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Meghalaya Rural Bank

Personal Segment

SUPER HOME LOAN

Purpose
Loans under the Bank’s Home Loan Scheme may be granted to individuals to enable them to:
  • Purchase a plot of land and construction of house thereat
  • Only purchase of land
  • Purchase /construct a new house
  • Purchase an existing (old) house /or extend an existing house
  • Repair or renovate or furnish an existing house
  • Re-imbursement of investment made from own resources during the preceding twelve months for purchase of property /construction /repairs /extension of house
  • Takeover of Home Loans availed by an individual borrower from other Banks /financial institutions subject to the conditions of takeover norms
Eligibility
  • In case the property holder i.e. (wife / husband) is not having independent  source of income, the income earning near relative may join as co-borrower/guarantor for the loan and his or her income can be taken for arriving at loan eligibility.
  • No. of Co-Borrower: Restricted to maximum 3 (three) including spouse / children/parents/siblings.
Margin
  • For house under construction upto 75 lacs: 20%
  • For house/flat ready for possession upto 75 lacs: 15%
  • For house under construction above 75 lacs: 25%
  • For house/flat ready for possession upto 75 lacs: 15%
Interest Rate  Interest Rate on SUPER HOME LOAN has been kept at 8.35 % per annum.

Public Personal Loan(Check-off)

Purpose Personal loan is granted for family function, marriage/medical treatment/education/ or any other general purpose except for speculative activities.
Eligibility Permanent employees of the State/Central Government and PSUs, Corporations, Private Sector Companies, Reputed Establishments, Schools & Colleges with a minimum service of 2 years and drawing a net monthly salary of Rs. 5000/- and above and whose salaries are being credited to Employee’s accounts with our Bank or where the Drawing and Disbursing Officers consents in writing to provide check-off facility.
Check-off facility Check-off facility is a facility by which the employer of the borrower agrees to deduct the installment amount from his/her salary and remit the same directly to the Bank (lender). Loan given under Post Dated Cheques will not be considered ascheck-off facilit
Quantum of Loan
  • Minimum: Rs. 10,000/-.
  • Maximum: 24 times of Net Monthly Income (NMI) subject to maximumloan amount of Rs.15.00 lakh
  • Equated Monthly Installment (EMI) of this loan should not exceed 50% of Net Monthly Income (NMI).
Margin NIL
Interest Rate  As per Bank's guidelines.

Public Personal Loan (non Check-off)

Purpose General purpose for purchase of consumer durables, marriage, family function, medical, travel expenses etc except for speculative activities.
Eligibility Permanent Employee of the State/Central Government and PSUs, Corporations, Private Sector Companies, Reputed Establishments, Professional and Self Employed and other persons engaged in business/agriculture or allied activities having regular sources of income from verifiable sources with a minimum Net Monthly Income of Rs. 5,000 and above.Minimum Service / Employment period : 2 (two) years.
Quantum of Loan
  • Minimum: Rs. 10,000/-.
  • Maximum: 18 times of Net Monthly Income without any upper limit for salaried person and with a maximum amount of Rs. 2,00,000/-
  • Equated Monthly Installment (EMI) of the loan should be below 50% of Net Monthly Income (NMI).
Margin NIL
Mode of Payment Post Dated Cheques for the Repayment period or Standing Instruction (S.I.) from the borrower’s account with the Bank(s).
Interest Rate  As per Bank's guidelines.

Car Loan Scheme

Purpose To purchase a new passenger cars, jeep, Single or Multi Utility Vehicles (MUVs) and SUVs for personal use.
Age Minimum 21 years ; Maximum: 65 years
Eligibility
  • Permanent/ regular employees of State/Central Govt., Public Sector Undertakings (PSUs), Private Company or a reputed Establishment.
  • Professionals, Self Employed, businessmen, proprietary/partnership firm who is an income tax assesses (wherever applicable).
  • Having a Net Annual Income Rs. 250,000/- and above
Quantum of Loan

For Salaried: 48 times of Net Monthly Income (NMI)

For others: Up to 4 times the Net Profit or Gross Taxable Income per annum as per IT Returns, after adding back depreciation and deducting repayment of all existing loans.

Margin 15% of the total cost of the vehicle i.e. “on road price”. (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Interest Rate  As per Bank's guidelines.

Education Loan Scheme

Purpose It aims at providing financial support to poor and meritorious students for pursuing higher education in India and abroad.
Eligibility Indian National who has secured admission to professional/technical courses in recognized institutions in India or Abroad through Entrance Test/Merit based Selection Process after completion of H.S.C. (10+2 or equivalent).
Quantum of Loan
  • Studies in India: Maximum up to Rs. 10 lakhs
  • Studies Abroad: Maximum up to Rs. 25 lakhs
Margin
  • For loan up to Rs. 4.00 lakh: NIL
  • For loan above Rs. 4.00 lakh in India: 5.00%
  • For loan above Rs. 4.00 lakh Abroad: 15.00%
Application of Interest Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.A concession of 1% will be given if interest part is serviced during moratorium.Accrued interest will be added to the principal amount borrowed while fixing EMI for repayment.
Interest Rate  As per Bank's guidelines.

LOAN AGAINST MORTGAGE OF IMMOVABLE PROPERTY (LAP)

Purpose
  • Mortgage loan utilized for marriage/medical treatment/education/ foreign travel .
  • The proceeds of loan is not to be used for acquisition/ development of land or construction of building space or for any speculative purpose including speculation on real estate and capital market
Age Minimum 21 years ; Maximum: 70 years
Eligibility Minimum Net Monthly Income of Rs. 25,000/ (or Rs. 3 lacs per annum).
Quantum of Loan
  • Minimum Loan Amount: Rs. 1 lac
  • Maximum Loan Amount: Rs. 25 lac
  • Scheme is ONLY for Urban centre
Margin NIL
Interest Rate  Interest Rate structure for LAP will be as per instructions.

Public Festival Loan

Purpose To meet expenses related to any festival.
Age Minimum 21 years ; Maximum: 65 years
Eligibility Permanent employees of the State/Central Govt. and PSUs, Corporations, Private Sector Companies, Reputed Establishments, Professionals and Self Employed and others having regular source of income from verifiable sources like salary income, FDR/Pension etc. with a minimum income of Rs. 3,000/-
Quantum of Loan  4 (four) times of Net Monthly Income (NMI) subject to a minimum of Rs. 5,000/- and maximum ceiling of Rs. 50,000/-
Margin NIL
Interest Rate  As per Bank's guidelines.

General Cash Credit Card (GCC)

Purpose To provide hassle-free credit to customers from rural and semi-rural centres based on their cash flow without insistence on security, purpose and end-use of the credit. This is in nature of overdraft with no end-use stipulations.
Age Minimum 21 years ; Maximum: 65 years
Eligibility GCC can only be extended to individuals who are residents of rural and semi-urban areas and having legitimate source of income. No proof of income is required.
Quantum of Loan Maximum: Rs. 25,000/- Loan amount should be based on the assessment of income and cash-flow of the entire household, subject to a maximum ceiling of Rs. 25,000/-
Margin NIL
Interest Rate  As per Bank's guidelines.
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