What is Medical Practitioner Scheme

India is becoming a developing country day by day. TIIC they have introduces so many schemes for the youth. To give financial assistance for rural medical practitioners under Medical Practitioner Scheme- Tamilnadu to set up an independent practice. Tamil Nadu Industrial Investment Corporation Limited proposes to provide loans to eligible medical practitioners. Under this scheme, any eligible medical practitioner can use up to Rs.1 crore loan. So that he/she can purchase medical devices like MRI machines, X-Ray machines, CT scanners, colour dopplers, sonography machines, and other medical devices

Eligibility Criteria for Medical Practitioner Scheme

The following are the qualifying terms under the Scheme to avail loan:

  • In any branch of medical sciences, such as MBBS / BDS with PG or specialization in diploma. Therefore, the applicant must qualify from a well-known institution. ( The applicant must be a medical practitioner )
  • Also, the applicant must maintain income tax returns for the last three years.
  • Even the CIBIL score of promoters must be 650 and up.
Purpose of introducing

The purpose of introducing the Medical Practitioner Scheme is to purchase medical equipment. Also, you can buy any related asset to the medical field. The government is providing loans, so that relates to funding to eliminate quickly, and medical practitioners can work comfortably. You can quickly get a loan between 10 lakhs-1 crores.

How much loan amount can be availed?

According to TIIC in the Medical Practitioners Scheme, the loan offers to the qualified medical practitioner. The minimum loan amount under the medical practitioner scheme is Rs. 10 lakhs. And the maximum loan amount is Rs. 1 crore. That is provided on the base of the applicant’s average income limit to 4 times for the last three years

Conditions of the Medical Practitioner Scheme
  • The interest to pay is applicable either every month or quarterly.
  • In the case of any default, the default period subjects to a punitive interest rate of 2.50 per cent per annum.
  • The promoter contribution under the medical practitioner scheme starts from a rate of 10% of the estimation of the project cost.
  • The maximum repayment period for the medical equipment loan is five years. That also includes a moratorium of 6 months.
  • The collateral security of not less than 20% of the loan amount
Documents for Medical Practitioner Scheme
  • KYC documents
  • Proof of ID: Aadhar card, PAN card, Passport, voter ID
  • Proof of residential address
  • Project report with projected balance sheet
  • Educational qualification certificates