Name of the Organization : Bank of Maharashtra
Type of Facility : Preliminary Consumer Loan Application
Location: Maharashtra
Official Website : http://www.bankofmaharashtra.in/default.asp
Preliminary Consumer Loan Application:
Information on Consumer Loan Scheme:
Purpose :
Purchase of Consumer Durables / Computer .
Eligibility:
Permanent salaried / Professionals (must be IT assesses)
Age :
21yrs – 60yrs at Loan Maturity.
Minimum Employment :
For Service Persons Total – 5 Yrs
Current – 2 yrs
Professionals -3 years
Minimum Annual Income :
Salaried persons, permanent in service / professionals -Minimum income Rs. 3.00 lakh p.a.
(Teachers having salary a/c Rs.2.00 lac)
Maximum amount :
Rs.1.50 lac
Salaried – 6 times Gross Pay
Professionals – 50% of Gross Avg. Income of last 3 yrs IT return or last yrs inc. which ever is less
Margin : 25%
Security :
• Hyp. of Cons. Durables
Guarantor :
One Guarantor acceptable to Bank .
Deduction Limit :
60% of Gross Pay
Repayment :
EMI – 60 mts (Max) or residual service which ever is less
Processing fee :
1% of Loan Amt. Min. Rs.500.00
Insurance :
Not Compulsory
Group Finance:
20 permanent Employees of same organization of repute -Margin Relaxation up to 10% by RMO
Others :
During the currency of the one consumer loan availed for lesser amount, another loan can be considered to the extent of diff. between Rs1.50 lac and quantum of earlier loan balance.
Apply Online : http://www.bankofmaharashtra.in/consumer/welcome.asp