| 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
(p.a at monthly rests) |
Fixed Rate compounded monthly on daily reducing balance –1% above Base Rate. |
| Security |
Hypothecation of the Equipment purchased out of Bank Finance |
| Insurance |
Waived. However, Borrower is advised 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. |
| ii |
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 |