PERSONAL LOAN SCHEME

ELIGIBILITY:

Confirmed/permanent/regular employees of Central/State Govt./PSUs, Defense Personnel including official of BSF, ITBP, CISF and CRPF etc. Professionally qualified practicing Doctors viz., MBBS, BDS & above having annual income of Rs.4.00 Lakh and above and all reputed companies/Institutions (only with the approval from RM), who are either drawing their salary through accounts maintained with our branches or these employers agree for check off facility.

SCHEME APPLICABILITY:

Recovery more than 90% and NPA level not more than 2% under personal loan segment at the end of previous half year.

AMOUNT OF LOAN AND MINIMUM NET MONTHLY INCOME:

Minimum amount of loan will be Rs. 50000/- and maximum amount of loan Rs. 4,00,000 or 20 times monthly net salary whichever is lower subject to minimum Net monthly salary for his/her place of work/place of residence.

IN urban centre Rs 12500

IN semi-urban/rural centre Rs 10000

However, maximum ceiling will be Rs. 5,00,000/- for those Salaried persons having completed service of 3 years in the present organization & drawing net monthly salary of not less than Rs.30,000/- For employees drawing salary through our Bank max loan amount   will be Rs.10 Lakh or 15 months net salary whichever is lower for those salaried persons who have completed minimum three years of service in the present organization subject to minimum Net monthly salary for his/her place of work/place of residence.

IN urban centre Rs 40000/-

IN semi urban/rural centre Rs 30000/-

MARGIN:- Nil

REPAYMENT:- 

Entire loan (principal and interest) shall be repaid within the remaining period of service or in maximum 60 months.

NOTE : the carry home pay of an employee under no circumstances be less than 50% of his/her gross emoluments.

SECURITY :

Suitable third party guarantee acceptable to the Bank and ECS Mandate along with the PDCs

DOCUMENTATION :

a)  Loan application form along with Bio data Form (Along with Forwarding Letter only in case of Tie-up arrangement)  b) Loan Agreement. c) Guarantee Deed d) Demand Promissory Note (In case of Demand Loan) e) Irrevocable letter of authority (in duplicate) f) Letter of Authority g) In case of defense personnel, their service No. and a copy of Identity card issued by the employer h) Affidavit declaring existing and future liabilities i) Statement of account j) For Salaried – Latest Salary certificate/Form No. 16 duly authenticated by the employer. For Non salaried – Copy of receipted ITRs for the last three financial years. k) In case of loan to army officers, a copy of such authority letter be sent to Controller of Defense Accounts {CDA (O)} Pune and in case of army jawans, other permanent employees of military station headquarters and Para Military personnel, Undertaking to be obtained from the Station Commandant/Unit In-charge.

GENERAL TERMS & CONDITIONS :

A letter to be sent to the employer by Registered post informing details of Personal loan raised by the employee from the Bank. It should be ensured that Irrevocable Letter of Authority from the employee borrower authorizing his/her employer for remittance of salary to the branch is dispatched/delivered to the Department preferably to the Drawing and Disbursing Officer (DDO)