IOB launches Sanjivani scheme for doctors

Thiruvananthapuram: Indian Overseas Banks 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.