CENT SUVIDHA

An overdraft scheme to tie up temporary mismatch of salaried employees whose salary is routed through Savings account with our branches.

Purpose: To meet any personal exigencies.

Eligibility: Salaried employees of Corporate Clients/ Schools / Colleges/ Universities/ Other Organizations whose salary is routed through Savings accounts of our branches with satisfactory operation at least for one year.

Quantum of Loan: One month's net salary, Maximum Rs.20,000/-.

Facility: Overdraft facility to be renewed annually.

Rate of Interest: Click here to view Interest Rates

Processing Charges: Nil

Documents required: Undertaking from the employer to credit monthly salary.

CENT- MULTIPURPOSE

Facility & Purpose

CENT MULTI PURPOSE scheme is targeting those borrowers who have the capacity and are willing to avail a minimum specified loan amount under at least one or more specified Retail Loan Schemes.


The scheme is designed specially for borrowers who are availing Housing Finance from our Bank and also want to avail benefit of hassle free package with certain concessions in respect of interest rates and processing charges in Retail loan scheme of CENT BUY & PERSONAL LOAN.

Eligibility

Individuals including joint borrowers, who are willing to avail minimum total loan of Rs.5.00 lakhs including Housing Loan which is compulsory and one or both of the following Retail Loan Schemes.

2.1. CENTBUY:For purchase of consumer durables or new car.

2.2. PERSONAL LOAN For meeting personal requirements such as marriage of children, Medical Expenses, Inland / Foreign Travels, Family Functions etc.

Amount of Loan

i) HOUSING LOAN Need based-Minimum Rs.2.00 lakhs.
ii) CENT BUY Minimum Rs.50000/- Maximum Rs.10 lakhs.
iii) PERSONAL LOAN Maximum Rs.1.00 lakh.

All terms and conditions of our above mentioned Retail Loan Schemes and Housing Loan Scheme shall be applicable except as mentioned below.

Margin

Name of the scheme CENT MULTIPURPOSE NORMAL SCHEME (Existing)

Housing Loan 10 % 10 %
CENT Buy 10 % 15% for Consumer Durables
20% for Car.
Personal Loan NIL NIL

Security

Housing Loan: Equitable / Registered Mortgage of House /Property / Flat Financed.

Cent Buy : Hypothecation of Consumer Durables / Vehicles financed.

Equitable Mortgage should be for the total amount of loan given under different schemes.

Comprehensive Insurance in case of house / car loans.

Rate of Interest (click here)

CENT - MORTGAGE

Immovable property mobilizing resources

Eligibility

Loan against mortgage of immovable property located in Metro / Urban / Semi-urban centers.

Target Group

Individual/s singly or jointly, Traders, Businessmen, Professionals or Self –employed persons etc. Having known and regular source of net income of Rs. 10,000/- per month or more.

Nature of facility

Term Loan and Overdraft

The Overdraft facility will be for one year and to be reviewed annually.

However DP is to be reduced by EMI on notional repayment period of 72 months, so that the loan is adjusted at the end of 72 months.

Purpose

To meet any sort of personal or business expenses, but not for speculative purpose.

Quantum of Loan

36 times of Net monthly Income of applicant/s (for salaried class) or 3 times of net annual income as per IT return (for other than salaried class) subject to max. of Rs.50.00 lakhs.

While arriving at the net monthly income / net annual income, income of spouse can be clubbed if joins as co-borrower.

Minimum loan = Rs.1 lakh
Maximum loan = Rs.50 lakh

Security

EM of non-encumbered residential house / flat, commercial or industrial property, situated in metro/urban/semi-urban centers only, in the name and possession of the borrower, either self-occupied or vacant. The property should be of value equal to 200% of the loan amount.

Partially leased out/rented property (e.g. two storeys of the building having four storeys being already leased) also may be accepted as a security. However valuation of only vacant /self-occupied portion of the property to be considered for fixing quantum of the facility and equitable mortgage of the entire property to be created.

Subsequent to availing of the loan, if the property is to be let out, Bank’s permission will be required. The Sanctioning Authorities would accord their permission only where the proposed lease is in favour of an institution of repute and lease rentals/monthly rent will be assigned to the bank.

Alternatively, the loan would have to be repaid prior to the letting out of the property.

Insurance

The property will be insured against fire, riots wherever required, against other appropriate hazards, such as, Earthquake, Flood, Lightening etc. by the borrower with usual bank clause for full value of the property through Bank insurance.

Guarantee

Personal Guarantee of joint/co-owner of the property (if any).

Rate of Interest As per bank rules.

Processing Charges :1% of loan amount.

Repayment

In Maximum 72 equated monthly installments commencing from the next month after disbursement.

Repayment to be fixed on realistic basis, which should not normally exceed 50% of gross monthly income.

Post dated cheques signed by the borrower for repaying monthly installments along with letter of deposit to be obtained.

Sanctioning Authority

BM in scale II = Rs.5 lakhs

BM in scale III = Rs.15 lakhs

CM/RM = Rs.30 lakhs

A.G.M. = Rs.40 lakhs

Dy. G.M.& Above = Rs.50 lakhs
General

Net income means total income of the borrower as per Income Tax return or other documentary evidence, less deductions for various loan installments, Income Tax and other statutory dues etc.

Valuation of the immovable property will be done by an approved valuer, who is registered with Indian Institute of Valuers, at borrower’s cost. Valuation has to be checked out with the market rate prevailing in the area where the property is situated. For this purpose reference should be made to the record with Government Departments / Municipal Authorities. Valuation report should indicate present value, sale value as well as distress value.

Joint owners or one of the joint holders of the property may also be allowed loan under the scheme. In a situation when loan is being allowed to one of the joint owners, in addition to equitable mortgage of the property the guarantee of other joint owner/s be obtained.


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CENT LIQUID

Target Group

Individuals who are the bona fide owners of the share/debentures and are maintaining DEMAT account with Depository Participant.

Nature of Facility

In the form of Over draft or Demand Loan. The facility will be under Non Priority Sector.

Purpose

For meeting contingencies and needs of personal nature or for subscribing to rights or new issues of shares / debentures against the security of existing shares and debentures.

Security

Shares in dematerialised form only. The lien with Depository Participant should be marked in Banks favour.

Margin

50% on the value of the shares worked out on the basis of Average market price for last 6 months or the current market price whichever is lower.
Quantum

Maximum Rs.20.00 lakhs

Rate of Interest

Click here to view Interest Rates

Repayment

On Demand or 12 months whichever is earlier. The limit may be reviewed on annual basis and renewed on merits.

Processing Charges

For Loan up to Rs.25000/- Rs.100.00
From Rs.25001/- to Rs.50000/- Rs.200.00
From Rs.50001/- to Rs.75000/- Rs.350.00
From Rs.75001/- to Rs.1.00 lakh Rs.500.00

For above 1.0 lakhs to 2.00 lakhs whichever is higher Rs.1500.00 or 1% of Loan
For above 2.0 lakhs to 3.00 lakhs whichever is higher Rs.2500.00 or 1% of Loan
For above 3.0 lakhs to 5.00 lakhs whichever is higher Rs.3500.00 or 1% of Loan
For loan above Rs.5.00 lakhs whichever is higher Rs.5000.00 or 1% of Loan

CENT KALYANI

Encouraging and empowering women entrepreneurs

This scheme is specially introduced to offer financial assistance to Women Entrepreneurs for economic pursuits in Industry, Agricultural and Allied Activities, Business or Profession. The Bank with a network of branches spread throughout the country welcomes women entrepreneurs to avail financial assistance for pursuing vocations of their choice.

Credit facilities are available for Women Entrepreneurs for the following :

• Small Business
• Professional and Self Employed
• Retail Trade
• Village and Cottage/Tiny Industries
• Small Scale Industries
• Agriculture & Allied Activities
• Government Sponsored Programmes.


Small Business : For entrepreneurs who intend to provide service (not a professional service) such as setting up a small lunch/canteen, mobile restaurant, circulating library etc.

Professional and Self Employed : Entrepreneurs who are specially qualified/skilled and experienced like Doctors, Chartered Accountants, Engineers or trained in Art or Craft etc.

Retail Trade : For entrepreneurs who intend to engage in retail trading of various commodities.

Village and Cottage/Tiny Industries : For entrepreneurs who are engaged in manufacturing, processing, preservation and services such as Handloom, Weaving Handicraft, Food-Processing, Garment making etc. in village and small towns with a population not exceeding 50,000/- utilizing locally available resources/skills.

Small Scale Industries : To start a unit engaged in manufacture, processing or preservation of goods.

Agriculture & Allied Activities : For women entrepreneurs who are engaged/intend to engage in agricultural and allied activities, such as raising of crops, floriculture, fisheries, bee-keeping, nursery, sericulture etc. and also trading in agricultural inputs.

Government Sponsored Programmes : Apart from the above schemes, women entrepreneurs are also financed under the various Government Sponsored Programmes where Capital subsidies are available.

Other terms and conditions for the above facilities under Cent Kalyani i.e. quantum of loan, margin, interest, security, repayment, documentation etc. are as applicable under their respective schemes.

CENT JEWEL

Eligibility: All working and non working woman of age 18 to 55 years.

Purpose:To purchase gold Jewellary / gold ornaments of Tanishq make or Hall marked Jewellary or BIS marked Jewellary or Jewellary from reputed jewellary shops AND to purchase Diamonds of reputed brands.

Eligible Loan amount: 80% of cost of gold ornaments subject to minimum of Rs.10,000/- and maximum of Rs.1,00,000/-

It should be ensured that the Net take Home criteria of 40% are complied including EMI of proposed loan.

