To provide enhanced support to the healthcare sector amid the pandemic, State Bank of India (SBI) has launched the Aarogyam healthcare business loan.
Under this new product, entire healthcare ecosystem such as hospitals, nursing homes, diagnostic centres, pathology labs, manufacturers, suppliers, importers, logistic firms engaged in critical healthcare supply can avail of loans up to Rs 100 crore (as per the geographic location) repayable in 10 years, SBI said in a statement.
The Aarogyam loan can be availed either as term loan to support expansion/modernisation or as working capital facilities such as cash credit, bank guarantee/letter of credit, it said.
In metro centres loans under Aarogyam can be availed up to Rs 100 crore, Tier I & Urban centres up to Rs 20 crore and in Tier II to Tier VI centres upto Rs 10 crore, it said.
The beneficiary units/borrowing Companies availing loan of up to Rs 2 crore will not be required to offer any collateral or security to the bank as this will be covered under the guarantee scheme of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), it said.
SBI Chairman Dinesh Khara said, "We believe this special loan product will provide the much needed financial support to enable expansion/modernisation of existing facilities and also creation of new facilities. With Aarogyam Healthcare Business Loan, our endeavour is towards strengthening the healthcare infrastructure across the entire country.”
Aarogyam Healthcare business loan will be eligible under the Covid loan book being created by banks announced by RBI as part of Covid relief measures.
Published 24 June 2021, 16:03 IST