Medical Practitioner Scheme TIIC

Medical Practitioner Scheme TIIC

You know India is developing day by day. TIIC has introduced so many schemes for the youth. To give financial assistance to rural medical practitioners under the Medical Practitioner Scheme to set up an independent practice. Tamil Nadu Industrial Investment Corporation Limited proposes to provide loans to eligible medical practitioners.

Also, under this scheme, any eligible medical practitioner can use up to Rs.1 crore loan so that he/she can purchase medical devices like MRI machines, X-ray machines, CT scanners, colour dopplers, sonography machines, and other medical devices. Providing loans will offer the best results in the future and take care of people’s health.

Eligibility Criteria for the Medical Practitioner Scheme

The following are the qualifying terms under the Scheme to avail loan: 

  • In any branch of medical sciences, such as MBBS / BDS with PG or specialization in diploma. Therefore, the applicant must qualify from a well-known institution.
  • Also, the applicant must maintain income tax returns for the last three years.
  • Even the CIBIL score of promoters must be 650 and up.

Purpose of Medical Practioner Scheme India

The purpose of introducing the Medical Practitioner Scheme is to purchase medical equipment. Also, you can buy any related asset to the medical field. The government is providing loans, so that relates to funding to eliminate quickly, and medical practitioners can work comfortably. You can quickly get a loan between 10 lakhs-1 crores.

Loan Amount Sanctioned Under Medical Practioner Scheme

According to TIIC in the Medical Practitioners Scheme, the loan is offered to the qualified medical practitioner. The minimum loan amount under the medical practitioner scheme is Rs. 10 lakhs. The maximum loan amount is Rs. 1 crore. That is provided on the base of the applicant’s average income limit of 4 times for the last three years.

Rate of Interest For Medical Practioner Scheme

The recommended interest rate paid for the amount of the loan varies from 8.95 per cent, which is dependent on credit rating.

Conditions of the Medical Practitioner Scheme

The following conditions are applicable :

  • The interest to pay is applicable either every month or quarterly.  
  • In the case of any default, the default period is subject to a punitive interest rate of 2.50 per cent per annum.

Promoter Contribution

The promoter contribution under the medical practitioner scheme starts from a rate of 10% of the estimation of the project cost.

Note: The CIBIL score of the promoters eligible is 650 and above.

Repayment Period For Medical Practioner Loan Scheme

Taking a loan over Rs.10 lakhs- 1 crore under the medical practitioner scheme you have to repay as well. So, the maximum repayment period for the medical equipment loan is five years. That also includes a moratorium of 6 months.

Is Collateral Security Needed For Medical Practioner Scheme Loan India?

The collateral security of not less than 20% of the loan amount or collateral property is required from the borrower. Even a 20% – Security Deposit is applicable.

Registration Fees

The candidate must pay the registration fee at the time of applying :

  • So, the Registration Fee of Rs.5,000. That must be paid if the loan is successfully processed by the Branch Sanction Committee (BSC).
  • The Registration Fee of Rs. Twenty-five thousand must be paid if the Head Office processes the credit.

So, for more details, visit the official website of the TIIC.

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