Security: Hypothecation of gold ornaments purchased.
However in case of loan above Rs.50,000/- additional security in the form of liquid securities viz. FDRs/NSCs/KVPs/LIC (SV) etc. at least equal to the 50% loan amount should be obtained.

Disbursement:

Latest Salary certificate of applicant or husband (Co-applicant) and form 16 or IT return. IT return for last two years in case of non salaried working woman.Employer's undertaking wherever applicable.Statement of bank account in case of applicant not maintaining account with our bank. Asset & liability declaration along with photographs.Quotation

Rate of Interest: Click here to view Interest Rates

Processing Fees:1% of loan amount subject to minimum of Rs.250/-.

Repayment: Repayment in maximum 36 EMIs commencing from next month of disbursement.

Other conditions: All the KYC norms should be complied with.

Residence, Income and Employment Verification report should be prepared as per formats enclosed and kept on record. The original bill and receipt should be held on record.

Post dated cheques should be obtained for entire EMIs except in case of salaried class working woman whose salary is routed through our Branch or Undertaking of the employer is obtained for deduction of EMIs from salary and remittance to bank.

CENT HOME LOAN PLUS

A scheme for Bank’s existing housing loan borrowers who are regular in repayment of loan.

Purpose: Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theater etc.

Eligibility: Existing Borrowers under Direct Housing Finance Scheme having completed minimum 3 (three) years of repayment schedule without any default.

Quantum of Loan: Depends on value of property mortgaged and amount outstanding in housing loan account, subject to maximum of Rs.5.00 lakhs.

Margin: 15 % on the value of property at the time of sanction or present value whichever is lower.(including outstanding housing loan balance)

Rate of Interest:Click here to view Interest Rates

Security : Extension of mortgage on the House property for which Housing Loan was sanctioned.

Repayment:The loan has to be repaid in 60 equal monthly installments.

Processing Fee: Rs.500/-

CENT JEWEL

Eligibility

All working and non working woman of age 18 to 55 years.
Purpose

To purchase gold Jewellary / gold ornaments of Tanishq make or Hall marked Jewellary or BIS marked Jewellary or Jewellary from reputed jewellary shops AND to purchase Diamonds of reputed brands.

Eligible Loan amount

80% of cost of gold ornaments subject to minimum of Rs.10,000/- and maximum of Rs.1,00,000/-

It should be ensured that the Net take Home criteria of 40% are complied including EMI of proposed loan.

Security

Hypothecation of gold ornaments purchased.
However in case of loan above Rs.50,000/- additional security in the form of liquid securities viz. FDRs/NSCs/KVPs/LIC (SV) etc. at least equal to the 50% loan amount should be obtained.

Disbursement

Latest Salary certificate of applicant or husband (Co-applicant) and form 16 or IT return

IT return for last two years in case of non salaried working woman.

Employer's undertaking wherever applicable.

Statement of bank account in case of applicant not maintaining account with our bank.

Asset & liability declaration along with photographs.

Quotation

Rate of Interest

Click here to view Interest Rates

Processing Fees

1% of loan amount subject to minimum of Rs.250/-.
Repayment

Repayment in maximum 36 EMIs commencing from next month of disbursement.
Other conditions

All the KYC norms should be complied with.

Residence, Income and Employment Verification report should be prepared as per formats enclosed and kept on record.

The original bill and receipt should be held on record.

Post dated cheques should be obtained for entire EMIs except in case of salaried class working woman whose salary is routed through our Branch or Undertaking of the employer is obtained for deduction of EMIs from salary and remittance to bank.

CENT HOME LOAN PLUS SCHEME

A scheme for Bank’s existing housing loan borrowers who are regular in repayment of loan.
Purpose

Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.

Eligibility

Existing Borrowers under Direct Housing Finance Scheme having completed minimum 3 (three) years of repayment schedule without any default.

Quantum of Loan

Depends on value of property mortgaged and amount outstanding in housing loan account, subject to maximum of Rs.5.00 lakhs.

Margin

15 % on the value of property at the time of sanction or present value whichever is lower.(including outstanding housing loan balance)

Rate of Interest

Click here to view Interest Rates

Security

Extension of mortgage on the House property for which Housing Loan was sanctioned.
Repayment

The loan has to be repaid in 60 equal monthly installments.

Processing Fee

Rs.500/-

CENT BUY

Purpose

To purchase all kinds of consumer durable articles including furniture and fixtures at residence.

Eligibility

All individuals of age 18 years and above who are

a) All Resident Indian individuals who are –
• Permanent salaried employees of Central / State government / Local self government / Defence staff / employees of PSU / Large Corporates / reputed establishments.
• Permanent employees of Govt. aided schools, Colleges, Universities, hospitals and other educational institutions.
• Self-Employed Persons / Independent Entrepreneurs who have regular source of income.
• Farmers irrespective of land holding engaged in production oriented agriculture activities and in other allied activities.
• Staff of our bank.

Finance may be extended individually or jointly with spouse who has regular source of income. Income of spouse may be added to calculate eligible loan amount.

The employees of proprietorship/partnership firm and other small organizations not having job security and persons employed on contract basis are not eligible for loan under the scheme.

Minimum Income Criteria

Salaried Persons: Gross Monthly income Rs.10,000/-

Other than Salaried Persons: Gross Annual Quantum of Finance

In case of salaried employees with monthly income, the loan eligibility is 12 months gross monthly income as per previous month’s salary.

In case of other individuals, average annual Income worked out as per Income tax return of last two years.

However the maximum loan amount should not exceed Rs.2.00 lakhs.
Net Take Home Pay

The sanctioning Authority should ensure that the applicant complies to Net Take Home Pay criteria of 40% i.e. Net Take home Pay after accounting for all deductions including the installment of proposed loan should be minimum 40% of Gross salary.

Zonal Manager is empowered to relax the Net Take Home Pay criteria up to 35% of Gross salary on case to case basis taking in to account income and repayment capacity of the borrower.
Margin 15% of the cost of Articles.

Security For loan upto Rs.50,000/-, hypothecation of goods / articles purchased out of loan.For loan above Rs.50,000/-, in addition to hypothecation, Collaterals equal to 50% of loan amount should be obtained.
Repayment

Repayable in 48 EMIs commencing from the next month of disbursement.

In case of Farmers, the repayment term may be fixed as per harvesting period.

Post dated cheques for the entire repayment schedule should be collected at the time of disbursement of loan.

In case of permanent salaried employees of Govt/Local Self Govt/PSUs/Defence, the condition of post dated cheques may be waived in case -
• they produce an irrevocable undertaking from their employer to deduct the monthly installments from their salary and remit the same to the Bank,
OR
• whose salary is routed through the accounts with Branch

Branches should ensure to encash the cheques on due dates and credit the amount to the loan account.

Rate of Interest Click here to view Interest Rates

Guarantee Personal guarantee should be obtained whose worth is not less than the loan amount except in case of any collateral security is offered, the market value of which is not less than the loan amount.

Sanctioning Authority

All delegates within their sanctioning authority.In case of Staff applicant the sanctioning authority will be as under:
• If applicant is staff and officers up to scale III working in the region and Regional Office, loan will be sanctioned by Regional Manager.
• If applicant is staff and officers up to scale III in ELBs / VLBs, loan will be sanctioned by respective Chief Manager/Assistant General Manager.
• If applicant is officers in scale IV & V in Zone (including Assistant General Managers posted at Zonal Office, Regional Office, ranches, RRBs) and staff and officers in Training Colleges and other Administrative Offices will be sanctioned by Zonal Managers.

• In case of staff and officers posted at Central Office the loan will be sanctioned by CM(CSD) and above subject to the condition that the sanctioning authority is one scale above the applicant.
Processing Charges

1% of the loan amount subject to minimum of Rs.100/-.The amount should be recovered at the time of disbursement.

Disbursement: The borrower should submit a declaration that he/she will be purchasing the articles as mentioned in the loan application and the said declaration will be attached to the hypothecation agreement and would form part of agreement. On the basis of the said declaration the amount may be disbursed to the borrower to the credit of his account.

Documentation Letter of Hypothecation.
Articles of Agreement.
Letter of interest and interest revision letter.
Letter of guarantee wherever applicable,
Letter of undertaking from the borrower for comprehensive Insurance of the articles with bank clause to cover the risk of theft fire, destruction etc.

In case of liquid security like NSC/KVP/FDR/LIC etc are offered, proper charge in favour of bank should be created.
Other terms and Conditions

The application should be in the prescribed format with proper identification supported by documentary evidence.

KYC norms should be strictly followed

Proper documentary proof of income like latest income tax return, salary sheet, Form – 16 issued by employer, land holding details in case of agriculturists should be obtained.

Zonal Manager may sanction take over of good consumer loan accounts from other banks which are regular and standard assets with the existing bank. Such loans can be taken over without insisting for any margin and the borrower should be otherwise eligible for loan under this scheme. However, the repayment period should not exceed the prescribed repayment period under para no. 8 including expired period.

Specific follow up to be made in the accounts where installments are not being paid regularly.

Residential verification & employment verification should be done as per prescribed format.

CENTRAL BANK OF INDIA- LOANS

Credit Schemes

At Central Bank we offer various loan facilities. Details for each of them can be found in the links below.

