As a medical practitioner, funding can be challenging for starting or expanding your practice. The TIIC Medical Practitioners Scheme is a special way for medical practitioners to get money and other good things to help them. Only the ones who qualify can get this help.
TIIC Medical Practitioners Scheme – Overview
Tamil Nadu Industrial Investment Corporation (TIIC) helps eligible medical practitioners get financial help. The loans offered have low-interest rates that are affordable for them.
Here is an overview of the points:
- The TIIC Medical Practitioners Scheme is a financing opportunity for eligible medical practitioners.
- The scheme provides financial assistance to help medical practitioners set up, expand, or modernize their medical facilities.
- The scheme offers low-interest rate loans to make financing affordable for medical practitioners.
- To apply for the scheme, medical practitioners must meet the eligibility criteria, and conditions, and pay the investigation fee.
- Contact the experts at Vakilsearch for any queries related to the scheme.
Eligibility Criteria for TIIC Medical Practitioners
To be eligible for the Tamilnadu Industrial Investment Corporation Medical Practitioners Scheme, medical practitioners must meet specific requirements. The following are the eligibility criteria:
- The applicant should be an Indian citizen and a registered medical practitioner.
- The applicant should possess a valid medical degree, such as MBBS, BDS, BAMS, BHMS, and others.
- The applicant should have at least three years of experience after registration.
Quantum of Loan
The Tamilnadu Industrial Investment Corporation Medical Practitioners Scheme offers loans ranging from ₹5 lakhs to ₹50 lakhs. The quantum of the loan depends on the project’s cost and the borrower’s repayment capacity. The repayment period for the loan is up to 120 months.
Application Procedure for Medical Practitioner Scheme
The application process can be initiated through Vakilsearch, where our Business Advisors will provide assistance in initiating the process to obtain these loans through a smooth and established procedure.
Alternatively, for manual application, the applicant needs to personally visit the TIIC office with the necessary documents.
Loan Approval
The relevant authority will review and approve the submitted application, ensuring satisfaction with the provided details. Upon approval, the application will be processed accordingly.
Refund for Rejection of Loan
If the loan application is rejected, the following refund policy will be applicable:
- If the applicant withdraws the proposal before loan sanction, 50% of the investigation fee paid as the second installment will be considered for refund. However, the initial registration fees will not be refunded.
- If the corporation or the applicant rejects the loan application or withdraws the application after loan sanction, no reimbursement will be provided.
- If the contractor has already availed a 50% concession, no refund of the investigation fee will be allowed.
- Please note that the prescribed fee refund is subject to the mentioned conditions.
Conditions for TIIC Medical Practitioner Scheme
Medical Practitioners must know these conditions:
- The loan amount should not exceed 80% of the project cost.
- The medical practitioner should have a minimum contribution of 20% of the project cost.
- The medical practitioner should provide collateral security for the loan amount.
- The medical practitioner should pay investigation fees of ₹5000 for the loan application.
Promoter Contribution
- To get help from the Tamilnadu Industrial Investment Corporation Medical Practitioners Scheme, medical practitioners need to give some of their own money for the project.
- They should give at least 20% of the project cost as their own money, which is called promoter contribution.
- By giving their own money, they show that they are serious about the project, and it also makes it safer for the lender to give them money.
Investigation Fees
The medical practitioner should pay an investigation fee of ₹ 5000 for the loan application. The investigation fee is for checking if the project is technically and financially feasible.
To apply for the Tamilnadu Industrial Investment Corporation Medical Practitioners Scheme, follow these steps:
- Obtain an application form from the TIIC office or download it from the TIIC website.
- Fill in the application form with accurate and relevant details.
- Attach the necessary documents- proof of identity, address, qualifications, experience, and project details.
- Submit the application form and the documents to the TIIC office.
Refund for Rejection of Loan
If the loan application gets rejected, TIIC will refund the investigation fee of ₹5000 to the medical practitioner.
Common Mistakes or Challenges
- Eligibility Criteria Challenges: Seek guidance to meet eligibility requirements.
- Insufficient Promoter Contribution: Plan finances to cover the 20% promoter contribution.
- Inaccurate or Incomplete Documentation: Provide accurate and complete documentation.
- Lack of Collateral Security: Find a guarantor or provide additional security.
- Application Rejection: Follow guidelines and meet all requirements to avoid loan rejection.
FAQs
What is the TIIC Medical Practitioners Scheme?
The TIIC Medical Practitioners Scheme is a loan scheme offered by the Tamil Nadu Industrial Investment Corporation (TIIC). This is to support medical practitioners in setting up or expanding their medical practices.
Who is eligible for the TIIC Medical Practitioners Scheme?
Medical practitioners who meet certain criteria, such as: Possessing a valid medical degree Having at least three years of experience after registration
What is the quantum of loan that can be availed under the TIIC Medical Practitioner Scheme?
Medical practitioners can avail of loans ranging from ₹ 5 lakhs to ₹ 50 lakhs under the TIIC Medical Practitioners Scheme.
What are the conditions for the TIIC Medical Practitioners Scheme?
Medical practitioners must meet certain conditions to avail of the TIIC Medical Practitioners Scheme, such as: Providing collateral security Promoter contribution of at least 20% of the project cost.
How can medical practitioners apply for the TIIC Medical Practitioners Scheme?
Medical practitioners can apply for the TIIC Medical Practitioners Scheme by submitting a loan application to the TIIC office. All necessary documentation is also to be checked.
Conclusion:
The TIIC Medical Practitioners Scheme offers medical practitioners a unique financing opportunity. This opportunity helps to set up, expand, or modernize their medical facilities. The scheme offers low-interest rate loans. This makes it affordable for medical practitioners to access financing. Anyhow, medical practitioners will have to meet eligibility criteria and pay loans. For any expert advice or queries, contact our experts at Vakilsearch.
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