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Personal

Star Mitra Personal Loan

Objective

 

To help Physically Challenged persons to function independently.

Purpose

 

To purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation.

Eligible Customers

 

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

 

Star Mitra Personal Loan Scheme:

ParticularsRate of interest
Star Mitra Personal Loan

1.00% + BSS (0.30%) above 1 Year MCLR [Fixed]

[Applicable only to the new loans]

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

 

Star Personal Loan Scheme

I.Fully Secured 1 Year MCLR + 4.50%One time 2.00% of loan amount
Min. Rs.1,000/-
Max. Rs.10,000/-
II.Clean/Unsecured1 Year MCLR + 5.50%
III.Financing secured under tie up arrangements1 Year MCLR + 4.50%
IV.For Senior Citizen aged 60 years & above for Loans Upto Rs.50,000/-1 Year MCLR + 3.50%Senior Citizen (60 years & above)
No Processing Charges

Other Terms and Conditions

 
  • 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.
  • Stamped receipt to be submitted after purchase of the equipment.
  • ALL OTHER TERMS & CONDITIONS INCLUDING DOCUMENTATION OF STAR PERSONAL LOAN SCHEME WILL APPLY