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.
Thursday, July 10, 2008
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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