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Maha Bank Personal Loan scheme

Features

  • Loan up to 20 lakhs.
  • Low interest rates.
  • Interest on daily reducing balance.
  • Rate of Interest linked to RLLR.
  • Minimal documentation.
  • Zero hidden costs.

 

Particulars

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.

3

Eligibility

  • All confirmed employees Central / State Govt. / PSUs / Public or Private Ltd Companies / Reputed Corporates */ MNCs drawing salary from our Bank
  • Salaried customers, not having salary account with our Bank, are to be considered for Personal loan subject to Employer undertaking for deduction of loan installment from salary.
  • Self–employed professionals (Only Doctors (MBBS, MD, MS), CAs, Architects having own business) can also be given personal loan in case they are banking with us (with Credit facility) for the last one year.
 

*For the employees of Pvt. / Public Ltd. Company, maintaining salary accounts with the Bank, Such companies should have external rating (in force) of A and above

4

Min Annual Income

Minimum annual Income – 3.00 Lakhs.

5

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

6

Margin

Nil

7

Repayment Period

For Salaried – 84 months

For Others -    60 months

8

Rate of Interest

Click here to view the Interest Rate

9

Deduction

Not to Exceed 60% of the Gross Income including Proposed EMI / Notional Interest.

(In case of existing Housing loan borrowers 65% of Gross income including proposed EMI)

10

Security

Nil (Clean Loan)

11

Guarantor

One Guarantor acceptable to the Bank

12

Processing Fee

1.00 % of the loan amount + GST (Min: Rs 1000/-)