Loans for Dentists From Central Bank Of India

It is exclusively for all dentists who are members of IDA

This loan Scheme for Dentists is known as CENT DENTIST

• The best part of this scheme is that it has been exclusively made for dentists.
• It covers all the aspects of dentistry.
• It takes into consideration if you are a New Dentist or Experienced Professional.
• It takes into consideration where your practice is located – Urban Areas or Rural.

Purpose

• Purchase of equipment including a computer for the clinic, setting up of Dental Clinic, clinic-cum-residence, expansion /renovation /modernization of existing practice.
• Working Capital requirement including stock of medicine /disposables.

Eligibility

• Applicant/Dentist should be a member of IDA. Original of IDA membership certificate and photocopy to be submitted. Original will be returned after verification.
• Individuals/Partnership/Companies/Trusts.
• Applicants / Promoters should have recognized qualification in BDS/MDS, should have completed House Surgeoncy to establish Dental Clinic and should be a registered Dentist.
• Partnership – Out of total partners at least 50% should be qualified and registered Dentists.
• Company – At least 50% of the promoter/directors should be qualified and registered Dentists.
• Trusts – Trusts should be registered with the power to borrow. At least one of the trustees should be qualified and registered Dentist.

Quantum of Loan:

• New Dentists (within 3 years, including house surgeoncy) in any location Maximum: Maximum Rs.10.00 lakh, inclusive of working capital limit up to a maximum of Rs.1 lakh, if required.
• Other Dentists:-

Margin

• 25 % for construction of Dental Clinic/WC.
• 15 % for purchase of new equipment.

Security

Primary:

• Hypothecation of assets acquired out of bank finance.
• EM of property with building owned by the Dentist in case construction of building for clinic/clinic-cum-residence is done in owned property

Collateral

• Collateral of minimum 50% of loan sanctioned to be provided by the borrower. The loan will not be covered under CGTMSE Scheme

Rate of Interest

• (a) For new Dentists.

MCLR+ 0.5% (floating)

• (b) For other Dentists.

Guarantee

For loans above Rs.100.00 lakh, Personal Guarantee of all the Partners, Promoter Directors, Trustees to be taken in case of Partnership, Limited Company, and Trust account respectively.

Disbursement

Branch can make multiple payments over a period of 12 months from the date of sanction by the requirement. However, the maximum time of loan should not exceed seven years or ten years as applicable/mentioned in Para 11 under Repayment Period parameter.

Repayment Period

• New Dentists: The maximum repayment period will be maximum 66 months including six months of the moratorium.
• Other Dentists: In case of purchase of equipment excluding WC, the maximum repayment period is 84 months including moratorium period of 6 months. In case of Loan for construction of Dental Clinic / Clinic-cum-residence, maximum repayment period of loan can be ten years including moratorium period of 12 months.

You can check out the official link for the loan here.

Check out More Loans Available to Dentists from various banks in the next slide

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