Tamilnad Mercantile Bank Ltd- Doctor Loan

Purpose of Loan:

To construct hospital building, hospital building cum residence, setting up nursing home, poly clinics etc., for expansion/modernization of existing hospital premises. To purchase medical equipments, x-ray units, scanners, computers etc., To purchase ambulance and other vehicles necessary for the hospital.

Eligibility:

Individuals (Qualified Registered Medical Practitioner) / Partnership firm / Limited Company / Trust. In case of Partnership firm / limited company / Trust, either one of the Partners / directors / trustees should be qualified registered Medical Practitioner or they should engage the services of Registered Medical Practitioners in the hospital.

Quantum of Loan:

Rural: Limit up to maximum of Rs.15.00 lakhs(Out of which working capital limit restricted upto Rs.2.00 lakhs)
Semi-Urban: Limit upto maximum of Rs.50.00 lakhs(Out of which working capital limit restricted upto Rs.10.00 lakhs)
Urban / Metropolitan: Limits up to maximum of Rs.200.00 lakhs(Out of which working capital limit restricted upto Rs.20.00 lakhs)

Repayment of Loan:

The repayment of WCTL / WCDL / TL / DL shall be fixed on the basis of income generation of the borrower and the repayment period shall be up to the maximum of 7 years excluding maximum moratorium period of 12 months based on the project.

Margin:

For equipments, machineries, vehicles, etc. - 20%.
Construction - 25%, Working Capital - 25%.

Rate of Interest:

For credit limits secured by 100% collateral security - PLR - 2.00% (12.00% p.a.).
For credit limits secured by 50% collateral security - PLR - 1.50% (12.50% p.a.).
For credit limits secured by below 50% collateral security - PLR - 0.75% (13.25% p.a.).
For Vehicles - PLR - 2.00% (12.00% p.a.).
Current Prime Lending Rate (PLR) is 14.00% p.a.
Even though, the rate of interest is not linked with Credit Rating; the Credit Rating should be done as per our bank norms

Processing Fee: