Goa, December, 2023: HDFC Bank, India’s leading private sector bank and Indian Dental Association (IDA) have entered into a Memorandum of Understanding (MoU) to offer seamless and hassle-free funding to freshly graduated dentists for setting up their dental practices. This will help to boost the oral healthcare infrastructure in the country. The loans extended under this initiative will be guaranteed by Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), a joint initiative by the Ministry of Micro, Small & Medium Enterprises (MSME), Government of India and Small Industries Development Bank of India (SIDBI).
The MoU was signed by Ms. Gayatri Rao Korde – Zonal Head & Senior Vice President, HDFC Bank along with Mr. Sumit Yagnick – Senior Vice President, Business loans, HDFC Bank and Dr. Ashok Dhoble – Hon. Secretary General, IDA in the presence of the Chief Guest Shri. Sandeep Varma – CEO, CGTMSE, Mr. Rajeev Kumar, Executive Vice President – HDFC Bank, Mr. Faisal Sara, Executive Vice President – HDFC Bank, Mr. Raghavendraswamy Mynampati – Zonal Head, HDFC Bank, Dr. Kashmira Hadkar – Project Head, IDA and other senior officials from HDFC Bank and IDA.
According to a report by World Health Organisation (WHO), there are two dentists per 10,000 population in India. This partnership was the brainchild of Late Mr. Nilesh Samant, former Zonal Head, HDFC Bank and his efforts were instrumental in bringing the three organisations together on a common platform. This uniquely curated initiative will further aim at enhancing the oral healthcare infrastructure and boosting healthcare finance in the country. This is inline with the National Oral Health Policy of the Ministry of Health and Family Welfare, Government of India.
IDA has over 75,000 registered dentists and close to 25,000 new dentists graduate every year. With this MoU, HDFC Bank and IDA along with CGTMSE will work together to facilitate easy access to finance to empower freshly graduated dentists to set up their dental practice. Eligible dentists can avail a loan amount up to Rs 10 lakhs with a repayment tenure of 1-5 years. Under this scheme, dentists will have the benefit of the finance being made available basis minimum documentation and without any collateral/security and previous financial track record.
Speaking at the ceremony, Ms. Gayatri Rao Korde – Zonal Head & Senior Vice President, HDFC Bank said, “We are happy to join hands with IDA and CGTMSE in what we believe can be a transformative collaboration. A nation of our size needs more dentists and easier access to oral healthcare infrastructure. Through this initiative we are helping to bridge the gap by encouraging dental practitioners especially fresh graduates to set up clinics across the country including rural locations.”
Dr Ashok Dhoble – Hon. Sec General, IDA Said, “In a profession like ours, which requires high initial capital to set up a dental clinic, this collaboration with HDFC Bank will go a long way in encouraging young dentists to start their own practice. We are delighted to collaborate with HDFC Bank and CGTMSE to help the profession grow and expand its reach across the length and breadth of our country and thus contribute to our vision of ‘Optimal oral health for all’.”
Shri. Sandeep Varma, CEO CGTMSE & the Chief Guest said, “We are happy to be associated with HDFC Bank and IDA and back this arrangement with a guarantee mechanism. This collaboration will fund even those dentists who are new to credit. We are also confident about the scalability of the initiative by leveraging technology and use of digital channels. This will help complete the process seamlessly and also make it accessible to a greater number of dentists resulting in creation of further opportunities in the dental and allied sectors.”
