Mahabank Personal Loan Scheme

 

SNo Parameter Details
1 Name of the scheme Maha Bank Personal Loan Scheme
2 Purpose: For Personal Expenses such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, Expenses for Family Functions etc.
3 Eligibility: Existing Housing Loan Borrowers (Salaried Individuals only) /Corporate Salary Account holders (Minimum 2 years in employment and with 1year in the current organization) having minimum standing of 1 year relationship with our Bank.
4 Min. Annual Income For Corporate Salary Account holders: Rs. 3.00 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.

For Existing Housing Loan Borrowers (For Salaried Individuals only) : Rs. 2.50 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the employer is Mandatory, Subject to sufficient disposable income.
5 Age Limit
  • Minimum : 21 Years
  • Maximum: 60 Years
6 Quantum of Finance Maximum loan amount: Rs.1.50 lakh, Subject to deduction norms
7 Margin: NIL
8 Rate of Interest: Click here to view the Interest Rate
  • 1.00% discount in applicable interest rate will be given to Existing Housing Loan Borrowers / Corporate Salary account Holders
9 Repayment Maximum 36 Months
10 Deduction Not to Exceed 60% of the Gross Income including Proposed EMI
11 Processing Charges 1.00% of the Loan Amount (Min.:Rs.1000/-)
12 Security Clean
13 Guarantor One guarantor acceptable to the Bank
 
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