SBI launches Aarogyam healthcare business loan

The State Bank of India (SBI) has launched the Aarogyam healthcare business loan to provide enhanced support to the healthcare sector amid the pandemic. Under this new product, the 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, the country’s largest state-owned bank.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

About the Aarogyam loan:

• The Aarogyam loan can be availed either as a term loan to support expansion or modernisation or as working capital facilities such as cash credit, bank guarantee/letter of credit.
• 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 up to Rs 10 crore.
• 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).

Important takeaways for all competitive exams:

• SBI Chairperson: Dinesh Kumar Khara.
• SBI Headquarters: Mumbai.
• SBI Founded: 1 July 1955.

Find More Banking News Here