SBI is a statutory body that provides banking and financial services and is one of the largest public sector banks. SBI focuses on offering a variety of lending solutions to its customers, including business and SME loans at low-interest rates. State Bank of India offers SME loans to professionals such as doctors, accountants, and others, just like it does for other types of loans. Read the article below to know about a unique sort of SME loan: the Doctor Loan (Doctor Plus Scheme), which has an interest rate of 9.00 percent and up.
SBI Doctor Loan – Interest Rate & Features – Nov 2021
|Rate of Interest||9.00% onwards|
|Amount ofLoan||Min. Rs. 10 lakh & Max. Rs. 5 crore|
|Processing Fee||50% concessions on card rates|
|Repayment Tenure period||From 3 years – 7 years, including 6 months moratorium period|
|Collateral||No collateral security for loan amount up to Rs. 2 crores (Covered under CGTMSE)|
|For loans above Rs. 2 crores and up to Rs. 5 crore||Minimum 25% tangible collateral security with a personal guarantee of promoters|
Note: The above-mentioned interest rates, fees, and charges are subject to change at the bank's and RBI's sole discretion. GST and service tax will be added to the above fees and taxes.
Doctor Loan for Clinic: Eligibility Criteria
The following are the eligibility requirements for a Doctor’s Loan for a Clinic:
The key criteria for a Doctor are to use the Doctor Loan Calculator in the digital interface supplied by all lenders to determine the eligibility amount. It not only forecasts financial consequences, but it also paints a picture for the borrower of the loan’s contours.
Any business loan to a professional is predicated on the requirement of a valid qualification. Other eligibility criteria for Doctor Loans may differ from one lender to the next. The standardized criteria can be listed, and thus a wide range of lenders, including Lendingkart, can be covered.
- Must be an Indian citizen over 25 years of age.
- Appropriate professional qualification degree and post qualification experience as under:
- Medical Graduate:
- Minimum 5 years post qualification experience.
- Post Graduate and Super Specialists:
- MD, MS, DM and MCH.
- Post qualification experience not required.
- BDS or MDS
- Minimum 5 years of post-qualification experience
- Homoeopathy Doctors:
- BHMS and DHMS
- Six years and 15 years post qualification experience respectively and owning a house or clinic.
- Ayurvedic Doctors:
- Six years of post-qualification experience and owning a house or clinic.
- In order to practise medicine in India, you must first obtain approval from an appropriate regulatory entity. The registering authority for medical graduates is either the MCI or the IMA.
- A minimum annual income of Rs.1 lakh is required. Others establish a greater income threshold as a requirement for eligibility.
- The minimum operational life is two years, although in the case of Lendingkart, it is only six months.
What is the Purpose of the SBI Doctor Plus Loan Scheme?
Medical practitioners can apply for an SBI Doctor Plus Loan to buy medical, healthcare, or dental equipment for business expansion, renovation, and modernization of existing premises, and to open nursing homes, clinics, pathology labs, drug stores, ambulances, computers, and vehicles, among other things.
Features of Doctor Loan
Doctor loans have the following characteristics: Doctors are professionals who require finances in order to pursue their autonomous practice, which is inherent in every professional activity. Thus, for the development and growth of a profitable practice, an immediate loan for doctors, both personal and business, is essential. While traditional lenders such as banks offer distinct specialized programs for doctors, new-age NBFCs such as Lendingkart are charting a road that avoids the time-consuming procedures that are commonly used. Digital NBFCs provide a slew of perks to entice doctors to use their loan products, which are tailored to meet today’s needs. The following are some redeeming qualities:
- The digital application process is simple and painless.
- The interest rate on a doctor’s loan is competitive.
- Processing of loans is completed quickly.
- A large, collateral-free loan sum is available.
- Documentation has been simplified.
- Transparent and cost-free transactions.
The interest rate on the SBI Doctor Plus scheme starts at 9.00 percent and goes up from there.
Depending on the business needs, the least loan amount is Rs. 10 lakh, and the highest credit amount is Rs. 5 crores.
This loan has a payback schedule ranging from 3 to 7 years, including a 6-month moratorium period.
This loan can be used to open clinics, labs, nursing homes, and drug stores, among other things. Ambulances, medical equipment, vehicles, laptops, surgical tools, and other items can all be purchased with the help of a loan.
SBI charges a business loan processing fee that varies from loan to loan and is based on the applicant’s profile and business needs.
With a low credit score, getting a loan from a commercial or public bank will be tough. In order to obtain a low-interest loan under the specialist loan category of Doctor Loan, it is required to have a strong credit score.
Yes, you should always check the loan EMI before taking out a loan by using the business loan EMI calculator to enter basic information such as the loan amount, interest rate, and repayment period.