Saturday, September 21, 2019
Finance

Oriental Bank of Commerce- Loan to Doctors

Purpose of Loan:

For purchasing clinic premises, plant & machinery, furniture & fixtures, private vehicles, ambulances and medical equipments etc.

Eligibility:

Qualified registered medical practitioners with minimum qualification of BIMS/ BAMS/ BUMS/ DHMS/ BHMS/ BPT/ MBBS/ BDS and above.

Quantum of Loan:

  • Rural & Semi urban: Rs.50 lakhs

  • Urban & Metro: Rs.100 lakhs.

Security:

  • Doctors having qualification of MBBS/BDS and Higher professional degree: No collateral security except one third party Personal guarantee of person having adequate net worth preferably of spouse.

  • Doctors having qualification of MBBS/BDS and Higher professional degree: No collateral security except two third party Personal guarantee of person having adequate net worth, one guarantee shall be of spouse.

  • For loan above Rs.5.00 lacs and upto Rs. 10.00 lac: Tangible collateral security equivalent to 50% of the loan amount and one personal guarantee preferably of spouse.

  • For loans above Rs. 10.00 lac: Tangible collateral security equivalent to 75% of the loan amount and one personal guarantee preferably of spouse.

  • In case loan is granted for acquiring premises, other term loans and working capital requirement. The loan for the premises shall be secured by mortgage of the property purchased and no additional collateral security may be insisted, however, the borrower shall furnish tangible security equivalent to 50% of the uncovered portion of other term loans including working capital loan.

Repayment:

  • Total repayment period including moratorium period shall not exceed seven years.
  • Maximum moratorium period shall not exceed one year based on the justification and merits of the case.
  • Term loan to be repaid in equated monthly installments.

Rate of Interest: with effect from 01.04.2009:

Micro Enterprises

  • Upto Rs. 50,000/- PLR - 3.25% i.e 08.75%
  • Above Rs. 50,000/ - and upto Rs. 2.00 lac PLR - 2.50% i.e 9.50%
  • Above Rs. 2.00 lacs and upto Rs. 25.00 Lac PLR 2.25% i.e. 9.75%
  • Limit Above Rs. 25 Lac and upto Rs. 1.00 Crore
  • If credit rating is A++ - PLR - 2.50% i.e 9.50%
  • If credit rating is A+ - PLR - 2.00% i.e 10.00%
  • If credit rating is A - PLR - 1.00% i.e 11.00%
  • If credit rating is below A - PLR i.e. 12.00%

Small Enterprises

  • Upto Rs. 50,000/- PLR - 2.75% i.e 9.25%
  • Above Rs. 50,000/ - and upto Rs. 2.00 lac PLR - 2.00% i.e 10.00%
  • Above Rs. 2.00 lacs and upto Rs. 25.00 Lac PLR 1.75% i.e. 10.25%
  • Limit Above Rs. 25 Lac and upto Rs. 1.00 Crore
  • If credit rating is A++ - PLR - 2.00% i.e 10.00%
  • If credit rating is A+ - PLR - 1.50% i.e 10.50%
  • If credit rating is A - PLR - 0.50% i.e 11.50%
  • If credit rating is below A - PLR+0.50% i.e. 12.50%

  • Special concession in rate of Interest of 0.50% in case of women doctors.

For more information: Website

Oriental Bank of Commerce- Loan to Professionals

Purpose of Loan:

For purchase of Office Premises, P & M, Furniture & Fixtures, renovating existing business premises private vehicles and other equipments.

Eligibility:

Registered practicing Lawyers, architects, Chartered Accountants, Engineers, Journalists, Management Consultants, Software Engineers and any other professional holding with a degree/diploma or who in the opinion of the Bank is technically qualified.

Quantum of Loan:

Maximum term loan of Rs.20 lakhs.

Rate of Interest:

Rate of interest with effect from 01-01-2009 is:

Micro Enterprises

  • Upto Rs. 50,000/- PLR - 3.25% i.e 8.75%
  • Above Rs. 50,000/ - and upto Rs. 2.00 lac PLR - 2.50% i.e 9.50%
  • Above Rs. 2.00 lacs and upto Rs. 20.00 lac PLR 2.25% i.e. 9.75%

Small Enterprise

  • Upto Rs. 50,000/- PLR - 2.75% i.e 9.25%
  • Above Rs. 50,000/ - and upto Rs. 2.00 lac PLR - 2.00% i.e 10.00%
  • Above Rs. 2.00 lacs and upto Rs. 20.00 lac PLR 1.75% i.e. 10.25%

Security:  

  • Upto Rs.5 lakhs : 50% of loan amount in the shape of collateral security and one personal guarantee, preferably of spouse.

  • Above Rs.5 lakhs : 75% of loan amount in the shape of collateral security and one personal guarantee, preferably of spouse.

Repayment of Loan:

Maximum 84 months by equated monthly installments including moratorium period not exceeding 12 months.

Process Fee:

0.50% of the limit amount subject to minimum of Rs.500/-

For more information: Websitet