1

Purpose

Personal / Domestic

2

Eligibility

Permanent Employees of Railways, Government institutions central and State Government, schools, Hospitals etc, having completed 5 years of service and drawing salary through our branches.

3

Facility

Demand Loan

4

Loan Amount

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. 

5

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 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;

• 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.

6

Guarantee

Third party guarantee by a person having worth at least equal to loan amount and acceptable to Bank.

7

Interest Rate

Base Rate+4.50%

8

Processing Fee

Rs.500/- per proposal.

9

Repayment

48 Months -EMI or within the left over service whichever is less.

Installments to commence one month after disbursement.

10

Other Terms & Conditions

Salary Certificate and other Documents/Papers should be duly authenticated by the employer.