TIIC Medical Practitioners Scheme

Tamil Nadu Industrial Investment Corporation Limited has proposed Medical Practitioners Scheme to provide loans for the qualified medical practitioner. Under this scheme, any qualified medical practitioner can avail loan of up to Rs.1 crore for the purchase of medical equipment including MRI machines, X-Ray machines, CT scanners, colour dopplers, sonography machines and other medical equipment. In this article, we look at the Medical Practitioners Scheme in detail. Also, know about GST rates for Medical Equipment.

Eligibility Criteria

The following are the eligible conditions to avail loan under the Medical Practitioners Scheme:

The applicant should have recognized qualification in any branch of medical sciences like MBBS/BDS with PG or specialization in diploma.
The applicant should possess income tax returns for the last three years.

Quantum of Loan

The minimum amount of loan under the medical practitioner scheme will be of Rs. 10 lakhs and the maximum amount of loan will be of Rs. 1 crore which will be provided based on the average applicant income for the last three years.

Rate of Interest

The proposed rate of interest charged for the loan amount will range from 8.95%, which is based on credit rating.

Conditions

Interest can be paid either on every month or quarterly.
In the case of any default, penal interest of 2.50% per annum will be imposed for the defaulted period.

Promoter Contribution

The promoter contribution under the medical practitioner scheme will be the rate of 10% of the value of the total project cost. Note: The CIBIL score of the promoters should be 650 and above.

Repayment Period

The maximum repayment period for the medical equipment loan is 5 years, including a moratorium of 6 months.

Collateral Security

The collateral security of not less than 20% of the loan amount or collateral property is required from the borrower.

Registration Fees

The applicant has to pay the registration fee at the time registration of the application.

The Registration Fee of Rs. 5,000 has to be remitted if the loan is processed by the Branch Sanction Committee (BSC).
The Registration Fee of Rs. 25,000 has to be paid if the Head Office processes the credit.

Investigation Fees

The investigation fees are inclusive of the registration fees, and the applicant is requested to make an investigation fee before the prescribed sanction committee sanctions the loan proposal.

Loan Amount	Investigation Fee
Loans up to Rs.10.00 lakhs	Rs.5000
Loan amount exceeding Rs.10 lakhs and up to Rs.50 lakhs	Rs.10000
Loans above Rs.50 lakhs and up to Rs.100 lakhs	Rs.30,000

Note: 50% concession in investigation fee for applications received in Loan Melas/Customers meets which is organized by TIIC.

Application Procedure for Medical Practitioner Scheme

The application can be initiated from IndiaFilings. Our Business Advisors will assist in availing these loans through the seamless and proven procedure. For applying manually, the applicant has to visit TIIC office with relevant documents. Sanction of Loan Step 4: The concerned authority will verify and approve the submitted application with the particulars if satisfied with the application will be processed.

Refund for Rejection of Loan

In case of refusal of the loan application, the prescribed fee will be refunded as given below:

The investigation fee paid as the second instalment will be considered for refund at the rate of 50% on fees paid if the applicant withdraws the proposal before sanction. However, the initial registration fees will not be refunded.
If the corporation or the applicant rejects the loan application withdraws the application after the sanction of loan, no reimbursement will be entertained.
No refund of investigation fee will be allowed if the contractor availed for 50% concession already.