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.