A Bank of Maharashtra Pension Loan, this loan is available for pensioners. The features of the Bank of Maharashtra Pension Loan are:
Pensioners can apply for this loan for meeting their personal expenses
The age of the applicant should not be more than 73 years as on the date of application and 77 years as on the date of maturity
For the bank’s staff pensioners, the Bank of Maharashtra Personal loan would be equal to 18 months’ pension subject to Rs.6 lakhs for ages up to 65 years, Rs.4.5 lakhs for ages up to 70 years and Rs.3 lakhs for ages up to 73 years.
For other pensioners, the Bank of Maharashtra Personal loan is 18 months’ pension subject to a maximum of Rs.4 lakhs for ages up to 65 years, Rs.3 lakhs for ages up to 70 years and Rs.2 lakhs for ages up to 73 years
This is a clean loan which requires no security
A guarantor is required for the loan who would be a person entitled to family pension or in the absence of one any suitable guarantor acceptable to the bank
No margin is required for Bank of Maharashtra personal loan.
The deduction limit for monthly pensions up to Rs.12, 500 is 40%. For pension exceeding Rs.12, 500, the deduction limit is 50%
The loan should be repaid within a maximum period of 60 months or till the individual reaches 77 years of age whichever is earlier
A processing fee equal to 0.50% of the loan amount with a minimum of Rs.500 would be payable
Pensioners who are aged up to 67 years can avail the loan multiple times as required. If the individual is above 67 years of age and up to 73 years of age, he can avail of the loan for a maximum of 3 times
The rate of interest is now linked to the bank’s MCLR which is MCLR + 2.00% for the bank’s staff pensioners and MCLR + 3% for other category of borrowers.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
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In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
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