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Personal

Personal Loan

Any approved purpose – Loan for investment in shares, purchase of gold and for speculative purpose not permitted. Suitable declaration to be submitted in this regard.

Eligibility

Qualified registered medical practitioner with minimum 3 year’s experience in any branch of medical science recognized by MCI/DCI /other statutory /regulatory authorities to practice in India

Constitution of Borrower Individual / Joint / Proprietorship

Age 25-75 Years.

Outer age is the age by which the advance facility should be repaid in full.

Loan Limit Rs.20 Lacs

Calculation of Quantum of Loan For salaried: 24 times of gross monthly salary. For Others : For Others: Two times of Gross Annual Income as per Income Tax Return Depreciation (as per audited financial statements) if any could be added back for arriving at the eligible loan amount. In case the Doctor is a partner in a partnership firm proportionate share of Depreciation could be added back.

Security

1. For limit upto Rs.5 Lacs - No collateral security For Loan over Rs.5 Lacs upto Rs.10 Lacs- Third Party Guarantee of Adequate Value. One Person cannot guarantee more than one loan account.

Type of Advance /Facility

Demand / Term Loan Overdraft (Reducible by Monthly equated instalments). Overdraft (Non Reducible – Max. limit Rs.10 lacs), provided the account should be in credit at least once in an year(Review Period) and in case default for more than two occasions the account should be converted to OD reducible by monthly equated instalments.

Margin

NIL

Repayment Period For Loan / Reducible OD- 84 Months

Repayment to commence from next month of 1st disbursement ) For Overdraft – Repayment by reducing balance to be fixed on reaching the age 68 Years to ensure closure of loan before completion of 75 years .

Take Home Pay (Incl. EMI for proposed Loan )

For Gross monthly income upto Rs.1 lac –NTH Minimum 40% For Gross Monthly Income over Rs.1 Lac to Rs.5 lacs- NTH Minimum 30% For Gross Monthly Income over Rs. 5 lacs – NTH Minimum 25%

Other Provisions

All other provisions as per star personal loan scheme

Vehicle Loan

For Purchase of Personal Vehicles

Qualified registered medical practitioner with minimum 3 year’s experience in any branch of medical science recognized by MCI/DCI /other statutory /regulatory authorities to practice in India

Individual / Joint / Proprietorship

25-75 Years.

Outer age is the age by which the advance facility should be repaid in full.

Rs.100 lacs

lacs ( Max. two vehicles can be purchased within the maximum eligible limit )

For salaried: 36 times of gross monthly salary For Others: 3 times of Gross Annual Income as per Income Tax Return Depreciation (as per audited financial statements) if any could be added back for arriving at the eligible loan amount. In case the Doctor is a partner in a partnership firm proportionate share of Depreciation could be added back.

Hypothecation of Assets created out of bank finance; Banks charge to be registered with RTO.

Demand / Term Loan

Upto Rs.25 Lacs : NIL on show room price. Insurance /Registration / Road Tax etc., to be borne by the Doctor. Insurance premium could be included in loan amount if insurance availed from bank’s insurance partner i.e. NICL. Loan Over Rs.25 Lacs: 10% on show room price Insurance /Registration / Road Tax etc., to be borne by the Doctor. Insurance premium could be included in loan amount if insurance availed from bank’s insurance partner i.e. NICL.

84 Months (Repayment to commence from next month of 1st disbursement )

For Gross monthly income upto Rs.1 lac – NTH Minimum 40% For Gross Monthly Income over Rs.1 Lac to Rs.5 lacs- NTH Minimum 30% For Gross Monthly Income over Rs. 5 lacs – NTH Minimum 25%

50% concession in charges applicable to members of public. (Plus S.T.)

All other provisions as per star vehicle loan scheme