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IOB
launches Sanjivani scheme for doctors
Our Banking Bureau
4 May 2002
 Thiruvananthapuram:
Indian Overseas
Bank’s Sanjivani scheme, which seeks to provide loans to medical
practitioners, has been launched here.
 Loans
are given under the scheme for constructing hospitals, purchasing
ambulances, vans and medical equipment, and modernising existing
hospitals. The loan ceiling has been put at Rs 1 crore in urban
areas, Rs 50 lakh in semi-urban areas and Rs 10 lakh in rural
areas.
The interest rate has
been fixed at 12 per cent for loans up to Rs 2 lakh. Loans above
this will attract 14 per cent in rural areas and 14.5 per cent in
urban areas. Mortgage of property, National Savings Scheme
certificates or Life Insurance Corporation of India policies may
be furnished as security for loans above Rs 2 lakh.
The margin has been fixed
at 15-25 per cent for the purchase of  medical
equipment and 25-30 per cent for constructing hospitals. The
repayment period is five-to-seven years.
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