Mahalakshmi List of Loans, how to apply and interest rates

Below are the loans offered by Mahalakshmi, how to apply and interest rates:

—Mahalakshmi Swavalambana Shakthi Covid Loan

Rate of Interest: :16.5% (Reducing Interest)

The sanction limit is Rs.2, 00,000/-

Documents required for Mahalakshmi Swavalambana Shakthi Covid Loan:

• Passport size photo.
• Identity Proof:
  • Latest 2 months salary statement of surety with 6 months bank statement
  • 2 Surety – (SB a/c, membership with Mahalakshmi Co-Operative Bank and one of the sureties must be a salaried person)
  • LIC Assignment (Statement of Surrender value)
  • One of the sureties must be an existing member of the bank

• Driving License
• Voter ID
• Pan Card
• Ration Card

—-Monsoon Personal Loan

Rate of Interest: :16.5% (Reducing Interest)

The sanction limit is Rs.50, 000/- to Rs.2, 00,000/-

Documents required for Monsoon Personal Loan:

• Passport size photo.
• Identity Proof:
  • Latest 2 months salary statement of surety with 6 months bank statement
  • 2 Surety – (SB a/c, membership with Mahalakshmi Co-Operative Bank, and one of the sureties must be a salaried person)
  • LIC Assignment (Statement of Surrender value)
  • One of the sureties must be an existing member of the bank

• Driving License
• Voter ID
• Pan Card
• Ration Card
• Pigmy account opening is mandatory for the borrower
• Should recommend and give information about Vidya Siri account facilities to their family and relatives

—-Personal Loan

This is a clean loan given to employees Private, Public and Government sectors in order to fulfil their commitments against security of two respectable sureties.

Rate of Interest: 16% (Reducing Interest)

Maximum sanction limit is Rs.1,00,000/-

Documents required for Personal Loan :-

•   passport size photo.
• Identity Proof :–
  1. Salary bank account statement .
  2. Id card or Employee card.
  3. 2Surety – (SB a/c with Mahalakshmi Co-Operative Bank)
  4. Latest 2 months Salary Slip.
  5. LIC Assignment (Statement of Surrender value)
•  Driving License
•  Voter ID
•  Ration Card

– Membership is necessary for the borrower and sureties to avail this loan

—-Vehicle Loan

Info	Private Vehicle	Commercial Vehicle	Second Hand Vehicle
Purpose	Purchase of new vehicle	Purchase Of New Vehicle	Purchase Of Used Vehicle Below 5 Years
Rate of interest	Reducing balance 13.00%	Reducing balance 13.50%	Reducing balance 14.50%
Repayment Tenure	3 year to 7 years	3 year to 7 years	Depending upon the model of the vehicle
Surety	Minimum two guarantor with sufficient net worth	Minimum two guarantor with sufficient net worth	Minimum two guarantor with sufficient net worth
Security	New vehicle and additional security insisted by the Bank	New vehicle and additional security insisted by the Bank	Used vehicle plus additional security
Margin	Maximum 85% of the Invoice value .	Maximum 85% of the Invoice value . n case of heavy commercial vehicles, an additional of 50% of the invoice will be advanced for Body building subject to providing additional security.	For Used Three, four wheelers and above. (maximum 5 years old) valuation to be done by panel of surveyors and advance from 50% to 70% of the valuation, based on the model of the vehicle.
Other Terms	Membership is necessary for the borrower and sureties to avail this loan	Membership is necessary for the borrower and sureties to avail this loan.	Membership is necessary for the borrower and sureties to avail this loan.

—–Mortgage Loan

A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full. Basically, the borrower has possession of the property or the home, but the lender is the one who owns it until it is completely paid off.

Purpose: To the individuals for non-business purpose only, for meeting any unforeseen expenses, urgent personal and medical needs etc.

Eligibility:

• Individual customers having satisfactory dealings with our bank.
• New customers well introduced and credit worthy with satisfactory banker’s / market reports on them.
• Age limit of the applicant not more than 55 years old. 
• Maximum individual limit of the loan is Rs. 1,80,00,000/-for group or partnership firm sanction limit is 4,80,00,000/on conditional basis-sanction limit  varies from time to time
• Amount of Finance: 50% of the valuation of property or 75% of the estimate whichever is lower
      Maximum period of Loan: Up to 120 months/10 years.

Security:

•  Mortgage of property acceptable to the Bank having clear marketable title.
• The land offered as security should be converted land/building only.
• There should be proper four wheeler road approach to the mortgaged property.

Guarantee:

• 2 Personal Guarantee of adequate net worth acceptable to the Bank.

Rate of Interest: The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate applicable at the time of disbursement of loan and interest will be debited to the a/c every month.

