| Personal Loan Scheme For Public |
| Objective |
To make available Financial Assistance to the salaried for their personal needs. |
| Purpose |
To meet all types of personal needs (e.g., for medical treatment of self or a family member, marriage of self, son/daughter, defraying expenses on education of wards, expenses for domestic or foreign travel etc.) |
| Eligibility |
| i. Drawing salary from our Bank: |
| • All Confirmed/ permanent employees of Central/ State Govt./ PSUs minimum 2 years of service, including service with the previous employer(s), if any, all reputed* companies/Institutions including Schools, Colleges, Universities, autonomous bodies, Hospitals,/Nursing Homes who are drawing their salary through accounts maintained with our branches. |
| ii. Check-off facility: |
| Others minimum 3 years of service, including service with the previous employer(s), if any. |
|
| Quantum of Finance |
Up to 24 times of Gross Monthly Salary with a maximum of Rs. 15.00 Lakh depending upon the repaying capacity.* |
| Margin |
NIL |
| Security |
Suitable third party guarantee acceptable to the Bank |
| Repayment (Maximum) |
| Guarantee/ Collateral Security |
| Third party guarantee / collateral security as follows: |
| 1. No guarantee required for permanent employees of Central Govt./ State Govt./ PSBs/MNCs/ Listed companies of BSE or NSC whose shares are actively traded and quoted above par irrespective of income. |
| For all other cases Third Party guarantee/ Collateral Security acceptable to the Bank. |
|
| Repayment (Maximum) |
| Term Loan: |
| The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 72 (Seventy-Two) equated monthly installments (EMIs) whichever is earlier. Repayment to start one month after disbursement of the loan. |
| Overdraft: |
| The Overdraft Limit shall be adjusted within remaining period of service or in maximum period of 72 months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month. |
| Personal loans allowed to Defence Personnel including officials of Military Station Headquarters, Border Security Force, Central Reserve Police Force, Central Industrial Security Force, Indo Tibet Border Police etc. shall be Repayable in maximum 60 equated monthly installments. |
|
| Prepayment charges |
NIL |
| Rate of Interest |
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| Processing Charges/ Upfront fee |
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| Documentation Charges |
Click Here |
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Above are only salient features of the scheme. For details please contact nearest branch |
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*Loan amount will also depend on maximum permissible deduction permitted under the scheme |