Maha Bank Consumer Loan Scheme for “Government Employees and Defence Personnel
Sr.No Parameter Details
1. Name of the scheme Maha Bank Consumer Loan Scheme for “Government Employees and Defence Personnel”
2. Type of credit facilities Term Loan
3. Purpose For purchase of consumer durables including computers / Laptops, Electronic Gadgets etc
4. Eligibility All “Government Employees and Defence Personnel” with a permanent job for the period of minimum 1 year in current organization of State / Central Government
5. Annual Income
  • Minimum Rs.3.00 lakh p.a. - Minimum past 1 year ITR/Form 16 from the Employer is Mandatory
  • Alternatively, revised salary be reckoned for calculating annual gross income from salary
6. Age Limit
  • Minimum : 21 Years
  • Maximum: 60 Years
7. Quantum of Finance Maximum Rs.5.00 lakh, Subject to deduction norms
8. Margin
  • Minimum 25% of the cost of the Consumer goods
  • Minimum 40% of the cost of Computers/Laptops/Electronic Gadgets
9. Rate of Interest 1 year MCLR + 2.00%
10. Repayment Maximum 60 Months
11. Deduction Not to exceed 65% of Gross Income including Proposed EMI of the Loan
12. Processing Charges No Processing Fee
13. Security Hypothecation of Consumer goods purchased
14. Guarantor One guarantor acceptable to the Bank
 
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