Updated on: December 17th, 2019 3:39 PM

Canara Bank Loan - Doctors Choice

Canara Bank is one of the oldest and largest nationalised bank of India, headquartered in Bangalore, Karnataka.  As of November 2015, the bank had a network of 5784 branches and more than 9153 ATMs spread across India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Bahrin, South africa, Dubai, and New York. Canara Bank offers loan for doctors under a scheme called Doctors Choice. In this article, we review the Canara Bank Doctors Choice loan scheme in detail.

Overview

Doctors Choice loan can be availed by qualified medical practitioners in any branch of medical sciences for meeting term loan or working capital requirement. The loan can be used for:

• Setting up of clinic, poly clinic, nursing home, hospital, X-ray labs, pathology labs, physiotherapy centres etc.
• Purchase of equipments including surgical, X-ray, CT Scan, Electro medical, operation theatre, air conditioners, refrigerators, generator, etc. essential for carrying on the business.
• Expansion/renovation/modernization of existing clinic, poly clinic, nursing home, hospital, X-ray labs, pathology labs, physiotherapy centres etc.
• Purchase of vehicles, ambulance, computers/accessories and other essential equipments.
• Meet expenses towards business trips.
• Start or expand in-house medical store managed by a qualified pharmacist.
• Building of quarters for resident doctor.
• Working capital requirements.

Eligibility Criteria

Qualified and registered medical practitioners in any branch of medical sciences are eligible to obtain loan under the Doctors Choice scheme. The person could be from any branch of medical sciences like Allopathy, Dental, Ayurvedic, Unani, and Homeopathy having practical experience of operating a medical practice. Entities like partnership firms, LLP, private limited companies and Trusts that are owned and operated by qualified medical practitioners are also eligible under the scheme.

Amount of Loan

Based on the requirement of the applicant and the banks assessment, a loan of upto Rs.5 crores can be sanctioned under the Doctors Choice scheme. The loan can be sanctioned for a maximum of 7 years, at rate of interest that is linked to the Banks base rate.

Other Loans for Doctors

Refer to the following articles for information about loan schemes for doctors:

• SBI Loan for Medical Equipment
• Bank of Baroda Loan for Doctors