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Consumer Loan Scheme

SNo

Parameter

Details

1

Name of the scheme

Maha Consumer Loan Scheme

2

Purpose:

For purchase of consumer durables including computers/Laptops, Electronic Gadgets etc.

3

Eligibility:

Existing Housing Loan Borrowers /Corporate Salary Account holders (Minimum 2 years in employment with 1 year in the current organization) having minimum standing of 1 year relationship with 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 (Salaried/Businessmen/ Professional 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

  • Minimum : Rs.50,000/-
  • Maximum loan amount: Rs.1.50 lakh, Subject to deduction norms

7

Margin:

  • Minimum 25% of the cost of the Consumer goods
  • For Computers/Laptops/Electronic Gadgets : Minimum 40%

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 60 Months

10

Deduction

Not to Exceed 60% of the Gross Income including Proposed EMI

11

Processing Charges

As applicable

12

Security

Hypothecation of Consumer goods purchased.

13

Guarantor

One guarantor acceptable to the Bank