Medical Loan

Healthcare has become very expensive and not everyone can afford it therefore, BoB is aiming to support them by financing medical loan to meet the health expenses.

Purpose

Medical loan is aimed to cover emergency or planned medical procedures. A personal medical loan ensures that you get quality medical care with no delay. These medical loans can be used to pay for medical expenses including hospitalisation bills, medical prescription bills, surgeries and other related expenses.

Eligibility

    A. Salaried
  • Regular employee of Government Departments (Bhutanese), Government Corporation, State Owned Enterprises (SOEs), Joint Corporation and Autonomous bodies (entitled to gratuity and maintains Provident Fund (PF)) with minimum of 3 years confirmed service including probation period.
  • Employees of Non-Government Organization (NGOs), UN, Listed Companies, Local Government Functionaries/Officials and Contract (all entitled to gratuity and maintains PF) with minimum of 3 years confirmed service including probation period,
  • Employees of Private Companies other than listed companies (where the company has been in operation for more than 5 years and the employee who is entitled to gratuity and maintains PF) with minimum of 4 years confirmed service including probation period.
  • B. Collateral
  • Any individual who has fixed assets (land or (land & building)) with adequate proof of income.
  • Existing client – we may accept for extension of securities already charged with the Bank with enough margin of safety and source of repayment.

All these conditions will be subject to fulfillment of the LTI and LTV norms.

Applicant

The applicant should be a close relative to the diseased or nominated by the patient if the patient is in critical stage. Otherwise, the patient can apply the loan by herself/himself.

Guarantor

  • Irrespective of the number of years in service, Third Party Guarantee is required for all the applicants mentioned under the eligibility clause; and
  • For senior officials and executives who cannot get guarantor of same grade, a guarantor of one grade lower from same agency/ ministry or equivalent position from civil servants/SOEs or their Dy. Officer to be obtained.
  • For private employees, employer guarantee or a civil service guarantee with more than 5 years in service to be obtained subject to equivalent or higher net pay than the applicant.
  • No guarantor is required if the property is owned by the applicant and repayment is to be serviced by the applicant.

Loan Limits

  • Collateral Based: Maximum of Nu. 1,000,000.00 (Inclusive of medical and other expenses)
  • Salary Based: Maximum of Nu. 500,000.00 (Inclusive of medical and other expenses)

Tenure

  • Maximum 7 years.

Security Details

  • PF and gratuity backed by guarantor (Bhutanese nationals) and should be a regular/contract employee for all applicants, irrelevant of the employer and the guarantor. They shall stand liable for the loan till the liquidation of the loan. However, the guarantor should not stand guarantee for more than 3 active loans (salary based). To be verified from CIB report.
  • For Individuals providing fixed assets as collaterals – No guarantor is required in case the securities are in the name of the borrower and repayment is to be serviced by him/her. Otherwise, the borrower has to provide a guarantor possessing fixed assets and income source for servicing the loan.

Check List (Pre-Sanction)

  • Application form duly filled in and signed on all pages (Full Signature).
  • Copy of valid Citizenship Identity (CID) of both the applicant and the guarantor as applicable.
  • Copy of Citizenship Identity Card (CID) of patient (If the applicant is not the patient).
  • One recent Passport size photograph of the applicant and patient (If the applicant is not the patient).
  • Medical invoice / bill (can be submitted after the treatment)
  • Medical Referral report (If any).
  • Consent letter from the patient (If applicable).
  • Power of Attorney (If the patient is authorizing another person to apply for loan mortgaging the patient’s security)
  • Without Collateral
  • Latest Original Pay Slip of the applicant(s) and guarantor dully filled, signed and sealed by salary disbursing officer & recommendations.
  • Appointment letter.
  • With Collateral
  • Ownership certificate(s) of the collateral security offered to bank in-case of individuals providing fixed assets.
  • Consent letter from the joint owner or co-owner if the collateral provided is in joint and co-ownership.
  • For family owned land, family (household) register issued by Department of Civil Registration and Census, MoHCA and No Objection Certificate from family members (18 years and above) (if applicable).
  • Valid insurance copy of the collateral securities charged in case of buildings.
  • Proof of income to service the loan – rental income/ BIT/ PIT/Salary Slip duly certified by the agency concerned in case of repayment source other than salary.