For any purpose other than speculation.
- 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
Applications to be accepted on individual basis only and Co applicants not to be allowed.
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.
For Metro & Urban Areas: Rs. 10 Lakhs
For Semi-Urban & Rural Areas: Rs.5 Lakhs
For Metro & Urban Areas : Rs. 1 Lakh
For Semi-Urban & Rural Areas : Rs.50,000/-
Penal interest @2% shall be levied on overdue amount
2% of Loan amount Minimum: Rs.1000/- Maximum: Rs.10,000/- + Service Tax
Specific Guidelines for Loan Eligibility
||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
|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
||Maximum 60 months
||Maximum 48 months
||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.