Personal Loan

Salient Features A scheme mean for employees of the State Government Departments, Public Sector / Reputed Private sector/ Companies/ Co-operative Institutions/non salaried persons. small Business person/self employed persons.
Eligibility
  • Applicant must be a Regular Member/Associate/ Nominal of the Bank with credibility.
  • Salaried person must be in the permanent service drawing a take home salary not less than 50% of his salary and having a balance service of atleast 5 years and non salaried persons should have sufficient income from his business/ profession to repay the loan.
  • He/she should possess a Savings Bank account, which is KYC compliant.
  • The age should not be more than 55 years in case of salaried person and 65 years in case of non salaried persons.
Purpose of the Loan Domestic/ Business/ Repayment of private debts.
Quantum of Loan Max 2,00,000/-
Processing fee * 1.10% on Loan amount with a minimum of Rs.250/- (Non refundable)
Interest Rates As prescribed by the Board.
Tenure Not exceeding 36 months.
Repayment Mode In equal monthly installments with monthly interest or in equated monthly installments (though salary deduction in the case salaried persons)
Security Personal security
Surety or guarantee
  • The surety may be a regular/associate/nominal member having sufficient income and creditworthiness acceptable to the Bank.
Documents to be submitted for processing the application
  • Loan Application Form with passport size photograph.
  • Proof of Employment
  • Salary Certificate for the latest month.
  • Letter authorizing the pay-drawing officer of the borrower or surety (where surety is an employee) for deducting the loan installment and interest from the monthly salary of the borrower or surety as the case may be and remittal of the same to the bank in triplicate.
  • Post dated cheques in case of non salaried applicants
Release of the loan Execution of prescribed document by the borrower and the surety.

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