Bank of Maharashtra : Preliminary Consumer Loan Application

Organization :Bank of Maharashtra
Facility : Preliminary Consumer Loan Application

Home Page :http://www.bankofmaharashtra.in/
Apply here :http://www.bankofmaharashtra.in/consumer/welcome.asp

Preliminary Consumer Loan Application :

Purpose :
Purchase of Consumer Durables / Computer .

Related : Bank of Maharashtra Procedure For ASBA Facility : www.statusin.in/2130.html

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.