1

Purpose

Personal / Domestic

2

Eligibility

Permanent employees of large corporate Clients.

3

Target Group

All employees of Corporate Clients who enjoy credit facility with our bank and employees of other Corporates also who are not enjoying any credit facility with us 

4

Facility

Demand Loan

5

Loan Amount

Twenty times of gross salary subject to maximum of Rs.500,000/- and minimum net take home home pay of 40% of gross salary after taking into consideration payment of statutory dues, repayment of various loans including the instalment of proposed loan. 

6

Security

Ø  Salary to be routed through account maintained with our branch.

Ø  The borrower should give an irrevocable undertaking for not transferring salary account to any other Bank during currency of loan. Such undertaking should be got registered with/acknowledged by the employer.

Ø  Authority Letter to be submitted by the borrower to debit the salary account for monthly instalments.

Ø  In case the salary is not routed through our Branch, the following undertaking to be submitted for sanction of loan;

• Irrevocable undertaking from the employer to deduct EMIs from the salary of the borrower employee and pay the same directly to the Bank, till full adjustment of loan amount.

• Undertaking should cover deductions not only from salary but also from bonus / exgratia payment / terminal dues in case of retirement, death, cessation of service for any other reason and any other dues from the employer.

7

Repayment

36 Months -EMIs

8

Interest Rate

Base Rate+3.50%

9

Processing Fee

Rs.500/- per proposal.

10

Other Terms & Conditions

Net worth of the company and profits made by it will be taken into consideration for sanction of personal loans to the employees of the company.