Bank of Maharashtra's MAHADOC Loan Scheme for Doctors: Empowering Medical Professionals, Building a Healthier Nation

Kuldeep Singh, Content Writer | Monday, 15 April 2024

 Bank of Maharashtras MAHADOC Loan Scheme for Doctors: Empowering Medical Professionals, Building a Healthier Nation

A nation's healthcare system is only as strong as its infra- structure.  From well-equipped hospitals to specialized clinics, a robust network of facilities is essential for delivering quality healthcare to every citizen. However, establishing and main- taining such infrastructure can be a significant financial hurdle for medical professionals in India.  Recognizing this challenge, Bank of Maharashtra offers the MAHADOC Loan Scheme for Doctors, a strategic financial solution designed to bridge this gap.

A Tailored Solution for Diverse Needs

This special scheme for Doctors caters to a wide range of re- quirements. Whether to set up a new hospital, clinic, nursing home, pathological lab or physiotherapy centre or specialize in areas like skin care, endoscopy, or dialysis, this scheme offers the necessary financial backing. It extends support for acquiring premises, purchasing advanced medical equipment, and even renovating or expanding existing healthcare facilities. Notably, the scheme acknowledges the growing demand for specialized services by covering IVF centres, reflecting its adaptability to the evolving healthcare landscape.

Financial Strength for Medical Ambitions

Understanding the financial needs of medical practitioners, the Doctor’s loan scheme provides Term loans and Cash Credit facilities ranging from a minimum of INR 10 lakh to a maximum of INR 25 crore. The interest rates are linked to the RLLR (Repo Linked Lending Rate), with the additional incentive of a reduced rate for borrowers who provide collateral. For loans up to INR 5 crore, an attractive feature is the CGTMSE cover, further mitigating risk.

Loan Structure Designed for Stability

Under MAHADOC loan structure incorporates a margin system, requiring a 20% margin of the project cost for term loans up to INR 200 lakh and a 15% margin for vehicle financing. Cash credit needs to have a fixed margin of 25%. For loans exceeding INR 200 lakh, a uniform 25% margin applies to both term loans and cash credits.

Flexible Repayment Options for Growth

Recognizing the time required to establish a successful practice, the Doctor Loan scheme offers flexible repayment options. The maximum repayment duration extends up to 12 years, providing ample breathing room for medical professionals to focus on growth without undue financial pressure.

Who Can Apply?

The loan scheme is open to qualified and registered medical practitioners in India. To be eligible, one must possess a degree like MBBS, BDS, BAMS, BAHMS, or BPT and should have at least 2 years of work experience post-qualification. Additionally, registration under the MSMED Act, 2006, and a valid Udyam registration certificate is mandatory requirements.

The Mahabank Loan Scheme for Doctors goes beyond just financial support. It's an investment in the future of India's healthcare system. By empowering medical professionals to establish and strengthen their practices, the scheme contributes to increased access to quality healthcare services across the country. This fosters a healthcare ecosystem that is well-equipped, empowered, and prepared to meet the evolving needs of the population.

To get more information, please visit: Mahabank Loan Scheme for Doctors