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To meet personal / domestic expenses
Permanent Teachers / Employees of Schools / Colleges / Universities and other Educational and Research Institute and whose salary routed through account maintained with our branch.
The applicant should submit an undertaking from Employer
v To deduct the monthly installments and remit the same to bank and
v To recover bank's dues from the terminal benefit of the employee in case of termination of services for any reason including death.
Minimum 40% of Gross salary including installment of the proposed loan.
Twenty times of gross salary subject to maximum of Rs.500,000/- and minimum net 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.
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 to be obtained from 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 obtained for sanction of loan;
Personal Guarantee by co-employee of worth at least equal to loan amount
If liquid security in the form of NSC/KVP/FD etc. is available to cover the loan, Concession of 1% in the ROI may be allowed
48 Equated Monthly Installments or within the left over period of service whichever is less.
Rs.500/- per proposal.