Cent Suvidha

Cent Home Loan Plus Scheme

Cent Buy

Cent Computer Loan

Cent Jewel

Cent Kalyani

Cent Liquid Scheme

Cent Mortgage

Cent Multipurpose

Cent Rentals

Cent Safar

Cent Vehicle

Cent Trade

CentVidyarthi

Cent Vivah

Cent Vyapari Scheme

Central Kisan Credit Card

Housing Finance Scheme

Loans to Pensioners Drawing Pension

Personal Loan Scheme (Corporate)

Personal Loan Scheme (Non corporate)

Personal Loan To Commission Agents LIC

Personal Loan To Teachers

Cent Udaan

Cent Swabhiman

Deposits Schemes

The Bank has a host of tailor made deposit schemes to meet the diverse requirements of our varied clientèle.

Read about each of the Deposit Schemes here.

Other Services

Over the years banking requirements have grown immensely demanding and complex in nature. To fulfill the diversity of needs, we offer a host of excellent services that strive to meet upto your expectations.

CENTRAL BANK OF INDIA

Being an ex-employee of Central Bank of India, I am proud to say that
SERVICE IS OUR MOTTO.

The following words are the two TARAKA MANTRAS of the bank

KINDNESS IN OUR APPROACH
FRESHNESS IN OUR PRODUCTS

The bank is offering the following services.

HOME LOANS COSTLIER

ICICI Bank and HDFC on Thursday hiked home loan rates by a massive 0.75 percentage points, moving quickly to preserve margins in the wake of RBI raising key interest rates. The hike from the top two home loan providers is the second in the space of one month.

ICICI Bank hiked the floating reference rate (FRR) for consumer loans, which also includes home loans, to 14.25 from 13.5 per cent, with effect from July 31.
HDFC’s adjustable rate home loans will be priced at a minimum of 11.75 per cent with effect from August 1. Its fixed rate remains unchanged at 14 per cent per annum.
A 0.75 percentage point hike will mean customers on floating rate home loans will have to pay an additional EMI of Rs 51 per lakh on a 20-year term.
in the list

Among other banks that increased their rates were IDBI Bank, which hiked its BPLR by 0.50 percentage points to 14.25 per cent, and Bank of Rajasthan, which increased it by 1 percentage point to 16 per cent On Wednesday, Punjab National Bank and Axis Bank had hiked lending rates. Other banks are also expected to follow suit after the RBI hiked key interest rates on Tuesday.

ICICI Bank had hiked its FRR by 0.75 percentage point, on June 30.
The hike in FRR will also lead to a hike in other consumer loans such as car loans and personal loans. Existing fixed rate customers will not be impacted by the increase and their rates will remain unchanged, the bank said in a press release.
For HDFC this is the second hike in a month. The earlier hike came on July 1 (by 0.5 percentage point to 14.25 per cent.)

Ms Renu Sud Karnad, Joint Managing Director, HDFC, said, “We have seen interest rates as high as 17 per cent falling to 8 per cent over a period of time. So, over a 15 year-term, borrowers may see rates coming down as well.”
“Genuine buyers will continue to purchase houses even if they postpone the decision for a short while,” she said.

Real estate impact

For consumers, the good news is that the increase in interest rates may be offset by a fall in real estate prices. “So far, real estate prices have not seen a fall because the rise in cement and steel prices have added to cost. But we expect to see a 10-15 per cent fall in real estate prices,” Ms Karnad said ICICI Bank also announced an increase of 0.75 percentage point in its Benchmark Advance Rate (I-BAR) to 17.25 per cent, from 16.5 per cent at present, which is the reference rate for wholesale loans. Earlier, Ms Chanda Kochhar, Joint Managing Director, ICICI Bank, had said that as the cost of lending for banks would go up, both deposit and lending rates could see an upwards revision.

Deposit rate hike

ICICI Bank also raised the interest rates on fixed deposits across various tenors by 0.75 to 1 per cent with effect from August 1.

ICICI BANK HDFC HIKE INTEREST RATES

RBI likely to further tighten its monetary policy, feel experts

ICICI Bank has announced an increase in interest rates for various tenors of retail fixed deposits by 75-100 basis points with effect from August 1.
The bank has also announced an increase of 75 basis points in its floating reference rate (FRR) for consumer loans (including home loans) with effect from July 31. The revised FRR will be 14.25 per cent as against 13.50 per cent per annum at present. Existing fixed rate customers will not be impacted by the increase and their contracted rates will remain unchanged, ICICI Bank stated in a release.
The bank has also announced an increase of 75 basis points in its Benchmark Advance Rate (I-BAR). The revised I-BAR will be 17.25 per cent as against 16.50 per cent per annum at present.

HDFC, for its part, has revised its floating interest rates on home loans for both existing and new customers with effect from August 1.
This is in line with the rates of interest in the economy, which have hardened due to rising inflation and shrinking liquidity in the domestic market, HDFC stated in a release.

HDFC has increased its Retail Prime Lending Rate (RPLR) on which its Adjustable Rate Home Loans (ARHL) is benchmarked, by 75 basis points with effect from August 1.
The increase in RPLR will affect existing borrowers whose loans come up for re-pricing on or after August 1. HDFC follows a three-month reset cycle for its floating rate loans and hence the change in RPLR will impact the existing customers over the next three month period, it stated.

With this increase, the total increase in HDFC’s RPLR from January to date is 100 basis points as compared to 150-basis point rise in 10-year government securities rates.

For new home loan customers, the ARHL loans will now be priced at a minimum of 11.75 per cent while the fixed rates will be 14 per cent per annum.

Public sector lender Punjab National Bank on Tuesday announced an increase of up to one percentage point in its prime lending rate to 14 per cent. Private sector Axis Bank also hiked its PLR by 50 basis points to 15.75 per cent, which came into effect on Tuesday, while Jammu & Kashmir Bank hiked its PLR by up to one percentage point.
As a part of its measures to tighten liquidity in the banking system to counter inflation, the Reserve Bank of India has hiked the short-term inter-bank lending rates (repo rate) and mandatory cash reserve (CRR) by 50 basis points and 25 basis points, respectively.

Experts believe that home loans could get costlier again in the coming months as the RBI is expected to further tighten its monetary policy with additional CRR and repo rate hikes.

CANARA BANK- LOANS AND INTEREST RATE

KINDLY NOTE : Interest rates are subject to change at short intervals. Though all efforts are being made to update the interest rates in our website, please obtain latest interest rates from your nearest branch.

REVISION IN BPLR AND LENDING RATES

Bank's BPLR is revised to 13.25 with effect from 01.07.2008. Accordingly all the lending rates linked to BPLR is revised upwards by 0.50% with effect from 01.07.2008

REVISION IN LENDING RATES ON HOUSING LOANS TO CUSTOMERS

A) ROI on housing loans w.e.f. 07.02.2008:

Repayment period of the loan REVISED ROI (%) w.e.f. 07.02.2008
Loans upto Rs. 20 Lakhs Loans above Rs. 20 Lakhs
Upto 5 years 10.00 10.25
Above 5 yrs & upto 10 yrs 10.25 10.50
Above 10 yrs & upto 25 yrs 10.50 10.75

The revised rate of interest as above is applicable for fresh loans only.

Additional interest @ 0.25 % above the card rates for acquisition of second house/flat.

B) Margin for housing loans:

Margin
Loans up toRs.20 lacs Loans above Rs.20 lacs
New house/flat 15 % 20 %
Old house/flat 20 % 25 %


C) Loans for acquiring second house/flat:
• Additional interest @ 0.25 % p.a. over and above the applicable rates.
• Margin @ 25 %.

Home Improvement Loan

Rate of Interest: w.e.f 19.02.2007

IF HOME IMPROVEMENT LOAN (HIL) IS AVAILED ALONG WITH THE HOUSING LOAN OR AN EXISTING HOUSING LOAN IS OUTSTANDING IN OUR BANK THE RATE OF INTEREST (ROI) AS APPLICABLE TO HOUSING LOANS.

IF THE HOME IMPROVEMENT LOAN IS AVAILED INDEPENDENTLY THE APPLICABLE ROI IS PREVAILING BPLR


CanSite

w.e.f 01.07.2008
Loans repayable in 5 years 14.00 %

Loans repayable in above 5 years term (Max of 10 years) 14.00%


Canjewel

w.e.f 01.07.2008
13.50% p.a.


Cantech

w.e.f 01.07.2008
14.00% p.a.


Cantravel

w.e.f 01.07.2008
14.00% p.a.


Canvalue

w.e.f 01.07.2008
14.00% p.a.


CanCash

w.e.f 01.07.2008
13.75% p.a.
On daily reducing balance,
(Subject to change from time to time)


CanMobile (Car Loan / Two-Wheeler Loan)w.e.f 01.07.2008

a. Car loan - 11.5% p.a (fixed)

CanBudget Loan Scheme (Simple Personal Loan)w.e.f 01.07.2008

Floating Rate - 14.00% p.a.

CanPension w.e.f 01.07.2008

Floating Rate – 12.00% p.a.
A concessional rate for our Senior Citizens!


Teachers Loan scheme w.e.f 01.07.2008

Floating Rate -14.00% p.a.
A special rate available only for our Teaching fraternity!


Revised Fixed rate w.e.f 01.07.2008 Revised Floating rate w.e.f 01.07.2008

CANRENT

Can rent where the lessees are - Navaratna PSUs, AAA Cos, Fortune 500 Cos, MN Cs, Banks, Insurance Cos

Other than above 14.00* 14.50*
13.25 13.75

CAN MORTGAGE 15.50 15.00

Fixed rate loans to be reset every 3 years

Gold Loan/Swarna Loan Scheme w.e.f 01.07.2008 12.25%

Loans for Traders & Businessmen
:
Upto Rs.2 lakhs 13.25% p.a.
Above Rs.2 lacs including loans under priority sector 15.00% p.a.

