| 1 |
Eligibility |
- Individuals above 18 years who maintain a salary account with the Bank and whose net salary is Rs. 8,000/- or more per month.
- The applicant should be in present employment for the last 3 years. In case of switch over of the job, it may be considered on merits not below the rank of Dy. C.E.O.
- The salary in our Bank account should be credited for at least 6 months.
|
| 2 |
Quantum of loan |
| Net salary credit to salary account (per month) |
Loan amount |
Maximum |
| Rs. 8,000 – Rs. 15,000 |
Four months' salary |
Rs. 60,000/- |
| Rs. 15,001 – Rs. 25,000 |
Five months' salary |
Rs. 1,50,000/- |
| Rs. 25,001 and above |
Ten months' salary |
Rs. 10,00,000/- |
Maximum loan amount will be Rs. 10,00,000/-. |
| 3 |
CIBIL |
CIBIL report for loan is not required up to a loan of Rs. 25,000/-.
Thereafter the CIBIL report is mandatory. A score of 700 is advisable (medium risk).
Any written-off account outstanding in the CIBIL report needs to be examined and may be approved by the Dy. C.E.O. if justified. |
| 4 |
Margin |
No margin |
| 5 |
Repayment period |
36 months by way of EMI from salary account.
The repayment of the loan should be completed before the age of retirement. |
| 6 |
Rate of interest |
2.50% above base rate (which is at present @ 9.15%).
Effective rate 11.65% p.a. |
| 7 |
Security |
Personal guarantee. |
| 8 |
Type of facility |
Term loan |
| 9 |
Shares |
The borrower must be a regular shareholder of the Bank; if not, then the regular share of Rs. 1,000/- is mandatory. |
| 10 |
Linking share |
5% of loan amount, inclusive of regular share. |
| 11 |
Documents |
- Demand promissory note.
- D.P. Note delivery letter.
- Letter of authority for deduction of instalment from the salary account.
- Letter of lien, stamped Rs. 100.
- Term loan agreement, stamped Rs. 100.
- A certificate from the employer regarding his length of service, and salary.
- EPF statement of account of the applicant, for the purpose of his EPF no.
Or should have own or family-owned house of residence.
|
| 12 |
Disbursement |
The loan will be repayable by way of a single disbursement by credit to the respective salary account at the branch. |
| 13 |
Product code |
GL – 90 |
| 14 |
Sanctioning authority |
Sanctioning power as per delegation of power. |
| 15 |
Other |
- The regular and equal amount of salary should be checked in the salary account.
- The Branch Manager / Loan in-charge should make a discreet inquiry with the employer regarding the length of service and the general character of the applicant.
- Deviation to accept income of spouse is vested with C.E.O. on case to case basis.
|
| 16 |
Papers required |
Borrower's papers:
- KYC documents.
- Employer certificate.
- EPF statement copy.
- Photograph.
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