Mahabank Aadhar Loan Scheme

S.No.

Particulars

Scheme guidelines

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Name of the scheme

Mahabank Aadhar Loan Scheme

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Purpose of loan

Personal expenses - medical, pilgrimage domestic needs, etc.

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Eligibility

Central/ State Government/ Municipal Corporation/ PSUs and Family Pensioners drawing pension from our branches

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Min Annual Income

 Not applicable

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Maximum Quantum of Finance

For eligible Pensioners other than BOM staff:

Equivalent to 18 months pension subject to maximum of

1.         Rs.4.00 Lakhs up to age of 65 Yrs.

2.         Rs.3.00 Lakhs up to age of 70 Yrs.

3.         Rs.2.00 Lakhs up to age of 73 Yrs.

 For BOM Staff Pensioners:

 Equivalent to 18 months pension subject to maximum of

1.         Rs.6.00 Lakhs up to age of 65 Yrs.

2.         Rs.4.50 Lakhs up to age of 70 Yrs.

3.         Rs.3.00 Lakhs up to age of 73 Yrs.

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Margin

Nil

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Repayment Period

60 EMI, Subject to 77 years of age at loan maturity

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Rate of Interest

Click here to view the Interest Rate

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Deduction

Pension upto Rs.12500/- => 40% of gross monthly pension

Pension above Rs.12500/-=>50% of gross monthly pension

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Security

  • Family pension nominee will be taken as co-borrower (mandatory).
  • In case there is no beneficiary of family pension or family pensioner who availed Aadhar Loan, an acceptable guarantor having sufficient net worth and drawing salary/ pension from our branch be obtained
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Processing Fee

0.50% of the Loan Amount (Min.:Rs.500/-)