Upto Rs 5.00 lakhs -14.00%

Rs 5.00 lakhs above and upto Rs.10.00 lakhs 14.50%

Rs 10.00 lakhs above 14.00%

 Other Terms: – Membership is necessary for the borrower and sureties to avail this loan

—Jewel Loan

info	Details
Eligibility	Any person with assured monthly Income acceptable to the Bank.Gold loan will be granted to Associate and Regular Members of the Bank at the discretion of the Branch Manager or the Officer authorized by the Board from time to time. Such a person should be a good and regular customer of the Bank or others who are introduced as per KYC norms.
Rate of interest	12.00%
Repayment Tenure	The period of advance upto Rs.2 lakhs against gold ornaments under bullet payment should be 1 year. Above Rs.2 lakhs, the loans should be repaid in monthly installments within a period of three year from the date of advance and it should be treated as overdue if the principal and/or interest in arrears for more than 90 days.
Margin	75% of the market value notified by the bank on daily basis.
Other Terms	The borrower must declare that the jewels are his own and he must agree to abide by the valuation of the Banks Appraiser. The lien letter taken along with D.P.N. must empower the Bank among other things to sell the jewels in private or public auction and the borrower must also agree to make good any loss on an eventual sale of jewels in adjustments of dues to the Bank

Express Jewel Loans

An advance on Gold Jewels will be granted to Nominal Members of the Bank at the discretion of the Branch Manager or the Officer authorized by the Board from time to time. Such a person should be a good and regular customer of the Bank or others who are properly introduced.


No jewel loans shall be arranged for amounts for less than Rs.1000/- and not more than
Rs.10,00,000/- per party.


The borrower must declare that the jewels are his own and he must agree to abide by the valuation of the Banks Appraiser. The lien letter taken along with D.P.N. must empower the Bank among other things to sell the jewels in private or public auction and the borrower must also agree to make good any loss on an eventual sale of jewels in adjustments of dues to the Bank.


Loans should be repaid within a period of 6 Month from the date of advance and it should be treated as overdue if the interests in arrears for over 6 months or from the date of expiry of the half year from the date of advance whichever is earlier.


—Housing Loan

info	Details
Eligibility	Any person with assured monthly Income acceptable to the Bank.
Rate of interest	Reducing balance – 10.50%
Purpose	Acquisition of a house or flat or apartment, new or old Construction of a house on a site or plot of land already acquired Extension or renovation of the house or flat or apartment already acquired Acquisition of an old house and renovation / extension thereof or acquisition of an old house, its demolition and reconstruction.
Repayment Tenure	Maximum 20 years
Surety	Minimum two guarantor with sufficient net worth
Loan Limit	Maximum amount of Rs. 30,00,000/-
Security	Mortgage of unencumbered immovable property with building, Flat or Apartment belonging to the applicant situated within the jurisdiction of the Bank. In case of direct finance, it should be situated within the territorial jurisdiction of the Branch from where the loan is availed.
Margin	75% of the Estimate in case of construction or 75% of Registration Value in case of purchase residential building/Flat/Apartment
Other Terms	Membership is necessary for the borrower and sureties to avail this loan.

—-Overdraft Facility

Cash credit is a cash loan given to an Individual/company. The bank provides the funding only after they acquire the required security to secure the loan. When the security has been provided, the company/individual can continuously draw money from the bank to the specified limit set by the bank

Eligibility:

• Individual customers/Company having satisfactory dealings with our bank.
• New customers well introduced and credit worthy with satisfactory banker’s / market reports on them.
• Age limit of the applicant not more than 60 years old

Amount of Finance:

Upto 50% on the value of the property offered as security as per the valuation report of the bank’s valuator

Maximum period of Loan:

one year

Security:

• Mortgage of property acceptable to the Bank having clear marketable title.
• The land offered as security should be converted land/building.

Guarantee:

2 Personal Guarantee from person / s of adequate net worth acceptable to the Bank.

Rate of Interest:

The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate applicable at the time of disbursement of loan. At present we charge 14.00% on reducing balance method.

Documents/Fomalities:

• Loan Application with passport size photographs – 2 copies each
• ID proof,Income proof of the applicant and guarantor Income Tax Assessment Order / IT Returns
• Title deeds of the property ,RTC/Form 9 and 11A, EC, latest tax paid receipt ,valuation report, Legal Scrutiny Report by our Bank panel lawyer
  Approved plan of building
• Annual Financial Statements for the past 2 years (in case of persons other than salaried individuals)

—-Self Help Group Loan

This scheme is applicable to individual fishers for talking up fisheries activities as listed in the said scheme to a maximum Rs.50,000/-at 0 % interest with interest subsidy from the government of Karnataka. The bank has agreed to disburse the loan to Borrower under normal scheme at higher rate of interest with the condition that the borrower has to coordinate and co-operate with Bank and ensure time reimbursement of the subsidy from the government of Karnataka. Interest free will be consider only after reimbursement of subsidy amount to bank.

—-Fisheries Loan/Boat Loan

Info	Details
Eligibility	Professional fisherman and those who are involved in fisheries activities
Purpose	1. Purchase / construction of mechanized boats 2. Mechanization of country boats with inboard / outboard engine. 3. Nets and fishing equipments.
Rate of interest	The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate applicable at the time of disbursement of loan and interest will be debited to the a/c every month. Upto Rs.5.00 lakhs -14.00% Rs5.00 lakhs above and upto Rs.10.00 lakhs 14.50% Rs10.00 lakhs above 14.00%
Repayment Tenure	Maximum 7 year
Surety	Minimum two guarantor with sufficient net worth
Security	Mortgage of unencumbered immovable property and estimated value of fishing Boat to be purchased
Other Terms	Membership is necessary for the borrower and sureties to avail this loan.