State Bank of India launched the Aarogyam Healthcare Business Loan. This new product can avail of loans upto Rs 100 crore (as per the geographic location) repayable in 10 years, stated the bank.
The loan is available to the entire healthcare ecosystem such as hospitals, nursing homes, diagnostic centres, pathology labs, manufacturers, suppliers, importers, logistic firms engaged in critical healthcare supply.
The Aarogyam Loan can be availed either as term loan to support expansion or modernisation or as working capital facilities such as cash credit, bank guarantee/letter of credit, the bank stated.
In metro centres, loans under Aarogyam can be availed upto Rs 100 crore, Tier I and Urban centres upto Rs 20 crore and in Tier II to Tier VI centres upto Rs 10 crore.
The beneficiary units/borrowing companies availing loan of upto 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).
Dinesh Khara, Chairman, SBI while launching the product said, “Our healthcare system has been providing uninterrupted and phenomenal support over the last year to the country amidst the pandemic. Acknowledging and recognizing their contribution in the wake of Covid-19, we are glad to launch the Aarogyam Healthcare Business Loan for them. We believe this special loan product will provide the much needed financial support to enable expansion/modernization 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.