The State Bank of India (SBI) is providing predominant services in the banking and financial sectors. Since the largest population uses the services of this bank, it comes up with many ideas to satisfy their needs comprehensively. SBI has several schemes to offer for a varied range of customers. No matter if it is the senior citizen’s savings scheme or the student loan scheme, everyone can benefit. Moreover, the wide range of loans available allows customers to select the one that is best suited for them. Doctor loan SBI is a scheme helping out medical practitioners and professionals, by promising loans for a wide range of ventures at a minimum rate of interest. Carry on with your reading task and discover more!

What is an SBI Doctor Plus Loan Scheme?

Doctor Plus Loan SBI can be exclusively opted by physicians holding any of the acceptable medical qualifications like MBBS, BDS, MDS and BHMS. This scheme is beneficial to medical practitioners, helping them kick-start entrepreneurial ventures as per convenience. According to this scheme, not only the experienced practitioners but also the freshers will be able to apply for a loan. The seekers of this scheme can opt for a maximum loan amount of Rs. 5 crores. In this case, the working capital’s sub ceiling limits at 10% when the loan capital is up to a ransom of Rs 1 crore. On the other hand, it is 5% for a loan of above Rs 1 crore. 

The medical practitioners have to pay back the loan along with the interest amount within a maximum of 7 years. The maximum postponement period is up to 12 months excluding the purpose of construction. Also, the processing fee is just 0.5% of the total amount granted, in reality. The approved loan amount ranges from Rs 500 to Rs 50,000.

SBI Doctor Plus Loan Scheme – Benefits and Use Case

Doctors can use this scheme to purchase different medical equipment. A few of them are x-ray scanners, CT scanners, Dentistry setups, MRI machines, DEXA Scanners etc. The loan scheme acts as an opportunity to open horizons across multiple medical genres, be it orthopaedic, homoeopathy, oncology, radiology, gynaecology or dentistry. Also, it covers a variety of implants and related setups like that of shoulders, knees, hips, spines etc. This eases out the complex process of signings and approvals. 

The modern world believes in attractive and innovative commodities, for this purpose, it is crucial to update the interiors of a clinical premise frequently. Hence, bringing in the scope of accurate renovation and modernisation. With an SBI Doctor Plus Loan Scheme, medical professionals can think about expanding their existing clinic, laboratory and related setup accordingly. They can opt for new machines, hire staff, make changes with the overall treatment process and things alike. 

The medical profession happens to be the busiest of all professions. Moreover, the scheme provides loans to doctors so they can travel as well. This enables them to have a fruitful recreational trip that uplifts the entire mood in addition to creating a work-life balance, which is much needed. 

Furthermore, Doctor Loan SBI can also be utilised to buy vehicles associated with clinics and hospitals like ambulances, delivery vans and other accommodations serving adequate emergencies. It also enables the applicant to buy computers, printers and scanners as per need. Several actions related to the medical profession can be improved. Through the SBI loan scheme, nursing homes, pathological laboratories, pharmacies and drugstores can be constructed. Therefore, it is clear that the scheme simplifies the provision of services efficiently correlated to medicare and hospitality.

SBI Doctor Plus Loan Scheme – Eligibility Criteria

The eligibility criteria for SBI Doctor Plus Loan Scheme is quite simple to fulfil and here is a detailed list regarding the same:

• This scheme is a flexible one for individual doctors as well as groups who can opt for the same. Besides, corporates and trusts that have the power to borrow are eligible for applying to this scheme. 
• If applicants are to opt for this scheme, they need to be practitioners registered under the government of India. Also, one has to host a minimum qualification of either of the following: MBBS, BDS, GAMS, BHMS. 
• The key promoters have to be qualified physicians. 

SBI Doctor Plus Loan Scheme – Documents Required

While applying to the SBI Doctor Plus Loan Scheme, the applicants should have the following documents handy:

• Application form filled with the credentials in addition to the bio-data. 
• Demand Draft, Processing Fee or Valuation fee or Advocate fee.
• The applicants should submit a brief profile of their own. Related stakeholders applying for the loan must also keep their documents handy. 
• Also, they have to submit a copy of their ID proof which may be either an EC ID Card, Passport or Driving Licence. 
• A copy of their ration card or telephone bill along with their PAN card. 
• The applicants will have to provide their IT returns for the past 2 years.
• Furthermore, an assets and liabilities statement should be provided along. 

If the applicant is appealing for a loan for an existing setup then they have to provide the following documents to the bank:

• The balance sheet for the past three years should be put forward.
• An estimated balance sheet for the current year. 
• It is necessary to prepare a predicted balance statement for the coming year. 
• A CMA form has to be provided to complete the procedure. 

SBI Doctor Plus Loan Scheme – Key Takeaways

Here is a quick overview of the SBI Doctor Plus Loan Scheme:

• The applicant needs to be a registered doctor, with either of the MBBS, BDS, GAMS, BHMS degrees.
• The particular loan scheme can be used to buy equipment, proceed with further expansion or construct new buildings as per need.  
• The margin of the SBI Doctor Plus Loan Scheme ranges between 10% to 15%. One can also ask for concessions as per the loan amount. 
• The processing fee charged by SBI is 0.5% of the applicable loan amount.
• For an SBI Doctor Plus Loan Scheme, applicants can opt for multiple disbursements over a complete period of 24 months from the actual date of sanction. 
• Half-yearly inspections can be specified. 

SBI’s range of schemes and loan provisions is improving day by day. The Doctor Plus Loan scheme surely is opening doors for settling down medical emergencies in several nooks and corners of India. Moreover, the broad spectrum of purposes the scheme serves is appreciable. With the implementation of the scheme, we can surely expect a rise in the standards of medical services all over the nation accordingly.