South Indian Bank Doctors Loan | Interest Rates | Documents | Eligibility
South Indian Bank (SIB) Doctors Credit Loan: Get Details on Lowest Interest Rates 9.85% to 11.85%, Documents, Emi, Eligibility and Processing Fees charged for Loans.
Purpose
For meeting personal/family finance requirements including expenses towards purchase of furniture/equipments for clinic, household articles/white goods, electronic/computer equipments, peripherals, expenses for inland/foreign leisure travel or business travel, medical treatment, etc.
Purpose of the loan should be indicated in the application form and proposal.
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SIB Doctors Loan Interest Rates
Interest rates starts from 9.15% to 11.40%
Target group
Individual Practising or employed Allopathic Doctors, having professional Medical degree.(Including Dentists)
Maximum quantum of loan
Minimum Rs. 25.00 Lacs
Maximum Rs. 1500.00 Lacs
Minimum Take Home Pay
There is no minimum take Home Pay stipulation. However, the borrower has to submit IT Return copies, for the last three years.
Mode of disbursement
Direct to sellers for purchase of goods OR otherwise, by credit to SB/CD account of the borrower.
Security
Wherever assets are created, these assets should be hypothecated to the bank. All loans should have as guarantor, one person having Net Worth at least twice the amount of loan.
For loans exceeding Rs.3 Lacs ( including OD sanctioned, if any)
100 % collateral cover is compulsory.
Upfront fee : 0.20% p.a. of the loan amount
Repayment period : 12 months. Limit to be renewed thereafter
Priority status
Based on the purpose, eligible loans to be classified under Priority Sector (Small & Micro Enterprises—Prof & Self employed)
Loans shall be sanctioned at the absolute discretion of the Bank.
This loan is intended as a general personal loan product. Documentation charges, inspection charges (if applicable), penal interest, foreclosure charges etc as per norms.