Looking for MSME Loan for Doctors from State Bank of India?
You have landed at the right place. This page contains all the information you will need on State Bank of India’s MSME Loans for Doctors and other medical practitioners.
State Bank of India SBI Doctors Plus Loan Scheme
This loan helps medical practitioners meet their capital expenditures or working capital expenses right from setting up a clinic, nursing home, hospital and pathology labs to purchase of equipment, vehicles and ambulance. The maximum loan amount is Rs. 5 crore for this loan.
Features of SBI Doctors Plus Loan
Why this Loan?
- The SBI Doctors Plus Loan is meant for medical practitioners who need to financial assistance in fulfilling their capital expenditure 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 if minimum 51% of stake is help by a qualified doctor or medical practitioner
Loan Amount
- The maximum loan amount offered under this loan scheme is Rs. 5 crore
Interest
- The interest rate applicable to this loan is defined as the sum of one-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Spread. Currently, one-year MCLR of SBI is 7.00% and the Strategic Spread may range from 2.00% to 2.50%. This means that the effective interest rate may range anywhere from 9.00% to 9.50%
Repayment
- These loans have a repayment period of 3 to 7 years after the moratorium ends. The moratorium of this loan is 6 months
Security Needed
- Loans up to Rs. 2 crore: No collateral security required. The bank asks for CGTMSE coverage
- Loans Above Rs. 2 crore: The bank may also ask the borrower for equitable mortgage of property to secure the loan
Borrower Contribution to Total Cost (Margin Money)
- The bank charges 15% of the total cost as margin
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 mentioned on the bank’s website. Please talk to a bank representative at the time of applying for this loan
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
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
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
Reference Facts
- State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 425 3800, 1800 11 2211