Vidyasagar Loan for Students:

Rate of Interest : (Subject to changes as advised by Bank / RBI from time to time):
1. Student satisfying DRI norms
(irrespective of quantum of loan)
(DRI:annual income less than Rs 7200 p.a) 4.00%
2. Others
o Upto Rs.4 lakhs
o Above Rs.4 lakhs upto Rs. 7.50 lacs
o Above Rs. 7.50 lacs upto Rs. 15 lacs
o Above Rs.15.00 lacs upto Rs.20.00 lakhs

*For students secured admission in IIT/ IIM/ ISB

12.50%
13.50%
11.25%
11.25%
10.75%

* for loans granted w.e.f. 9.7.2005

NOTE :

1. 0.50 % concession in ROI for prompt servicing of interest during study period.
2. Reduction of 1 % for all courses in all slabs / category for girl students for loans granted from 1.12.2005 to 30.6.2008.

Canmahila Loan Scheme w.e.f 01.07.2008 14.00% p.a.

Doctor's Choice (Medical practitioners Loan Scheme) w.e.f 17.04.2007

Aggregate Limit WORKING CAPITAL TERM LOAN
Upto Rs 50000 11.00 11.50
>Rs. 50000 upto Rs. 2.00 lacs 11.50 12.00
> Rs. 2 lacs upto Rs.5 lacs 11.75 12.25
> Rs. 5 lacs upto Rs.10 lacs 12.75 13.25

IPO Financing: w.e.f 01.07.2008 13.25% p.a.

Loans under ESOP Scheme :w.e.f 01.07.2008 12.50% p.a.


Loans to assist employees to subscribe to shares of their own companies under reserve quota: w.e.f 01.07.2008 12.50% p.a.


Loans to individuals (Clean OD/DPN other than Teachers’ loan): 14.75% p.a.

BULC:

Up to 90 days 9.50% p.a.
Above 90 days Up to 180 days 10.50% p.a.


Loans to individuals against other approved securities:w.e.f 01.07.2008 14.00% p.a.

Loans against Debt oriented MFs: 13.25% p.a.

Corporate Loan scheme: 11.00% p.a.

STLR: 10.50% p.a.

KINDLY NOTE : Interest rates are liable to change without prior notice.

BANK OF MAHARASHTRA -SOLAR HOME SYSTEMS

Mahadeep Solar Home Systems

Purpose:

To install solar home systems for domestic use as well as for entrepreneurs to establish central battery charging stations and hire out solar lights to small businesses such as street hawkers and households on daily fee basis.

Eligibility:

Applicants in Ahmednagar, Kolhapur, Nasik, Pune, Ratnagiri, Sangali, Satara And Sindhudurg Districts.

a. Domestic Users - Farmers, Rural Artisans, Salaried persons, Business or Self Employed persons with own house and having sufficient repayment capacity.

b. Entrepreneurs - Persons running small business / service activity and to help them to set up battery charging setups for hiring activity. Before availing credit under this scheme entrepreneurs should undergo training at Mahabank Self Employment Training Institute (MSETI).

Amount of loan:

a. Domestic users - 85 % of cost of the system, maximum Rs. 25,000/-
b. Entrepreneurs - 75 % of cost of the system, maximum Rs. 2,00,000/-
Margin:
a. Domestic users - 15 % in Banks favor.
b. Entrepreneurs - 25 % in Banks favor

Rate of Interest:Click here to view the Interest Rate

Repayment:Repayment of loan would be decided as per the income generation of the applicant. Total loan will be repayable within 5 years.

Security:

a. Domestic users:
1. Hypothecation of the system to be purchased
b. Entrepreneurs:
1. Hypothecation of the system to be purchased
2. Two guarantors acceptable to the bank

Other Terms and Conditions

1. The cost of the systems should include installation and AMC charges
2. The home systems should be purchased from empaneled dealers, which are approved by UNEP.

BANK OF MAHARASHTRA- LOAN ON RENEWABLE ENERGY EQUIPMENTS

Objective:To promote adoption of renewable energy practices and use of Solar Home Systems.

Purpose:To install renewable energy equipments viz. Solar Energy

1. Solar Home Systems
2. Solar Water Pumps with photo voltaic cells
3. Equipments run on Photo voltaic Cells

Bio Energy

1. Biomass Power Co generation Products
2. Equipments converting Waste to Energy
3. Bio Diesel

Clean Energy Programmes:

1. Equipments promoting Clean Energy

The equipments should be manufactured by the companies approved by Bureau of Indian Standards (BIS), as well as UNEP.

Eligibility:

Farmers, Rural Artisans, Salaried, business or Self Employed persons. Minimum net income of the applicant should be Rs. 50,000/- per annum.

Amount of loan:

90 % of cost of the system, maximum Rs. 50,000/-

Margin: 10 % in Bank’s favor.

Rate of Interest: We are providing consumer loans in general to borrowers for purchase of consumer durables and the interest rate charged is at BPLR i.e. 11.25 %.
The equipments / items that will be purchased under the scheme will be helpful in supporting ecological balance. Interest concession of 50 basis points for borrowers under the scheme will be available. The interest rate accordingly will be at BPLR – 0.50 % i.e. at present 10.75 %.

Repayment:

Repayment installment would be decided as per the income generation of the applicant. Total loan will be repayable within 5 years.

Security:

1. Hypothecation of the system to be purchased
2. One guarantor acceptable to the bank
3. Adequate insurance cover of the system / equipment

Others

Payment to be made directly to the dealers

BANK OF MAHARASHTRA -REALTY FINANCE

• Mahabank Realty Rentals
• Mahabank Realty mortgages

Finance against rent receivables
(Mahabank Realty Rentals)

Purpose: For meeting business requirements / personal needs
Eligibility: Individuals / Partnership firms / Ltd. Companies , owning commercial buildings/premises, let out on long term lease and who desire to raise loans against the future rent receivables.

Amount of Loan: Minimum Rs.5.00 lakhs, Maximum For properties located at Metros:Rs, 3.00 crores For properties located at other centres:Rs 1.00 Cr.

Margin: 25% of the amount of rent receivables (net of taxes) during loan period

Rate of Interest: BPLR - 1.25% i.e 10.25% p.a at present

Security: Hypothecation of lease / rent receivables.Power of attorney for collection of lease / rent receivables. Power of attorney for collection of lease / rent receivables and mortgage of the property.

Repayment: By equated monthly installment maximum within 7 years.

Processing charges: 0.60% of the loan amount



Finance against mortgage of self occupied property
(Mahabank Realty Mortgages)

Purpose: For meeting business requirements / personal needs

Eligibility: Individuals, Proprietorship, Partnership firms, Pvt.Ltd. Companies owning properties which are unencumbered and under self occupation

Amount of Loan: Minimum Rs. 1.00 lakh, Maximum for properties located at other centres Rs.50.00 lakhs For properties located at Metros:Rs 1.00 crore.

Margin: 50% of the value of property

Rate of Interest: 12.75%p.a

Security: Mortgage of the property

Repayment: By equated monthly installment maximum within 7 years

Processing charges: 0.60% of the loan amount

BANK OF MAHARASHTRA- PERSONAL LOAN

Purpose: To meet any personal expenses for purposes such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, etc.

Eligibility: i) Salaried persons, permanent in service / professionals / businessmen having minimum income of Rs.1.00 lakh p.a.

ii) Age of Applicant: Minimum: 21 years and Maximum 60 years at loan maturity.

iii) Minimum employment: For Service Persons: Minimum 3 years in employment and minimum 2 years in the current organization.

iv) For Others: He/She must be in the business/profession for at least 3 years.

v) Individuals should be Income Tax assesses(s).

Amount: Minimum Rs. 5,000/- & Maximum Rs. 1,00,000/-

Earning Criteria

For Salaried Person: 10 times net monthly salary

For businessman/ professional:50% of average annual income based on the I.T. Returned for the past three years

Margin: Nil

Rate of interest: Click here to view the Interest Rate

Security: CLEAN Loan is to be guaranteed by one acceptable guarantor.

Repayment: Maximum upto 3 years by monthly-equated installments.

Total deductions including proposed loan installment should not exceed 60% of Gross Income.

Processing fee: Processing charges shall be 1% subject to the minimum Rs.500/-.

For other terms and conditions, please contact our nearest Branch.

BANK OF MAHARASHTRA- SALARY GAIN SCHEME

Purpose : To meet personal needs of the customers who are salary earners.

Eligibility:

• Applicants salary should be with the branch.
• Customer should be in permanent employment at least for 2 years with corporate/mid corporate/central or state govt/ co-op society.
• Minimum take home salary should be Rs 6000/p.m. (Average of last 6 months to be taken).

Nature of Facility : Overdraft in Saving Account.

Amount : 50% of one month take home salary or Rs 25000/ whichever is Less.

Security : Clean.

Rate of Interest : PLR+2% on OD amount.

Other Conditions:
• Eligible amount to be decided on the basis of last six Months take home salary, repayment obligations, Regular credit of salary.
• Existing account holders can also opt for the scheme.
• In case of change in take home pay existing limit can be adjusted.
• Interest on credit balance if limit is not availed. Interest on debit balance be charged on monthly basis.
• Employer be kept informed about availment of facility.

BANK OF MAHARASHTRA- ADHAR SCHEME

Purpose:To meet personal expenses, namely, medical, domestic needs, etc.

Eligibility:Central/State Govt./Municipal and such other pensioners, drawing pension through our branches

Amount of Loan: Equivalent to 12 month's pension subject to maximum of Rs 75,000/-

Age criteria :Up to the age of 70 years.

Margin: Nil

Rate of Interest:Click here to view the Interest Rate

Security:Guarantee by the person entitled to pension. In case, there is no beneficiary of Family pension, one acceptable guarantor.

