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Objective
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To help Physically Challenged persons to function independently.
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Purpose
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To purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation
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Eligibility
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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).
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Type of Advance
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Demand / Term Loan - Secured
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Amount
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Max.Rs. 1 lac (No minimum stipulation)
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Eligible Amount
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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).
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Margin
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10%
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Repayment
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12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier.
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Rate of Interest
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Fixed Rate compounded monthly on daily reducing balance - 8.00% p.a.
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Security
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Hypothecation of the Equipment purchased out of Bank Finance
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Insurance
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Waived. However, Borrower isadvised to obtain insurance at his own cost.
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Processing Charges
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Waived
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Other Terms and Conditions
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i.
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Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment.
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Quotation/Invoice in respect of the equipment to be purchased. |
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iii.
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Stamped receipt to be submitted after purchase of the equipment.
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ALL OTHER TERMS & CONDITIONS INCLUDING DOCUMENTATION OF STAR PERSONAL LOAN SCHEME WILL APPLY
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