Corporation Bank- Corp Professional

Purpose of Loan:

To finance acquisition of office premises for self occupation and Furniture and Fixtures required for the office premises purchased under the Scheme.

Eligibility of Loan:

Registered Medical Practitioners, practicing Advocates, Chartered Accountants, Company Secretaries, consulting Engineers and Architects, etc., individually/jointly or as a partnership firm, having an established practice with a minimum experience of three years, in the age group of 25 to 55 years. The applicant should be an Income Tax Assessee with a minimum annual gross income of Rs.1.50 lakhs.

Quantum of Loan:

Upto Rs.50 lakhs in Metro, Rs.25 lakhs in Urban/Port-town, Rs.10 lakhs in Semi-urban and Rs.5 lakhs in Rural places. The maximum loan amount determined based on financial viability and income/ repayment capacity of the professional.

Margin of Loan:

• 15% of purchase consideration [the agreement value inclusive of stamp duty/ registration] in case of purchase of ready built premises [age not more than 5 years].

• 25 % in case the premise is more than 5 years old.

• 40 % for furniture and fixtures.

Rate of Interest:

12.00% p.a. with effect from 04.05.2009.

Repayment of Loan:

The entire loan amount is repayable in Equated Monthly Installments within 84 months, with an initial moratorium upto 12 months.

Processing Fee:

0.75% of loan amount subject to a minimum of Rs.5,000/-.

Security:

The loan should be fully secured by the Equitable Mortgage of the Office Premises. Hypothecation of the furniture & fixtures financed under the scheme.

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Corporation Bank- Corp Meditech

Purpose of Loan:

Corp Meditech is used to finance brand new Electro Medical & other sophisticated equipments including OT equipments, Air conditioners, ambulance, Generators, Refrigerators, Personal Computers and accessories with related software and UPS etc. In the case of setting up of clinics, purchase of furniture & fixtures, furnishing, Air conditioning, Electrification may also be financed.

Eligibility of Loan:

• Any Registered Medical Practitioner in the age group of 23 to 65 years either singly or jointly with spouse/other close relatives, with a minimum experience of one year for doctor/s.

• Two or more registered medical practitioner jointly with spouse/close relatives, or a firm where at least 50% partners are doctors OR a company owned by at least 50% by doctors.

• Professionals managing Medical Diagnostic Centers & Testing Labs.

• Hospitals which are being run/managed by Companies/Trusts/Institutions, where the ownership is at least up to 50% with doctors.

Loan amount:

Upto Rs.2.50 crore. [ Loans above Rs.25 lakhs are assessed based on on DSCR].

Rate of Interest:

12.00% p.a. with effect from 04.05.2009.

Margin:

Margin to be maintained at 15% of the cost of equipments/assets to be financed.

Security of Loan:

• Loans upto to Rs.10 lakh are to be secured by hypothecation of machinery/equipments/assets, financed by the bank & a suitable third party guarantee.

• Loans for above Rs.10 lakh are to be invariably secured by collateral security of immovable property OR other approved securities like Bank deposit/NSC/LIC policy, etc. valued at least 50% of the loan amount in addition to the hypothecation of assets financed.

Guarantee of Loan:

Not Mandatory. However, based on their risk perception, Sanctioning Authorities may, on case to case basis, stipulate suitable third party guarantee.

Repayment of Loan:

Maximum 60 months in EMIs [including initial moratorium of upto 3 months]. Upto 84 months considered depending on useful life of asset.

Service Charges:

0.50% of the loan amount sanctioned subject to a minimum of Rs.1000/-

For more information: Website