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.
Monday, July 28, 2008
Wednesday, July 23, 2008
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.
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
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
Saturday, July 19, 2008
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
• 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.
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.
Monday, July 14, 2008
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.
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.
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.
Saturday, July 12, 2008
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.
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.
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.
Friday, July 11, 2008
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.
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.
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.
Thursday, July 10, 2008
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).
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.
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.
Tuesday, July 8, 2008
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.
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.
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.
Monday, July 7, 2008
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.
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.
Friday, July 4, 2008
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/-.
(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/-.
Wednesday, July 2, 2008
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.
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
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
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