The Kolhapur Urban bank has launched a special scheme for Practicing Doctors. Under this scheme Loan will be provided for Plot / Building purchase, Take over, Machinery, Home, Decoration, Electric fittings, Car, Furniture etc for Hospital and related business.
The applicant must be / become a member of the Bank. He must himself be a doctor by profession. He must be a Tax Payer. Must be able to pay the Loan EMI from the income. Husband, Wife, Mother, Father, Brother or Sister with individual source of income can become co-applicant.
Security for Loan:
For the loan fixed asset(s) / Vehicle of the applicant or sufficient security in accordance of the loan amount must be provided. The said property will be taken as security by Registered / Equitable mortgage. Two eligible guarantors are required for the said loan. Also Insurance policy in favor of the bank is a must.
This loan can be repaid in a maximum duration of 10 years, depending upon repaying capacity of the client.
Loan Amount :
A maximum amount of 85 % cost for Fixed property, 75 % of cost for Machinery & Car will be allotted by the bank depending upon the repayment capabilities of the applicant.
Interest Rate & EMI :
The Interest will be charged on Daily Reducing Balance. A special Interest Rate and easy EMI facility is provided under this scheme. The Interest rates are :
Term : 5 years
Interest Rate : 13 %