RULES FOR PERSONAL LOAN
Individual salaried employees working in permanent/confirmed capacity in state ¢ral Govt./Semi-Govt./Public Undertakings or any other reputed companies acceptable to the Bank, drawing regular monthly salary, having service at credit for not less than 5-years and Professional [Engineers & Doctors] are eligible for the loan, subject to their admission as Nominal Members of the Bank.
Quantum of Advance
Maximum Rs.1,00,000/- and minimum of Rs. 25000/- , subject to the limit of 25 times of gross monthly income( on average of last 3 moths).
Purpose of Loan
Monthly net take-home pay/income should be at least Rs.2000/- but not less than 40% of gross Income of the applicant taking into effect of EMI of the proposed loan.
Rate of interest
As may be decided from time to time by the Bank.
The total loan, together with accrued interest, shall be recovered in 12, 24, 36 or 48 Equated Monthly Installments as per option of the Borrower by way of monthly post-dated cheques provided that all post-dated cheques will be dated 1st day of month irrespective of date of disbursement of the loan. Repayment will start from the month succeeding the month of issue of loan.
Provided further that, if an employee of the bank is granted Personal Loan as an individual constituent of the Bank and in case of an employee of any other organization whose salary is disbursed through any Branch of this Bank, the EMI shall be deducted from the monthly salary of the borrower.
Security to be held
Documents to be submitted
Appraisal and Sanction
All loans of this type shall be appraised by the Branch Manager himself or any official authorized by him with reference to the Loan Manual of the Bank specifically recommended by the Branch Manager/ Manager of the Branch, processed at the Regional / Head Office level and then considered and sanctioned by the appropriate Committee of the Bank duly authorized by the Board of Directors from time to time or by the Board of Directors itself.
For more information the please contact with the loan department of the bank and its branches.