Repayment: Maximum 60 months by equated monthly installments

Processing charges: Nil

Other:Loan shall be disbursed through/maintained at pension paying branch only.
Irrevocable standing instructions to deduct loan installment from monthly pension payable will have to be given.

Availment of the loan under this scheme is subject to closure of earlier loan.
You can avail the loan for maximum two times under this scheme.

There is no processing fee.

BANK OF MAHARASHTRA GOLD CARD SCHEME FOR EXPORTERS

Mahabank GOLD CARD SCHEME FOR EXPORTERS

Objective of the Scheme:To provide better terms of credit including rates of interest to all eligible exporters, including those under small and medium sector, compared to those extended to other exporters by the Bank.

Eligibility: All exporters, including those under small and medium sectors, would be covered under the scheme provided:

1. Their accounts are classified as "STANDARD" continuously for 3 immediately preceding years.

2. Their names do not figure in RBIs defaulter list / caution list and they have not been blacklisted by ECGC.

3. There are no overdue in pre-shipment export credit.

4. They have not run up losses continuously for 3 immediately preceding years.

5. They do not have overdue export bills in excess of 10% of the current year's turnover.

Benefits to Exporters :

1. Limits will be sanctioned in-principle for 3 years, with a provision for renewal, subject to satisfactory compliance with the terms and conditions of sanction stipulated by the Bank.

2. A standby limit to the extent of 20% of the assessed limit will be made available to the Gold Card holders for meeting urgent credit needs for executing sudden orders.

3. Requests for Packing Credit in Foreign Currency (PCFC) from Gold Card holders will be given priority.

4. PCFC will be extended at a rate not exceeding LIBOR + 75 basis points.

5. Rate of interest will be 0.25% lower than the rate applicable for normal exporters. (The extant interest rate of the Bank for pre-shipment credit up to 180 days and post-shipment credit up to 90 days is 8 %. Gold Card holders shall be charged an interest rate of 7.75 % for these credit facilities for a like tenor.)

6. Rate of interest applicable for up to 90 days on post-shipment export credit, (in the extant case 8 %, 7.75 % for Gold Card holders), will be extended for a maximum period of 365 days.

7. In case of unanticipated export orders, norms for inventory will be relaxed taking into account the size and nature of export order.

8. Service charges stipulated for Gold Card holders will be 25% lower than the charges recovered from other exporters.

Tenure :

The Gold Card will be issued for a period of 3 years and will be automatically renewed for a further period of 3 years provided no adverse features, irregularities are noticed in the account.

In case of any misuse of the card or observance of any violation of terms and conditions, the Bank shall have the right to recall the Card any time.

Time frame for disposal of applications received under the scheme :

Sanction of fresh / enhanced credit limit: 25 Days
Renewal of existing credit limits 15 Days
Sanction of ad-hoc credit facilities 7 Days

Documents :

Requests for credit under Gold Card Scheme is to be made as per the simplified loan application form for export credit (please see Annexure B in Downloads) along with Annexure I to IV as applicable, together with further details if necessary, for assessment of credit limit under Gold Card Scheme.

BANK OF MAHARASHTRA- VEHICLE LOAN

Purpose: For purchase of New Cars / Jeeps and 2 wheelers.
In case of second hand four-wheeler, vehicles up to 3 years old.

Eligibility: (I) Salaried persons, permanent in service / professional / businessmen having minimum Gross income as shown below.

4 Wheelers: Rs. 1.20 Lakh per annum
2 Wheelers: Rs. 0.50 Lakh per annum

(II) Minimum employment:

For Service Persons: Minimum 3 years in employment and minimum 2 years in the current organization.

For Others: He/She must be in the business/profession for at least 3 years.

(III) Individuals should be Income Tax assesses(s).

Amount of Loan:

Salaried employees: 18 times of monthly gross emoluments.

In case of Proprietorship/Partnership firm & Company: 1.50 times of average annual Income as per their last three Balance - Sheet/ P & L account.


Maximum ceilings:

For 2 wheelers Rs. 1.00 lakh
For 4 wheelers Rs. 25.00 lakh

Margin:For new Vehicle: 10%
For Second Hand Vehicle: 40%

Rate of interest: Click here to view the Interest Rate

Security:Hypothecation of the vehicle to be purchased and one guarantor acceptable to the Bank.

Repayment: For New Vehicles

For 2 wheelers: 60 months
For 4 wheelers: 84 months

For Second Hand Four Wheelers:Maximum Repayment period is proposed at 60 Months

Total deductions including proposed loan installment should not exceed 60% of Gross Income.

Processing fee: For Two wheelers: Rs.500/-
For Four Wheelers: Rs.2000/-

For other terms and conditions, please contact our nearest Branch.

BANK OF MASHARASHTRA- LOANS FOR PROFESSIONALS AND SELF EMPLOYED

For Purchase of: To purchase equipment/ repairs/renovation to existing equipment, purchase of tools, working capital requirements, and acquiring/repairing business premises.

Eligibility:Doctors, Dentists, Chartered Accountants, Cost accountants, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction contractors or Management Consultants or to a person trained/qualified/skilled in the chosen vocation/field in which employed, "the bank extends finance under its own facilities and even under the Govt. sponsored schemes
.
Amount: Depending upon the assessed requirement considering financial viability, repayment capacity etc.

Margin: Generally 25%, which can vary according to requirement and assessment.

Rate of Interest:Click here to view the Interest Rate

Repayment by EMI:From short term to period generally ranging up to 5 years.

Processing Fee; 1% of the loan for amount above Rs 25,000/-.

Security:Assets created by the Loan to be charged to the bank and other collateral security.

BANK OF MAHARASHTRA -HOME LOAN

Housing Loan Scheme

Purpose • To provide housing finance to Public in general for the following purposes

• For construction of new house / flat.
• For outright purchase of house / flat (New or Old).
• For repairs / renovation of the existing house / flat
• Home Conversion Loan.
• Land Purchase Loan.
• Bridge Loan.
• Stamp Duty Loan.
• Refinance Loan Scheme.
• Take over of housing loan from other bank/ institution.
• Additional loan on account of escalation of cost / for expansion etc.

Eligibility:

Salaried persons, professionals / Businessmen having sufficient disposable income to meet the repayment. The employment should be in State / Central Govt., Public or Private Sector Companies, Establishments of repute. The sanctioning authority should be satisfied about repaying capacity of employee.

• Farmers having minimum five acres of irrigated land holding.

• Non Resident Indians are also eligible for the loan.

Age Criteria:Minimum: 21 years. Maximum: 50 years in case of salaried persons.
• 55 years for applicants others i.e. Business , professionals etc.

Quantum of Loan:

For salaried class:

• Equal to 50 times of monthly gross salary or 60 times of net monthly salary whichever is higher - or

• 85% of the cost of house / flat to be purchased / constructed (including registration and other essential charges i.e. Electricity Deposits, Mortgage charges etc.) Loan eligibility will be minimum amount of (a) and (b) above.

For individuals in business / profession or self-employment.

• Equal to average annual income of last 3 years x 4 times to be worked out as eligibility for quantum of loan. For example, if the average income of a businessman / Professional is around Rs.5.00 lakhs (to be ascertained from sources such as Balance sheet, Income tax return etc.) then the loan quantum in such cases would be Rs.5.00 lakhs multiplied by 4 times which works out to Rs.20.00 lakhs - or
• 85% of the cost of the house / flat to be purchased / constructed.
• Loan eligibility will be minimum amount of (a) and (b) above.

In case of individual businessmen or professionals, the income may be ascertained from different sources such as (1) Balance sheet, (2) Income tax returns etc.
Before considering the sources, consistency of income be ensured. For the businessmen carrying proprietary concern and professionals/self employed persons, the term total income would mean “Net Profit plus Depreciation”. However, repayment obligation on account of term liabilities should be taken into consideration while deciding the quantum of loan and EMI.

• For Farmers.
For finalizing the quantum of loan, net annual income may be considered. (i.e., 4 times of average net income of last three years).The branches may cross check the Gross & Net Annual Income of the applicant with reference to the land holding, cropping pattern, sugar factory bills/cotton bills, Agricultural Produce Marketing Committee Bills etc.

The loan quantum depends mainly on the repaying capacity of the applicant. Branches may consider other factors such as past experience in repaying the loans availed.

•Income of Spouse and other relatives:
The income of son, daughter, sister, brother along with the spouse to be taken for deciding the quantum of loan and repayment capacity provided the property is in the name of all joint members or their guarantee is obtained.

BANK OF MAHARASHTRA- LOAN FOR ENTREPRENEURS

For the endeavoring entrepreneur who dreams of setting up an enterprise, the Bank has a number of financial schemes.

To service the industrial sector the Bank has Industrial Finance branches at Mumbai and Pune.

SSI branches at Pune, Mumbai, Krishnanagar Satara, Piraman Gujarat, Satpur Nasik and I.E. Thane.

Finance can also be availed at any other branch of the bank.

The Bank finances the Industrial Sector for setting up a unit for modernization, diversification, up gradation, expansion.Bank finance can be availed in the form of:

• Term Loan for acquisition of machinery and fixed assets.
• Working capital by way of funded Cash Credit limit.
• Non fund facilities in the form of Letters of Credit / Letters of Guarantee.

The Bank finances Industrial Ventures under its own scheme as well as under the National Equity Fund Scheme (NFE) and Other Government Sponsored Schemes (GSS).

BANK OF MAHARASHTRA- LOAN FOR CORPORATES

The Bank finances the corporate sector for its business activity and for setting up units, modernization, and diversification and up gradation.

