Purpose – For purchase of any medical equipment
Eligibility – Any Individual bonafide member of the Bank
Type of facility – Term Loan
Maximum Limit – Rs. 10.00 lakhs subject to the maximum of 36 times of monthly income of the respective borrower
Margin – 25% or above depending upon merit of each case
Rate of Interest – As per bank’s rules from time to time
Other charges – As per bank’s rules from time to time
Repayment – Up to the maximum of 120 months in suitable monthly installments
Primary Security – Hypothecation of the respective equipments financed by the Bank
Collateral Security – Equitable mortgage of immovable property or pledge of any other tangible security acceptable to the Bank
Sureties – Two sureties of good means to the satisfaction of Bank, preferably an employee of any Government or Semi Government department, or Autonomous body or local bodies or Public Sector Undertakings or also of reputed Public limited Companies with at least 3 years of continuous service
Payment direct to the Vendor for full cost of the Equipment as per Performa Invoice, subject to recovery of margin money from the borrower; Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues
The bank also offers financial assistance to people in the form of loans such as home loan, personal loan, educational loan, car loan etc