Personal Loan

RULES FOR PERSONAL LOAN

Eligibility

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

1. Repayment of existing debts and activities approved by Bank.
2. Marriage expenses to self/son/daughter or near dependent relative.
3. Expenses related to tour/excursions by self/spouse/children within the country/aboard.
4. Medical expenses for self/spouse/son/daughter or dependent relatives.
5. Education of self/spouse/children/dependent relatives.
6. Purchase of professional equipments/two or four wheelers/computers.
7. Any other personal expenses of bonafide nature approved by the Bank.
8. Any other expenses as may be approved by the Bank.

Margin

Nil

Take-home Pay

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.

Repayment

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

• In case of salaried persons, the borrower shall have to execute an Agreement u/S. 58 of The West Bengal Co-operative Societies Act, 1983, in the prescribe pro forma of the Bank, duly witnessed by two persons (preferably the guarantors for the loan) and acknowledged by the Employer/ SDDA/ DDO, apart from liquid collateral security @ 20% (twenty per cent) of the loan amount in case the loan application is not routed through PACS/ ECCS or not disbursed through the concerned Branch.
• In case of professional, collateral security at least @ 30% (thirty per cent) of the loan amount obtained.

Documents to be submitted

1. Duly attested recent photograph.
2. Salary Certificate for the last three months from the Employer/ SDDA/ DDO
3. Bank account statements for the last three months in order to ascertain the repayable surplus, indebtedness to other Branches/ Banks, repayment habit etc
4. Recent Electric Bill/ Telephone Bill as a proof of residential address
5. Details of the Employer
6. Voter ID Card/ Ration Card/ PAN Card/ Identity Card etc.
7. Names, addresses, Phone Nos. etc. of two guarantors (acceptable to the bank).
8. For Professionals- Income Tax Returns and Profession Tax Receipts for the last three years and Self-assessed Income Statement of monthly/ quarterly income.

Other Conditions

• In case of misutilisation of loan, as also in case of default in repayment of any instalment or part thereof and/ or payment of interest or part thereof, the entire loan outstanding at the time of such occurrence will automatically fall due and repayable for the purpose of enforcement of securities and recovery of Bank’s dues at the discretion of the Bank.
• The conditions applicable for Consumer Durable Loan in Chapter XXII of Loan Manual Volume II, except those related to hypothecation of goods, shall apply to Personal Loan as well.

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.