BANK OF INDIA STAR MITRA PERSONAL LOAN

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 isadvised to obtain insurance at his own cost.
Processing Charges	Waived
Other Terms and Conditions	i. 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