Mahanagar Bank

Personal Loan

Let it be marriage expenses of your children, any urgent medical cost, expenses for holidays to abroad, education expenses and so on. Any urgent needs of money can be fulfilled with the help of personal loan. Mahanagar Bank provides personal loan to fulfill immediate need of funds

Who can apply

Permanent Salaried Persons
Professionals & Business Men

Purpose

Consumption Purpose
House Repairs / Renovations / Consumer Durables
Vehicles
Education of Children
Any Valid reason which is not illegal/immoral

Maximum Limit

For Salaried persons and Professionals Rs. 5,00,000/- subject to the repaying capacity.
In case of Consumer Durable( T.V., Refrigerators, Computers, Scooters, Motorcycles Etc.) 90% of the Computer value subject to the repaying capacity.
For Nominal Members Limit up to Rs. 1 Lacks.

Repayment

84 monthly installments-EMI in case of salaried persons/Professionals.
60 monthly installments-reducing balance in case of Consumer Durable Purchase.
60 monthly installments-reducing balance for others.

Securities

Minimum two Sureties out of which one should be an income tax payer
The Borrower and all the sureties should be Regular/Nominal members of the Bank.
For Professional, they must be an income tax payers.
Collateral security if any.
NSC/LIC/FD/Gold can be taken as Security and repaying capacity.

Documents Required

Loan application.
Residential proof of Applicant and sureties.
Income proof of Applicant and surety.
Bank Account statement for 6 months showing credit of salary.
In case of consumption purpose then quotation is required.
In case of house repairs/renovations estimate of total expenditure is required.
Undertaking from the employer to remit loan installments /salary directly to the bank.
Any other document required by bank.

INTEREST RATE

1-	Group 50 or above employed with government or semi government bodies including Municipal Corp., Municipal Council & Undertaking from employer to Remit Full salary or EMI Directly Deducted from salary	11.50%
2-	Group 50 or above employed with A-group Railways, BEST, MTNL & Undertaking from employer to Remit Full salary or EMI Directly Deducted from salary	12.50%
3-	Less than 50 employees ,employed with Govt. & Semi Govt. bodies, A-group Company declared by SEBI. Companies approved by Board and undertaking from employer remit full salary or EMI directly Deducted from salary or Confirmed ECS/NACH/NEFT.	12.50%
4-	USPL-All employes of Central Govt, Central Public sector undertaking who are not covered under section 49 of MSCS act 1960 and undertaking from employer to remit full salary or EMI directly deducted from salary or Confirmed ECS/NACH/ACH .	13.00%
5-	USPL- A Group companies declared by SEBI , Companies Approved by Board & Confirmed ECS/NACH/ACH is available.	13.00%
6-	EMIUPL-All borrowers other than 1 to 5	15.00%

PROCEDURE

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