Name of the scheme

Mahabank Aadhar Loan Scheme

Purpose of loan

To meet personal expenses (General Consumption, Medical Expenses, Marriage Ceremony, Funerals, Birth, religious ceremonies, etc.)

Eligibility

Central/ State Government/ Municipal Corporation/ PSUs and and Family Pensioners drawing pension from our branches

Min Annual Income

Not applicable

Maximum Quantum of Finance

1. For General Pensioners:

   Equivalent to 18 months pension subject to maximum of

   1. Rs. 10.00 Lakhs up to age of 65 Yrs.

   2. Rs.  5.00 Lakhs up to age of 70 Yrs.

   3. Rs.  3.00 Lakhs up to age of 73 Yrs.

2. For Defence & BOM Staff Pensioners:

   Equivalent to 36 months pension subject to maximum of

   1. Rs.10.00 Lakhs up to age of 65 Yrs.

   2. Rs.  7.00 Lakhs up to age of 70 Yrs.

   3. Rs.  5.00 Lakhs up to age of 73 Yrs.

3. For Family Pensioners of General, Bom staff & Defence Pensioner:

   Equivalent to 18 months pension subject to maximum of

   1. Rs.  4.00 Lakhs up to age of 65 Yrs.

   2. Rs.  3.00 Lakhs up to age of 70 Yrs.

   3. Rs.  2.00 Lakhs up to age of 73 Yrs

Margin

Nil

Repayment Period

120 EMI, Subject to 75 years of age at loan maturity

Rate of Interest

Click here to view the Interest Rate

Deduction

Pension upto Rs.12500/- => 40% of gross monthly pension

Pension above Rs.12500/-=>50% of gross monthly pension

Security

• Family pension nominee will be taken as co-borrower (mandatory).
• In case there is no beneficiary of family pension or family pensioner who availed Aadhar Loan, an acceptable guarantor having sufficient net worth and drawing salary/ pension from our branch be obtained.
• For Aadhar Loan to Family pensioner, one acceptable guarantor having sufficient net worth and drawing salary/ pension from our Bank be obtained

Processing Fee

0.50% of the loan amount subject to minimum of Rs.500/- & Maximum Rs 5000/ (exclusive of GST)

No Processing Charges for Staff Pensioners.