% and above scorers will qualify to avail this facility
***Sanctioning of loans above Rs 25 lacs is based on CRA rating.
Documents required for SBI Doctor Loan
As per SME documentation
Special features of SBI Doctor Loan
- Eligibility as per credit scoring model - Minimum score - 50% for limits upto Rs.25 lacs; For above Rs.25 lacs, CRA model is applicable
- Multiple disbursements can be made over a period of 24 months from the date of sanction based on requirement.
- Half yearly inspection is stipulated.