Mahabank Personal Loan Scheme

S NoParticularsRevised Scheme guidelines
1Name of the schemeMaha Bank Personal Loan scheme
2Purpose of loanTo cater to the requirements of meeting personal expenses, whatsoever which include personal expenditure of varied needs like marriage, higher education, medical emergencies, business travel etc.

Purpose of loan will have to be specified along with an undertaking, that loan will not be used for any speculative purpose whatever including speculation on real estate and equity shares
3EligibilityAll confirmed employees of
  1. Central/State Government
  2. Reputed PSUs/ Joint Stock Companies.
  3. Govt. & Govt aided Educational Institutions.
  4. Reputed Corporates/Public or Private Limited Companies/MNCs *
*For the employees of any other Pvt./ Public Ltd. Company other than reputed corporate concerns, maintaining salary accounts with the Bank, Such companies should be listed, operational and profit making for the last 3 years.
4Service Condition
  • The applicant should maintain his/her salary account with the branch along with an undertaking letter from the employer not to shift the salary account to other bank without obtaining prior clearance from the advancing branch.
  • In case of new relationship, minimum 3 months’ salary should have been received regularly and credited to salary account of the party.
  • No loan should be granted to any individual customer/employee with only Salary recovery mandate
5Min Annual IncomeMinimum annual Income – 3.00 Lakhs. ( Last Year Income)

(Minimum past 2 years ITR/Form 16 from the employer is Mandatory)
6Age Limit
  • Minimum : 21 Years
  • Maximum :60 Years (at loan maturity)
Age of Borrower plus repayment period should not exceed retirement age or 60 years whichever is lower
7Maximum Quantum of Finance
Gross Annual Income RangeMaximum Loan
Rs.3.00 lakh to Rs.7.50 lakhRs.5.00 lakh
Rs.7.50 lakh to Rs.10.00 lakhRs.7.50 lakh
above Rs.10.00 lakhRs.10.00 lakh
  • Gross Annual Income as per latest Form -16 & ITR
  • Income such as Reimbursement / allowances / bonus will be considered if permanent or regular in Nature
8Eligible Loan AmountLoan amount is 10 times of Gross Monthly Income or as per Maximum Quantum of Finance whichever is lower.
10Repayment PeriodRepayable in 60 equated monthly instalments.
11Rate of InterestInterest rates based on CIBIL score.
CIBIL ScoreInterest Rate
750 and above9.70%
650 to 74910.20%
600 to 64910.70%
(-1) or (0) & 1 to 510.70%
12DeductionNot to Exceed 60% of the Gross Income including Proposed EMI.
(In case of existing Housing loan borrowers 65% of Gross income including proposed EMI)
13SecurityNil (Clean Loan)
14GuarantorOne Guarantor acceptable to the Bank.
  • Guarantor salary should be equal or more than the borrower.
  • Another employee of same institutions /organization/Company / Firm etc. can be taken as Guarantor.

Mutual Guarantee may also be obtained. However, one employee can join as Guarantor for one loan only.
15Processing Fee1.00 % of the loan amount + GST (Min: Rs 1000/-)
16Documentation charge0.20% of the loan amount + GST
17Inspection/ Supervision chargeNil
18CIBIL ChargesRs.50 per CIBIL report + GST.
19Other ConditionsA beneficiary of Salary Gain Scheme will not be entitled to avail Personal Loan under “Maha bank Personal Loan Scheme”,
i.e. only one facility can be granted at a time. In case of existing facility under Salary Gain Scheme, the same should be closed before disbursement of “Maha bank Personal Loan Scheme”.


Personal Loan Application Form & Checklist of Documents