Being a Scheduled Bank, giving Loans and Advances is among our primary activities. Apart from our participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., we have a fairly large basket of loan products specially designed to suit your personal needs. Salient features of some of the more attractive Personal Loan Schemes & seven special schemes are described below.
Sr.No.
Conditions
Requirements
1.
Maximum limit
Minimum gross monthly salary / pension/ income - Rs.20000/-
OR
Subject to change from time to time. Maximum Rs. 20.00 Lakhs or 20 times of gross salary whichever is lower.
2.
Eligibility
2.1 (a) Confirmed / permanent employees of State/Central Govt. and their Boards/ Corporation/ undertakings.
(b) Businessmen whose taxable income is more than 4.00 lakh including depreciation as per latest ITR. 2.2 For private use: Individuals.
2.3 Joint borrowers are also eligible, i.e., parent(s)/spouse/ Earning Children. However, out of these only one joint borrower shall be permitted. Further,
in case of joint borrowers an option be got exercised to specify the name of the applicant borrower in whose name they want to get the vehicle registered.
3.
Purposes
1.1) New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV)
1.2) Old car/van/jeep/MUV/SUV, which are not older than three years. (only for Harcobank Staff)
4.
Repayment
5.1 For New Car/Van/Jeep/MUV/SUV: The loan amount together with interest is to be repaid maximum in 84 equated monthly
installments comprising of principal and interest commencing from the succeeding month.
5.2 For Old Car/Van/Jeep/ MUV/SUV: The loan amount together with interest is to be repaid maximum in 60 equated monthly installments.
5.3 Repayment to be ensured within 65 years of age subject to regular income of the borrower.
5.4 In case the loan is allowed to joint borrowers, it be ensured that atleast one of the joint borrower(s) is able to repay the loan alongwith interest upto the maximum
prescribed age, i.e., within 65 years.
5.
Margin
4.1 For New Vehicle: 10% of Ex-show room price
4.2 For Old Vehicles: 10% of the value of the vehicle.
4.2.1 (Valuation of old vehicles to be done at current invoice price of the new vehicle less depreciation @ 15% p.a. on straight line method.
6.
Security
Vehicle purchased to be hypothecated to the bank. Name of the branch must be mentioned on the JRC (Joint Registration Certificate)
and a BM verified copy of the same to be kept on record. Copy of RC should be submitted by the borrower within three months after that Rs. 2500/- p.m. will be charged as penalty
plus taxes if any.