This loan product can be availed by all types of healthcare institutions such as hospitals, nursing homes, diagnostic centers, pathology labs, manufacturers, suppliers, importers and logistics firms engaged in critical healthcare supplies.
State Bank of India (SBI) has introduced Aarogya Healthcare Business Loan to facilitate the business class. This product was launched by the chairman of the bank, Dinesh Khara. This loan scheme has been specially designed to help the healthcare system of the country. There are many features of this loan scheme which include cash credit, term loan, bank guarantee, letter of credit. Customers will be able to get a new loan easily using these methods.
In this scheme started for business class, businessmen can take loan from minimum Rs 10 lakh to maximum Rs 100 crore. With this loan money, a new unit can be set up or the old unit can be expanded. The loan repayment period has been kept at 10 years. Loans up to Rs 2 crore under the scheme will be covered under the CGTMSE Guarantee Scheme.
Features of the loan scheme
This product can be availed by all types of healthcare organizations such as hospitals, nursing homes, diagnostic centers, pathology labs, manufacturers, suppliers, importers and logistics firms engaged in critical healthcare supplies. The loan amount can be up to Rs 100 crore which can be repaid in 10 years. Arogyam loan can be taken as a term loan or cash credit, bank guarantee. A new unit can be set up or an old unit can be expanded using the loan as capital.
A loan of Rs 100 crore can be taken under the Arogyam Loan Scheme in metro cities. Tier-1 city and other urban area institutions can take loans up to 20 crores. A provision has been made to give loans up to Rs 10 crore to institutions operating in Tier-2 to Tier-4 cities.
Companies taking loans up to Rs 2 crore will not be required to deposit any collateral or security in the bank. This loan will be fully covered under the Guarantee Scheme of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). The Arogyam Healthcare Business Loan will be given under the Kovid relief measures, which were recently announced by the Reserve Bank.
SBI has also announced personal loan
SBI had recently announced a similar loan scheme named Kavach Personal Loan. Under this scheme, any person can take a loan from Rs 25,000 to Rs 5 lakh. In this, they can take a loan for the expenses incurred on Kovid-19 treatment of themselves and the family. No collateral or security will be required for this loan.
At present, this will help the people affected by Kovid-19. There will be no penalty for making the payment before the loan tenure. Apart from giving personal loan at the lowest rate in the market, State Bank of India will also offer a tenure of up to 5 years on this Kavach Personal Loan. Loan borrowers will also get a moratorium of 3 months.
