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).
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:
| Particulars |
Rate 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/Unsecured |
1 Year MCLR + 5.50% |
| III. |
Financing secured under tie up arrangements |
1 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
