Mahabank Personal Loan Scheme
|S No||Particulars||Revised Scheme guidelines|
|1||Name of the scheme||Maha Bank Personal Loan scheme|
|2||Purpose of loan||To 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
|3||Eligibility||All confirmed employees of|
|5||Min Annual Income||Minimum annual Income – 3.00 Lakhs. ( Last Year Income)|
(Minimum past 2 years ITR/Form 16 from the employer is Mandatory)
|7||Maximum Quantum of Finance|
|8||Eligible Loan Amount||Loan amount is 10 times of Gross Monthly Income or as per Maximum Quantum of Finance whichever is lower.|
|10||Repayment Period||Repayable in 60 equated monthly instalments.|
|11||Rate of Interes||Interest rates based on CIBIL score.|
# In case Benchmarking Lending rate (at present – MCLR) is changed to RLLR, then same will be applicable w.e.f. date of change.
|12||Deduction||Not to Exceed 60% of the Gross Income including Proposed EMI.|
(In case of existing Housing loan borrowers 65% of Gross income including proposed EMI)
|13||Security||Nil (Clean Loan)|
|14||Guarantor||One Guarantor acceptable to the Bank.|
Mutual Guarantee may also be obtained. However, one employee can join as Guarantor for one loan only.
|15||Processing Fee||1.00 % of the loan amount + GST (Min: Rs 1000/-)|
|16||Documentation charge||0.20% of the loan amount + GST|
|17||Inspection/ Supervision charge||Nil|
|18||CIBIL Charges||Rs.50 per CIBIL report + GST.|
|19||Other Conditions||A 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”.