Purpose
For any purpose other than speculation.
Eligibility Borrowers
- Employees/Worker of Central/Stat Govt./ Private Sector/Autonomous Bodies/Joint Sector Undertaking, Public Limited Co./ Multinational Companies & Educational Institutions – with minimum service(continuous) for 1 year
- You should have serve minimum 1 year(continuous) – Private Limited companies, Partnership firms, Employees of Proprietorship
- Insurance Agents- doing business for minimum last 2 years
- Self Employed(Doctor, Consultant, Architect, Interior Designers, Practicing Company secretaries etc) with minimum 1 year of stable business.
- Self Employed Business persons – with minimum 1 year stable business.
- Staff members are not eligible
Co-Applicant
Applications to be accepted on individual basis only and Co applicants not to be allowed.
Age
Minimum
21 Years
Maximum
For Salaried Persons: For salaried persons the age of borrower plus repayment period should not exceed over the retirement age or 60 year whichever is lower.
For non-salaried Persons: For non-salaried persons the borrower age plus repayment period should not exceed 65 years
Quantum of Finance
Limit is stipulated on the basis of classification of the financing branch.
Maximum
For Metro & Urban Areas: Rs. 10 Lakhs
For Semi-Urban & Rural Areas: Rs.5 Lakhs
Minimum
For Metro & Urban Areas : Rs. 1 Lakh
For Semi-Urban & Rural Areas : Rs.50,000/-
Penal interest
Penal interest @2% shall be levied on overdue amount
Processing Charges
2% of Loan amount Minimum: Rs.1000/- Maximum: Rs.10,000/- + Service Tax
Specific Guidelines for Loan Eligibility
Parameter |
Employees of Central/ State Govt., Autonomous Bodies, Public/ Joint Sector Undertakings & Educational Institutions- with minimum continuous service for 1 year and having salary account with our Bank |
For Others |
Repayment Capacity (FOIR) |
60% of GMI |
GMI less than Rs. 75 thousand : 40 percent of GMI
GMI Rs. 75 thousand and above but less than Rs.2,00,000: 50 percent of GMI
GMI Rs. 2,00,000 and above : 60% of GMI |
Repayment Period |
Maximum 60 months |
Maximum 48 months |
Account Relationship |
The salary(pay) account should be with our Bank. Last month salary (Pay) has been settled in the account |
Loan amount upto Rs. 2.00 Lakhs : With our bank and any other bank bank the account relationship should be satisfactory for at least 6 months
Loan amount above Rs.2.00 Lakhs :
- With our bank and any other bank bank the account relationship should be satisfactory for at least 6 months
- In case of Employees of Proprietorship, Partnership firms, Private Limited companies, Trust – Salary account of the employee should be maintained with our Bank for the last -6- months.
- In case of Insurance Agents – The Commission for the minimum last 6 months to be credited to the account with us.
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