Welcome to our Mogaveera Bank

Employed Person

Purpose

To meet any genuine need.

Eligibility

15 times of net salary. Confirmed employees of well known PSU’s/Limited Co./Central/State Govt/Reputed firms/schools & colleges etc., drawing gross salary of Rs. 15,000/- & net salary of not less than Rs. 10,000/-

Loan Amount

Max. Rs. 5.00 lacs (Secured) Rate of

Rate of Interest

16%p.a.

Tenure

Max 60 months. Payable in EMI

Security

1. hypothecation of assets purchased/existing & Collateral Securities like Pledge of FDR/NSC/LIC Policies etc.
2. Two personal sureties having net salary of Rs. 10,000/- p.m. & acceptable to Bank

Processing Fees

1% +GST

Other Conditions

Undertaking by Employer under Section – 49 of MSC act for direct deduction of loan installments. Take home salary should be min. 40% of gross salary. No pre-payment charges.