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.