For consumption purpose such as purchase of household articles, medical expenses, other personal expenses & business purpose such as setting up of clinics, purchase of medical equipments etc and not for any speculative purpose.
Individual Registered Doctors and Medical Practitioners in any stream (Medicine, Homeopathy, Ayurvedic, Veterinary etc.) in India having minimum CIBIL Transunion Score of 700 (under version 1.0) or 618 (under Version 2.0).
- Minimum Age- 21 Years
- Maximum Age- 65 Years
- Loan must be liquidated before reaching 70 years of Age.
- 1) Term Loan
- 2) Step Down Overdraft (Monthly Reduction Basis)-On proportionate.
Quantum of loan:
- a) Amount equivalent to average of 2 year income or Rs. 5.00 Lac, whichever is less. Annual Income will be accepted as per Income Tax Return submitted to IT Authority or Form -16 issued by employer.
- b) Amount equivalent to average of 2 year income or Rs. 10.00 Lac, whichever is less in case loan is secured by full tangible collateral security. Annual Income will be accepted as per Income Tax Return submitted to IT Authority or Form -16 issued by employer.
- c) For Doctor /Medical Practitioners of Government & Government Aided Medical College/Hospitals drawing salary for past six months through Allahabad Bank Branches, loan limit will be equivalent to annual income as per ITR/Form-16 or 12 times of latest monthly salary subject to maximum of Rs.20.00 Lac.
- Minimum Take Home pay should not be less than 40%.
Rate of interest
- 1Y MCLR + 3.00% for all categories of Borrowers. However lower interest rate will be applicable in following cases:
- For Doctors/ Medical Practitioners of Government & Government Aided Medical College/Hospitals drawing salary through Allahabad Bank Branches – applicable rate @ 1Y MCLR+2.00%.
- Borrower offering liquid collateral security to cover more than 50% of loan amount - applicable rate @ 1Y MCLR+2.00%.
- In case loan is fully secured by liquid security, applicable rate of interest will be 1Y MCLR+1.00%.
1.06% of loan amount Minimum of Rs.534.00 + Taxes. Maximum Rs.10000.00.
Permission for full waiver of processing fee rests with FGMLCC.
Primary – Nil,
Collateral - Not mandatory
Personal Guarantee of the Doctors.
In case loan is fully secured by liquid security, applicable rate of interest will be MCLR+1.00%.
Term Loan- In Maximum 84 equated monthly installments
Overdraft (Step Down)- OD facility with reduction in limits every month on Original Limit to liquidate the loan at the end of 84 month. Drawing power shall be reduced on monthly basis. In case loan is granted for lesser duration, deduction proportionate to the tenure of the loan to be effected for liquidation of loan at the end of the term.
ECS/NACH mandate to be obtained in all cases where salary is not drawn through our branches and also in case of non salaried Doctors. In other cases SI, PDC to be obtained.
Term Loan-By credit to his / her (Principal Borrower) S/B account.
Overdraft- Through Cheque /Internet Banking.