Objective

To provide financial assistance under Hospital Plus Scheme for setting up new clinic, hospital, nursing home, or pathological lab, or for expansion and modernization of existing units. The loan can be used for purchase of diagnostic equipment, office equipment, vehicles, ambulance, etc.

Eligibility

1. Individuals, partnership firms, companies, and societies or trusts registered with Registrar of Societies, engaged in providing medical, pathological, diagnostic, or other health care services.
2. At least one of the promoters, directors in case of non-individual borrowers, or doctors should have requisite qualification in any branch of medical science.
3. Proceeds of the term loan should be deployed for creation of fixed assets which will ultimately generate revenue for the unit.
4. Financially sound individuals, partnership firms, and companies.

Exclusions

1. Acquisition of second-hand equipment or machinery.
2. In house fabrication of equipment or machinery.
3. Reimbursement of the cost of equipment or machinery purchased more than ninety days prior to the date of application

Margin

Twenty five percent to thirty five percent.

Rate of Interest

The rate of interest will be charged by the Corporation equal to the State Bank of India Marginal Cost of Fund Base Lending Rate (MCLR) for 1 year tenor as revised from time to time for all lending cases.

Security

As per the provisions of the Term Lending Policy of the Corporation. Term lending up to Rs. 50.00 lakh can be considered under CGTMSE cover of Credit Guarantee Trust Fund depending upon the credentials of the prospective borrower. The guarantee fee shall be borne by the borrower.

Repayment

The term loan shall be repayable in a period ranging from three years to seven years, including a moratorium of one month to twenty-four months from the date of disbursement.

Up-Front Fee

No upfront fee shall be charged for Term loans up to ₹25.00lac. Term loans beyond ₹25.00lac & up to 100.00lac shall attract upfront fee @ 0.375% of the Term loan sanctioned plus GST; Term loans beyond ₹100.00lac shall attract an upfront fee of 0.75% of the term loan sanctioned plus GST. The upfront fee paid shall be non-refundable.

Processing Fees

The Corporation shall charge processing fee as per the structure given here under:

*plus, GST as applicable

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Documentation

Standard documentation as per the norms of the Corporation.