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