Cosmo Medical Loan Scheme

Medi loan for the Demi gods!

This scheme is especially for entrepreneurs in the medical fraternity. Whether its premises or equipment or anything for your venture, we help you save lives. With a need based finance option and no maximum limit on you loan, we are here to realize your dreams. Foreclosure charge is just 1% and moratorium period of 6 to 12 months, as per your requirement.

Loan Highlights

Loan Limit
No maximum limit: need-based finance

Rate of Interest
Welcome Rate 8.45%* and above for Priority
& 8.70%* and above for Non Priority (Depending on Credit Rating and size of exposure)

Time of Disbursement
30 Days

Repayment Period
For purchase of premises, repayment period will be up to 10 years
For purchase of equipment, repayment period will be 5 to 7 years
Review within 12 months for Cash Credit.

Prepayment Charges
Nil

Loan Charges

0.25% Loan Demand + GST

Foreclosure Charges

within 12 mths - 3%
12 Months Before 24 months - 2%
After 24 months - 1%

Eligibility

The applicant should become a regular member or nominal member of the Bank in case of no membership
The applicant partner or director should hold a medical degree from a recognized university
Individual / Partnership / Private Ltd Company takeover proposals from other banks having standard Asset classification is required

Facility

Insurance
Insurance policy from Bajaj Life Insurance co. Ltd. with Bank's clause
Membership
Membership will be applicable. For charges, Click Here

Documents Required

All documents as per KYC norms viz. Residence proof and Identity proof of applicant as well as guarantors.
Income documents of borrower and guarantors
Account statement of borrower/customer for last six months
Copy of degree certificate of the applicant/partner/director

Licenses/registrations applicable for medical practice
Financial projections as per required repayment period

Get In Touch

Our Expert will call you back on the number provided by you within 24-48 hours to assist you further. Thank you for your interest in Cosmos Bank

Enquire Now

Ideal for people

To provide financial support to Medical practitioners, Diagnostic Centers, Pathology Labs, Maternity Homes, Hospitals, etc.

Good to Know

Prime Security: Premises to be purchased by way of simple/equitable mortgage.

Equipment/furniture-fixture, etc. to be purchased by way of hypothecation.

Hypothecation will be done on stock of medicines, consumables, etc. and debtors.
Collateral Security: 25% of the expected/desired exposure
Loan Security Regarding Immovable Property: In case of loan for premises, the loan will be disbursed as per stage of construction.

In case of loan for equipment, the loan will be disbursed as per requirement or demand directly to the vendors of equipment/instruments.

Cash Credit for day to day expenses, consumables, and overheads.
Margin: For the purchase of premises/construction, the margin will be 15% to 20% in Bank’s favour

For the purchase of medical equipment/instruments, furniture fixtures, etc., the margin will be 25% to 30% in Bank’s favour

For Cash Credit margin will be 25% in Bank’s favour
Other Charges: For Charges, Click Here
Note: Women entrepreneurs engaged as Medical Practitioners will benefit from either scheme.

Additional benefits as highlighted above are available subject to exclusive banking with us as principal banker.
Form: Available on Online Form Centre