Vananchal Gramin Bank – Doctor’s Plus Scheme

By Pradeep Yuvaraj | July 7, 2011

Purpose –           To finance qualified medical practitioners; for buying equipments (For dentists the loan also covers dental implants besides equipments.  For orthopedists, the loans also covers various replacements implants for hip knee shoulder spine etc.)

Setting up clinic, nursing home, pathology labs, drug store, ambulance, computers, vehicles; Extension renovation modernization of existing Premises

Eligibility –             Individuals Partners Corporates Trusts (with powers to borrow)

Promoters should be registered practitioners and should possess minimum qualification to practice in a discipline such as MBBS/BDS/BAMS/GAMS/BHMS

Target Group –           Medical practitioners of any discipline, promoters of hospitals and nursing homes, pathological clinics, polyclinics, X-Ray labs etc

Type of facility –           Medium Term Loan

Quantum of Loan –           Maximum of Rs. 25.00 lakh with a sub-ceiling for working capital limit at 10%

Security –           Primary- Hypothecation of Assets; Collateral- As per extant norms of the bank

Insurance –           Insurance of assets purchased out of bank loan and in respect of vehicles comprehensive insurance as laid down

Processing Charges –           O.5% of loan amount; Minimum Rs. 500-

Repayment –           Maximum DSCR   11.5;   Maximum period up to 7 years; Maximum moratorium 12 months

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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