Such finance is extended in the form of

• Funded facilities
• Non Funded facilities
Funded Facilities
• Term Loans
• Cash Credit
• Bill Discounting

1.Term Loans :Repayment in installments over a fixed time.

Purpose: For acquisition of fixed assets / machinery or for financing projects.

Amount of Loan: Generally 75% of the cost of maintaining a margin of 25%.

Rate of Interest:Click here to view the Interest Rate.

Security :Charged on assets.

2. Cash Credit:Running account facility.

Purpose: To meet working capital requirements.

Amount of facility:Based upon the Bank's assessment of the working capital requirement.

Rate of Interest: Click here to view the Interest Rate.

Security :Charge on current assets, collaterals if required.

3. Bill Discounting :In the nature of post sales limit.

Amount of facility :Generally up to a specified percentage of the value of the bill.

Discounting under : L/C or firm order.

Rate of Interest : Click here to view the Interest Rate.

Security : Charge on the Bill, Collateral if required.

Non Funded

• Letter of Credit facility to facilitate purchase of material / goods.
• Letter of Guarantor facility for the issuance of Guarantee in the nature of bid bonds, performance bonds, etc.

For finance of International trade, the Bank provides Working Capital facility to
• Exporters
• Importers

For Exporters :

Working Capital finance can be availed at

• Pre-shipment stage
• Post shipment stage

At the pre-shipment stage finance is provided in the form of Packing Credit.

Purpose :For procuring / manufacturing of goods meant for export.

Amount of Packing Credit : Up to 90% of FOB value of goods.

Rate of Interest : Click here to view the Interest Rate.

Security : Charge on assets created out of finance.

Repayment: From Export proceeds, Proceeds of negotiation / Discounting of Export Bills.

At the post shipment stage export finance is provided by way of

• Negotiation / Discounting of Export Bills,
• Rupee advances against collection bills,
• Advance against Export incentive.

The advances are repayable from Export proceeds or receivable and carry interest rate in conformity with RBI guidelines.

Export finance is also provided in foreign currency at internationally competitive interest rates. Interest Rates is linked to LIBOR and is subject to maximum LIBOR + 1.5% . Finance in foreign currency is extended by way of Pre shipment Credit in foreign currency at the preshipment stage and Discounting of Export Bill in foreign currency at the post shipment stage.

For Importers

Funded Working Capital finance by way of cash credit facility and non funded Working Capital finance by way of Import Letter of Credit facility is provided to corporates who are importers.

Foreign Currency Lending

The Bank also extends short term foreign currency loans to importers / Resident Constituents. This enables accessing of finance at internationally competitive interest rate linked to LIBOR.

BANK OF MAHARASHTRA -EDUCATION LOAN

Purpose For studies in India
For studies abroad

Eligibility: You should be an Indian National
You should have secured admission to professional/ technical courses through entrance test / selection process.
You should have, secured admission to foreign university / institutions

Amount: For studies in India : Maximum Rs.10.00 lack

*For studies abroad : Maximum Rs. 20.00 lack

Margin: There is no margin up to Rs.4.00 lack.

For loans above Rs.4.00 lack.

• For studies in India : 5%
• For studies abroad : 15%

This may include own contribution as well as scholarship.

Rate of Interest:Click here to view the Interest Rate

Security: No security required up to Rs.4.00 lack loan.

Above Rs.4.00 lack securities are required to be furnished as under either singly or in combinations-
• Government securities, public sector bonds.
• Units of UTI, Shares (as per our approved list from time to time), Debentures.
• L.I.C. Policies.
• NSCs/KVPs, Banks own deposits
• Mortgage of land and Building

The eligible securities are as above. However terms apply.

Value of collateral security after providing requisite margin, as stated above should be equal to the Quantum of finance.

Repayment by EMI: You get a repayment holiday of one year after completion of the course selected or 6 months after getting a job (after which your repayment will start).

The loan is then to be repaid in 5 years after commencement of repayment.

Processing Fee: Nil.

Expenses Considered :Tuition fees, hostel expenses, purchase of books/ equipments/ instruments etc. Travel expenses for studies abroad & other essential expenses.

Courses Eligible: Studies in India

• School education including plus 2 stage of CBSC & State Education Boards.
• Graduation courses/Colleges under universities approved by UGC.

o B.A, B.Com, B.Sc. etc.

o Post graduation courses, Masters and PhD

o Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

• Computer certificate courses of reputed institutes accredited to Dept.of Electronics or institutes affiliated to university.

• Courses like ICWA, CA, C FA etc.

• Courses offered in India by reputed foreign universities.

• Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.

• Evening courses of approved institutes recognized by State/ Central Govt.

• Other courses leading to diploma/degree etc. conducted by colleges/ universities approved by UGC/ Govt/ AICTE/ ICMR etc.

Studies abroad

• Graduation : For job oriented professional/ technical courses offered by reputed universities.

• Post graduation : MCA, MBA, MS etc.

• Courses conducted by CIMA - London, CPA in USA etc.

Documents to be furnished:
Proof of being an Indian national i.e., School Leaving Certificate.
Letter confirming selection through Entrance Test.
Letter confirming admission to foreign university/institutions.
Brochure of the educational institution stating the amount of fees charged.

BANK OF MAHARASHTRA -CONSUMER LOAN SCHEME

Purpose For purchase of consumer durables including computers.

Eligibility:i) Salaried persons, permanent in service / professionals / businessmen having minimum income Rs. 1.00 lakh p.a.

ii) Age of Applicant:Minimum-21 years.Maximum- 60 years at loan maturity.

iii) Minimum Employment:

For Service Persons:Minimum 3 years in employment and minimum 2 years in the current organization.

For Others: He/She must be in the business/profession for at least 3 years.

iv) Individuals should be Income Tax assesses(s).

Amount of Loan;

For salaried employees: 10 times of gross monthly emoluments.

For Professionals /Businessmen:100% of gross average annual income as per last three Income Tax Returns

Maximum loan amount: Rs.1.00 lakh

Margin 15%

Rate of interest: Click here to view the Interest Rate

Security: 1) Hypothecation of assets purchased
2) One guarantor acceptable to the Bank

Repayment: Maximum up to 60 Months

Processing/Service Charges:1% subject to the minimum Rs.500/-

For other terms and conditions, please contact our nearest Branch.

BANK OF MAHARASHTRA

IMPORTANT DECLARATIONS:

OUR BANK DECLARES AND UNDERTAKES:

• To provide professional, efficient, courteous, diligent and speedy services in the matter of retail lending.
• Not to discriminate on the basis of religion, caste, sex, descent or any of them.
• To be fair and honest in advertisement and marketing of Loan Products
• To provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions.
• If sought, to provide such assistance or advise to customers applying for loans
• To attempt in good faith to resolve any disputes or differences with customers by setting up complaint redress cells within the organization.
• To comply with all the regulatory requirements in good faith.
• To spread general awareness about potential risks in contracting loans and encourage customers to take independent financial advice and not act only on representation from the bank.

BANK OF INDIA-STAR PERSIONERS LOAN

1.Target Customers:

(Eligibility)

Regular pensioners or family pensioners drawing regular monthly pension through the branch.

Retired employees (other than dismissed/compulsorily retired)

2.Type of Advance:

Demand Loan/Term Loan/Overdraft(reducible as per repayment schedule/Overdraft(3 months Pension Max. Rs.15000/-)

3.Quantum of Advance:

DL/TL/OD (reducible as per repayment schedule)

Overdraft [Pensioner’ Credit Card holder not eligible]

Regular Pensioner

Family Pensioner

a.Unsecured/Clean:-10 times of monthly pension (maximum loan amount Rs.1 LAC)

10 times of monthly Pension(Max. loan amount Rs.50000/-)

b.Secured :-

a) 20 times of monthly pension (maximum loan amount Rs.1 lac)
b) For pensioners over 65 years – maximum loan amount Rs.50000/-

20 times of monthly pension (Max. loan amount Rs.50000/-)

[Proponent/borrower may be sanctioned more than one loan (i.e. two accounts – one for secured and other for unsecured/clean loan) under the scheme, depending upon eligibility].

3 times of net pension (amount credited to SB A/c. less EMI for Loans if any, Max. Rs.15000/-) 3 times of net pension (amount credited to SB A/c. less EMI for Loans if any, Max. Rs.15000/-)

4.Net take home Pension.

The net take home pension after deduction of loan installment should be at least 40% of the pension amount.

5.Purpose

a. To meet marriage expenses /Medical expenses /Education of self/spouse/children/near relatives.

b. Repairs/renovation/extension of existing house/flat (where Equitable Mortgage charge over the property cannot be created in favor of the Bank and the proponent has not raised loan against such property from any Bank/FI/NBFC, etc).

c. Any other Personal Expenses of bona fide nature .

Secured Advances

a.Repayment of existing Housing Loan from other Banks/FIs.etc.

b.Purchase of Consumer Durables/Computers/Professional Equipments, etc.

[In case of clean/unsecured loan, an undertaking to be obtained from the borrower stating that the loan has been utilized for the purpose declared. In case of secured advances, appropriate proof/bills/receipts for expenses incurred to be obtained.]

6.Repayment

For Clean/unsecured advance

Secured Advance

Max.36 EMIs w.e.f. one month after first disbursement..

60 EMIs in exceptional cases.

Max. 60 EMIs w.e.f. one month after 1st disbursement.

7.Rate of Interest (at monthly rests)

Fully Secured Advances: @ BPLR, Min. 12.75% p.a.

Clean/Unsecured Advances:0.50% over BPLR, Min. 13.25% p.a.

