Public Festival Loan

Purpose: To meet expenses related to any festival.

Eligibility: Permanent employees of the State/Central Govt. and PSUs, Corporations, Private Sector Companies, Reputed Establishments, Professionals and Self Employed and others having regular source of income from verifiable sources like salary income, FDR/Pension etc. with a minimum income of Rs. 3,000/-

Age: Individual between the ages of 21 to 65 years.

Quantum of Loan: 4 (four) times of Net Monthly Income (NMI) subject to a minimum of Rs. 5,000/- and maximum ceiling of Rs. 50,000/-

Nature of loan: Demand loan

Margin: No margin is required.

Repayment Period: The loan is to be repaid in maximum 12 EMIs.

Moratorium Period: Maximum moratorium period is 1 month.

Rate of Interest: Interest will be charged at prevailing rate on daily reducing balance at monthly rests.

Security: Salary Check-off, if tie-up arrangement is available or Post Dated Cheques and third party guarantor or other collateral security.

Processing fees: Processing fees will be levied as per prevailing rate at the time of sanction.

Pre-Payment Charges: No pre-payment or pre-closure penalty will be levied for pre-payment of loan any time during the repayment period.