Maha Bank Personal Loan scheme for Salaried customers
Particulars | Scheme guidelines | |
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1 | Name of the scheme | MAHA BANK PERSONAL LOAN SCHEME- for Salaried customers |
2 | Type of Facility | Term Loan |
3 | Purpose of loan | To cater to the requirements of meeting personal expenses. |
4 | Eligibility | Borrowers are categorized in three category based on employment. Category –A. – Confirmed Employees of Central Govt. / State Govt. / Public Sector Undertakings/ Govt. Educational Institutions having Salary Account with BOM or any other Bank. Satisfactory account relationship with our Bank or any other Bank. Category –B. – Confirmed Employees of Private / Public Limited Company having external rating “A” & above having Salary Account with BOM or any other Bank. Satisfactory salary account relationship with Bank for at least -6- months. Category C. – Other Salary account holders (Confirmed Employees) whose salary is credited in our Bank and tie up arrangement with employer or irrevocable undertaking from employer is available. |
5 | Min Annual Income | Minimum annual Income – 3.00 Lakhs. Minimum past 1 year ITR/Form 16 is Mandatory from current employer. |
6 | Maximum Quantum of Finance | Maximum Rs 20.00 Lakhs.Loan amount is 20 times of Gross Monthly Income or as per Maximum Quantum of Finance whichever is lower. |
7 | Margin | Nil |
8 | Age Limit |
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9 | Repayment Period | For Category A
For Category B & C 60 months |
10 | Rate of Interest |
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11 | Deduction | For Category A Not to Exceed 65% of the Gross Monthly Income including Proposed EMI. For Category B & C Not to Exceed 60% of the Gross Monthly Income including Proposed EMI. |
12 | Security | Nil (Clean Loan) |
13 | Guarantor | Not required |
14 | Processing Fee | 1.00 % of the loan amount + GST (Min: Rs 1000/-) |
15 | Documentation charge | 0.20% of the loan amount + GST |