Nowadays, getting personal loans in India has become very easy and fast. Because, most of the banks have extended their services and liberated the rigid rules of their banking system. Moreover, they are competing with each other to provide more facilities like low interest rates, flexible repayment modes, online services and opened customer care centres to retain customers. The major benefit of going for these loans is no need to mention the specific reason of taking loan. You can spend that money to satisfy any type of your personal need. Compare to the other loans, these loans are offering more benefits to the borrowers like low interest rates, large amount of loan money and easy payment modes like monthly, quarterly and yearly.

Star Mitra Personal Loan from Bank of India :

(A SPECIAL LOAN SCHEME FOR THE PHYSICALLY CHALLENGED)

Under this scheme of the Bank Of India Personal Loan system the following are stated:

* 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: At 9% p.a. (Fixed Rate compounded monthly, on daily reducing balance basis).

* 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:

1. Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment.
2. Quotation/Invoice in respect of the equipment to be purchased.
3. Stamped receipt to be submitted after purchase of the equipment.