Looking for MSME Loan for Doctors from Indian Bank?

You have landed at the right place. This page contains all the information you will need on Indian Bank’s MSME Loans for Doctors.

Indian Bank Doctor’s Plus Loan Scheme

This loan helps medical practitioners meet their capital expenditures for activities right from setting up a clinic, nursing home, hospital, pathology labs, etc. to purchase of equipment, ambulance, etc. This is a need-based loan.

Features of Doctor’s Plus Loan Scheme

Why this Loan?

  • The Indian Bank Doctor’s Plus loan is meant for medical practitioners who need financial assistance in fulfilling their capital or working capital needs
  • Qualified Medical practitioners from different branches of medicine such as Allopathy, Homeopathy, Unani, Ayurveda, etc. are eligible for this loan if they have experience in running the business. Individuals, Proprietors, LLPs, Trusts and Companies can also avail this loan

Loan Amount

  • The minimum loan amount sanctioned under this loan is Rs. 1 lakh. The maximum loan amount is not defined by the bank which simply means that the bank sanctions the loan amount as per needs of the borrower subject to the repayment capacity of the borrower

Interest

  • The interest rate for this loan is defined as the sum of one-year MCLR of the bank and Credit Risk Spread. As of now, the MCLR of Indian Bank is 7.30% and the Credit Risk Spread, as the name suggests, depends on the credit risk rating of the borrower. It can range from 1.30% to 5.60%, making the effective interest rate range anywhere from 8.60% to 12.90%

Repayment

  • These loans need to be repaid within 10 years after the moratorium ends. The repayment moratorium for this loan is up to 1 year

Security Needed

  • Loans up to Rs. 10 lakh: The bank asks for hypothecation of assets created out of loan amount as primary security for this loan. The bank may also ask for CGTMSE cover for this loan
  • Loans Above Rs. 10 lakh: The bank asks for hypothecation of assets created out of loan amount as primary security for this loan. The bank asks for collateral security in the form of mortgage of immovable property, LIC policy, NSC, etc.

Eligibility

  • The borrower should be a qualified registered medical practitioner in any branch of medical science including Allopathy, Homeopathy, Ayurveda, Unani, Dental, etc. with experience of running the business
  • Individuals, Proprietorship, Partnership, Trust and Companies are also eligible
  • The loan amount can be used for setting up clinics, purchase of equipment, expansion of unit, purchasing vehicles for business use, meeting business trip expenses, working capital needs, etc.

Borrower Contribution to Total Cost (Margin Money)

  • For Urban Centres: The bank charges 10% margin for loans up to Rs. 5 lakh and 20% for loans above Rs. 5 lakh
  • For Rural and Semi-urban Centres: The bank charges up to 15% margin for these loans

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank covers the rest.

Processing Charges

  • This information is not available on the bank’s website. We suggest getting in touch with a bank representative for more details

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • A4 size copies of the aforementioned documents

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • All A4 size copies of the aforementioned documents

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • All A4 size copies of the aforementioned documents

Reference Facts

  • Indian Bank Website: www.indianbank.com
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Toll-Free Number: 1800 425 00 000, 1800 425 4422