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: Income eligibility is to be assessed as per the existing housing Loan Scheme, 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:
  • Base Rate + 5.50% (i.e. presently 15.90%)
  • 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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Bank has established Central Processing Cells (CPCs) for centralized processing and sanctioning of Commercial Credit advances including Corporate, MSME and other loan from loan quantum above Rs. 10.00 lacs in general and agricultural term loans more than Rs. 5.00 lacs. & for all Retail Credit.

 
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