For Senior Citizens (for loans up to Rs.50000/-) at 0.75% below BPLR, presently 12.00 % p.a. (Aged 60 years and above)

8.Processing/Handling Charges

a. No processing charge for Senior Citizens (60 years & above)

b. For others [after 01.01.2008] one time @ 1.10% of loan amount, Min. Rs.500/- and Max.Rs.1100/-.

c. Stamp Paper charges: At actuals. Loan Agreement Copy charges .- As Applicable

For further information you may contact nearest Branch of the Bank.Loan at the sole discretion of Bank of India.

Click here for application form : For Demand Loan/Term Loan/Overdraft (reducible as per repayment schedule)

Click here for application form : For Overdraft - 3 months Net Pension, Max. Rs.15000/-.

BANK OF INDIA- STAR MITRA PERSONAL LOAN

(A SPECIAL LOAN SCHEME FOR THE PHYSICALLY CHALLENGED)

Objective: To help Physically Challenged persons to function independently.
Purpose To purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation

Eligibility: All Physically Challenged Individuals – both salaried and self-employed, All Physically Challenged Minors through their Parents/Legal Guardians.(No advances to middle-men and NGOs).

Type of Advance: Demand / Term Loan - Secured

Amount: Max.Rs. 1 lac (No minimum stipulation)

Eligible Amount: 10 times of net salary for salaried persons and 50% of net annual income as per latest Income Tax Return for Self-employed/Professionals.
Net take home income should not be less than 40% after availing this loan.
(In case of Minors, the income of the Parents/Legal Guardians would be the deciding criteria for eligibility).

Margin: 10%

Repayment : 12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier.

Rate of Interest: At 9% p.a (Fixed Rate compounded monthly, on daily reducing balance basis).

Security: Hypothecation of the Equipment purchased out of Bank Finance

Insurance: Waived. However, Borrower is advised to obtain insurance at his own cost.

Processing Charges: Waived

Other Terms and Conditions: . Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment.

Quotation/Invoice in respect of the equipment to be purchased.

iii. Stamped receipt to be submitted after purchase of the equipment.


ALL OTHER TERMS & CONDITIONS INCLUDING DOCUMENTATION OF STAR PERSONAL LOAN SCHEME WILL APPLY.

BANK OF INDIA- STAR HOLIDAY LOAN SCHEME

Product STAR HOLIDAY LOAN SCHEME

Eligibility: Salaried employees/ Professionals/Self-employed /People engaged in business/Individuals with high net worth/Agriculturists/Pensioners/Staff members

Type of Advance Demand Loan (reducible as per repayment schedule)

Quantum of advance Max. Rs.2.00 lacs (clean)

Max. Rs.5.00 lacs (in case liquid collateral security is offered like TDRs, NSCs,IVPs, KVPs, LIC Policy (Surrender Value) etc. at least equal to 50% of loan amount sanctioned)

Rs. 10.00 lacs (In case liquid collateral security is offered like TDRs, NSCs,IVPs, KVPs, LIC Policy (Surrender Value) etc. at least equal to 100% of loan amount sanctioned)

Pensioners : Max. Rs.1.00 lac

Minimum size of loan :-

At Metro and Urban Centers : Rs.10,000/-

At Rural and Semi Urban centres: No minimum size of loan.

Purpose: To meet the expenses (like airfare/Train/Bus charges, expenses for accommodation, sight seeing, etc.) for going for pilgrimage/tours/excursions etc. undertaken/to be undertaken by Self/spouse/children/ parents/family members/close relatives of proponent within India or abroad.

Margin: No specific margin. Loan amount not to exceed proposed expenditure/requirement.

Repayment Maximum in 24 EMIs (Equated monthly installments) w.e.f one month after first disbursement from loan account. In special/exceptional case, up to 36 EMIs.

Rate of Interest: 1. Fully Secured Advances: (Where liquid collateral security is offered like TDRs,NSCs,IVPs, KVPs, LIC Policy (surrender value) etc. at least equal to 100% of loan amount sanctioned 0.75% over BPLR, at present 12.00% p.a. at monthly rests.

2. Partly Secured Advances: (Where liquid collateral security is offered like TDRs, IVPs,KVPs,NSCs, LIC Policy (surrender value) etc. at least equal to 50% of loan amount sanctioned) :2.00% over BPLR, at present 12.75% p.a. at monthly rests.

3. Clean/Unsecured Advances: 0.50% over BPLR at present 13.25% p.a. at monthly rests.

4. For senior citizens /pensioners (where pension payment is through an a/c with the branch disbursing the loan and EMI will be recovered out of pension amount): For loan amount up to Rs.50,000/- : @ 0.75% below BPLR, Min. 12.00% p.a. at monthly rests.

Processing Charges: One time @ 1.10% of the loan amount. minimum Rs. 750/-, Maximum Rs.2500/-.

Pensioners : One time @ Rs. 1.10% of loan amount Min. Rs.500/- Maximum Rs 1100/-

Tie-up arrangement: The Bank has entered into a Tie-up arrangement with Club 7 Holidays Pvt. Ltd. for financing their clients at certain major cities-Mumbai, New Delhi, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad, Bangalore, Nagpur.
The Bank has entered into a Tie-up arrangement with Kesari Tours Pvt. Ltd. for financing eligible customers under our "Star Holiday Loan Scheme' at a low/concessional rate of interest and at other concessional terms like waiver of processing charges, Nil margin etc.

Terms and conditions apply. Loan at the sole discretion of Bank of India. For further information, you may contact nearest Branch of the Bank.

Click here for application form

BANK OF INDIA- STAR MAHILA GOLD LOAN SCHEME

1.Purpose of Loan

For purchase of Gold ornaments, preferably hallmarked, from reputed Jewellers and/or Gold coins of Bank of India.

2Target Group Resident Indian Women

Working Women : Women permanently employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions; and include professionals like Doctors/ C.As/Chartered Engineers etc.,
Non Working Women : Not having income proof. Spouse/other close relative who satisfy income criteria to join as co-borrower.

3.Age 18- 60 years

4.Rating Exercise Applicant should get minimum 20 marks, under banks rating exercise, to be eligible for loan under the scheme.

5.Type of Advance Demand/ Term Loan

6.Quantum of Advance Working/Non-working women : 10 times of monthly net emoluments (take home salary of self/spouse, in case of non working women)

Professional : 50% of Gross Annual Income as per latest Income Tax Return Minimum Rs. 50000/- Maximum Rs.2 lacs.

7.Margin 20% of the cost of Jewelery/Gold.

8.Interest 1.25% less BPLR , presently 11.50% p.a, at monthly rests.

9.Penal Interest To be levied as per prevailing guidelines in this regard from time to time.

10.Repayment Maximum 60 EMIs .However, repayment period not to exceed the age of 65 or retirement age of the borrower, whichever is earlier. Repayment through salary deduction /post dated cheques.

11.Net take home pay (net of EMI )Min. 50% of the gross income of the applicant/ spouse, in the case of non-working women.

12.Security For Loan over Rs.50,000/- liquid securities [NSC/KVP/Insurance Policies-surrender value] for the amount exceeding Rs.50,000/-.

13.Disbursement By DD/ Pay Order favoring the seller ( with the name of the Bank and Account Number). Stamped Receipt/ Invoice for the total cost of jewelery (i.e Loan Amount plus Margin ) to be obtained. Proforma invoice required for a loan amount of Rs. 1 lac and over.

14.Processing Charge For Loan up to Rs.50,000 - Rs.500/- . Over Rs.50,000- 1.10% of the loan amount Min. Rs.500/-

15.Other Charges Stamp charges for documents at actuals.

Loan Agreement copy charges:: As applicable .

BANK OF INDIA- AUTO FINANCE

Star Auto fin

The Scheme provides loan for purchasing 2/4 wheeler vehicles (like car, scooter, motorcycle etc.). Maximum amount of loan is Rs. 25 lacs, depending upon cost of vehicle & income of proponent, at attractive rate of interest and easy repayment plan.

Product BOI Star Auto fin Scheme

Eligibility Salaried employees, Professionals, Self-employed, individuals with high net worth, People engaged in trade/commerce/ business, Pensioners, Farmers, Prop. Firm, Partnership firm, Companies (Pvt./Public Ltd.), Staff Members, Retired employees (other than dismissed/compulsorily retired) of our Bank.

Purpose Purchase of two/four wheeler vehicles (like car, scooter, motorcycle etc.)
Type of Advance:Demand/Term Loan (reducible as per repayment schedule)

Quantum of Loan Max.Rs.25 lacs

Minimum size of loan :-At Metro and Urban Centers : Rs.10,000/-
At Rural and Semi Urban centres: No minimum size of loan.

Eligible Amount i. Salaried employees :- 24 times of monthly Gross emoluments.

ii. Other than Salaried employees, Farmers & Pensioners :-
- Two times of gross average annual income as per last three Income-tax returns.
- In case of Proprietorship/Partnership firm & Company: Two times of average annual Cash accruals (i.e. PAT+ Depreciation) as per their last three Balance - Sheet/ P & L account.

iii. Pensioners : 24 times of monthly pension (Max. loan : Rs. 2 lacs)

iv. Farmers: Depending upon Farmer's income, his repayment capacity/ability to service the debt as is being done in case of agricultural loans.

Rate of Interest (on daily reducing balance)
FOR LOANS UP TO RS.10.00 LACS :

New Vehicles : Repayment up to 3 years : 1.75% below BPLR, Min. 11% p.a. at monthly rests.

Repayment over 3 years : 1.50% below BPLR, Min. 11.25% p.a.

