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. 3000/- 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 installments amount from his/her salary and remit the same directly to the Bank (lender). Loans given under Post Dated Cheques will not be considered as check-off facility.
- Minimum: Rs. 10,000/-.
- Maximum: 24 times of Net Monthly Income (NMI) without any upper limit subject to the conditions that Equated Monthly Installment of this loan should not exceed 50% of Net Monthly Income (NMI).
Rate of Interest: Interest on loan will be charged at prevailing rate of interest.
Calculation of Interest: Interest on the amount of loan will be applied at the prevailing rate per annum on daily reducing balance with monthly rests.
Credit Scoring: On the basis of simplified scoring model: Minimum Score should be 60% of the Total Score.
Repayment Schedule: The loan is to be repaid in EMIs over the tenure of the loan and will commence from the date specified in the sanction letter.
Maximum Repayment Period: Maximum repayment period is 60 (sixty) Months.
Moratorium Period: No moratorium period.
Security: Third party guarantee of equal means and or, securities like LIC policies, NSCs, KVIPs, FDRs etc.
Processing fees: Processing fees will be charges as per prevailing rate at the time of sanction of the loan depending on the loan amount.
Prepayment Charges: No-prepayment/Pre-Closure charges will be levied.
Insurance: Borrowers should be insisted to availed term loan insurance covering the loan amount and the tenure of the loan.