Second hand vehicles : 1.00% below BPLR, Min.11.75% p.a. at monthly rests.
FOR LOANS ABOVE RS.10.00 LACS :

New Vehicles : Repayment up to 36 months - 0.75% below BPLR - Min. 12% p.a. at monthly rests.

Repayment over 3 years - 0.50% below BPLR -Min.12.25% p.a.

Second hand vehicles - @ BPLR - 12.75% p.a.

Repayment
(New Vehicles) Car: Max.72 EMIs
Scooter/motorcycle/Two Wheelers: Max.60 EMIs w.e.f. one month after first disbursement from loan account.

Purchase of Second hand vehicle:- -Age of vehicle : Upto 3 years old from the date of first registration- -Repayment Period : Not to exceed five years.

- Minimum Margin : 30% of depreciated value or value assessed by valuer or sale consideration, whichever is lower.
- Obtention of Comprehensive Insurance Policy.

Security

i. Hypothecation of vehicle to be purchased out of Bank finance.

ii. Charge to be registered with RTO.

Processing/ Handling Charges One time @ 1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-

Pensioners : One time @ 1.10% of loan amount Min. Rs.500/- Max. Rs.1,100/-

Agreement charges: Applicable as per Fair Practice Code.

Terms & Conditions apply. Loan at the sole discretion of Bank of India.

For further information, you may contact nearest branch of the Bank.

Click here for Application Forms

BANK OF INIDA -IPO

Star IPO

Product Investing in Capital market - New Issues Bank of India's Star - IPO is a tailor made scheme

Eligibility:Individuals who have PAN Number and De mat account with us.
Purpose To subscribe to Initial Public Offerings (IPO) including through book-building.

Type of Facility Demand Loan

Margin 50% * (subject to RBI directives)

Period of Loan Maximum 60 days

Rate of Interest 0.75% below BPLR. Min.12.00% p.a.

Fee and Charges 0.06% of loan amount exclusive of stamp duty,if any
to be paid.

Quantum of Loan Max. Rs.10.00 lakhs per borrower

* Subject to RBI directives.

Please contact our Zonal Offices at:

1. Mumbai South
2. Mumbai North
3. New Delhi
4. Rajkot
5. Karnataka
6. Pune
7. Vadodara
8. Chennai
9. Ahmedabad
10. Kolkata
11. Chandigarh
12. Hyderabad
13. Indore
14. Nagpur - I
15. Coimbatore
16. Ludhiana
17.Rajasthan
18.Raigad-Thane
19.Gandhinagar

Agreement charges : Applicable as per Fair Practice Code.
For more information, you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India

Click here for application form

BANK OF INDIA- MORTGAGE LOAN

STAR MORTGAGE LOAN

This scheme provides loan/overdraft facility against mortgage of property at low rate of interest. The scheme is for people engaged in trade, commerce & business and also professionals & self employed, Prop. Firm, partnership firm, companies, NRIs and individuals with high net worth including salaried people, agriculturists and staff members. The product provides an opportunity to customers to borrow against a fixed asset (mortgage of property) at a short notice without much paper work/attendant hassles.


Purpose :

a.To meet the credit needs of trade, commercial activity, other general business, Profession as also for their bona fide requirements.
b. To meet marriage or medical or educational expenses of family members including near relatives.
c. To undertake repairs/renovation/extension to the residence/commercial property.
d. Purchase of consumer durables.
e. To purchase/construct house/flat, purchase of plot.
f. To purchase 2/4 wheeler vehicles.
g. For going on pilgrimage/tours/excursions, etc.
h. Repayment of existing loans from other Banks/FIs

Target customers: (Eligibility) People engaged in trade, commerce and business, Professionals, Self-employed, Prop. Firms, partnership firms, HUFs (excluding NBFC, Trade, partnership firms where HUF is a partner), companies, NRIs, individuals with high net worth, salaried people, agriculturists, staff members.

Type of advance :Demand/Term Loan/Overdraft (reducible as per repayment schedule).
Overdraft facility (not reducible as per repayment schedule) can also be permitted to eligible customers (other than salaried people).

Quantum of advance (Rs. in lacs)
Min. Max.

a. For agriculturists 0.50 2.00
b. For Others :
Individuals/Prop. Firm/ 1.00 50.00
Partnership firm/
Company :
Prop./Partnership 1.00 100.00
firm/company 1.00 100.00

Calculation of quantum of advance: The sanctioned limit is to be related to the value of security & repayment capacity of borrower, subject to :

i. Salaried employees :48 times of monthly net emoluments (take home salary).
OR 4 times of net annual income with other rental income from property etc. based on Income-tax returns ( Average of Last 2/3 years).

ii. Self-employed/professionals/ individuals engaged in trade/ commerce/ business- 4 times of their net annual income based on income-tax returns ( Average of Last 2/3 years).

iii. Proprietorship/Partnership Firm/Company - Four times of Cash-accruals (i.e. PAT+ Depreciation) as per their Audited Balance Sheet/ P & L Account ( Average of Last 2/3 years).

Note:
1. For individuals :

While fixing the limit , it is to be ensured that the net take home pay (net of EMI [national EMI in case of non reducible OD] of proposed advance ) is not less than 30% of gross income of the applicant. For Prop. Firm/Partnership firm/Company: DSCR : Min. 1.5

2. Limit prescribed would be subject to a Maximum of 70% in case of salaried employees(50% in other cases) of value of property or eligibility level, whichever is lower.
Margin Salaried Employees 30% *
Others 50% *

*On value of property [Lower of Market Value /Distress Sale value/Registration Value as on date of valuation] assessed by Bank's approved valuer.

Rate of Interest: @ BPLR, at present 12.75% p.a. at monthly rests. Interest concession for woman beneficiaries 0.25% p.a.[All borrowers to be women]
Repayment

In accounts where regular Overdraft facility is not proposed. :-
Within a period of eight years by way of EMIs. The repayment shall commence from the month subsequent to the month in which final disbursement is made or 6 months from the first disbursement, Whichever is earlier. In case of agriculturists : The repayment will be related to the generation of farm income from crops and other subsidiary activities
.
Security :Equitable/Legal Mortgage charge over property in the name of applicant or his/her spouse or parents or third party. The person in whose name the property to be mortgaged stands should either be a borrower/co-borrower or a guarantor.

Note :

a. The property offered should be a residential or commercial building or a plot of land (residential/commercial).
b. The property should be self occupied or leased out to acceptable individuals, government agencies, PSUs, Corporates, etc.
c. Agricultural land is NOT accepted as security for this facility .

Processing Fees:1. Accounts repayable as per Stipulated installments :-
- One time @ 1% of Loan amount. Min.Rs.1500/- and max. Rs30000/-.

2. Overdraft Limit ( not reducible as per repayment schedule ) :
- 0.25% of the sanctioned limit, Min. Rs.750/- and Max. Rs.7000/- on annual basis.
- Documents charges, advocate fee, architect fee etc. on actual basis.

Loan agreement copy charges : As applicable

Equitable Mortgage Fee General :

i. Limits exceeding Rs.25 lacs up to Rs.50 lacs - Rs.5,750/-
ii. Limits exceeding Rs.50 lacs - Rs.11,500/-

SSI :

BANK OF INDIA i. Limits exceeding Rs.25 lacs up to Rs.50 lacs - Rs.3,000/-
ii. Limits exceeding Rs.50 lacs - Rs.6,000/-
Loan at the sole discretion of the Bank of India. For more information, you may contact nearest branch of the Bank.

Click here for Application Forms

BANK ONDIA- HOME LOANS

STAR HOME LOANS Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat, furnishing of house. Maximum loan amount is Rs.300 lacs and repayment ranges upto 20 years, with reasonable margin and nominal processing charges. No commitment /administrative charges. The loan is available at very competitive rates of interest, currently available in the industry. Option for different EMI amounts for different periods during tenure of loan to suit customers repayment capacity. Prepayment of Loan permitted Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount. Loan to NRIs as well as Persons of Indian Origin. Simplified application form/procedures for convenience of customers, and speedy approvals. Free Personal Accident Insurance cover Life Insurance Cover to borrowers for Loan Protection(optional) Please visit our nearest Branch and avail loan to own your dream home

BANK OF INDIA- MITRA PERSONAL LOAN

STAR MITRA PERSONAL LOAN (A SPECIAL LOAN SCHEME FOR THE PHYSICALLY CHALLENGED) Objective To help Physically Challenged persons to function independently. Purpose To purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation Eligibility All Physically Challenged Individuals – both salaried and self-employed, All Physically Challenged Minors through their Parents/Legal Guardians.(No advances to middle-men and NGOs). Type of Advance Demand / Term Loan - Secured Amount Max.Rs. 1 lac (No minimum stipulation) Eligible Amount 10 times of net salary for salaried persons and 50% of net annual income as per latest Income Tax Return for Self-employed/Professionals. Net take home income should not be less than 40% after availing this loan. (In case of Minors, the income of the Parents/Legal Guardians would be the deciding criteria for eligibility). Margin 10% Repayment 12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier. Rate of Interest At 9% p.a (Fixed Rate compounded monthly, on daily reducing balance basis). Security Hypothecation of the Equipment purchased out of Bank Finance Insurance Waived. However, Borrower is advised to obtain insurance at his own cost. Processing Charges Waived Other Terms and Conditions . Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment. Quotation/Invoice in respect of the equipment to be purchased. iii. Stamped receipt to be submitted after purchase of the equipment. ALL OTHER TERMS & CONDITIONS INCLUDING DOCUMENTATION OF STAR PERSONAL LOAN SCHEME WILL APPLY