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
Nature of Facility
Quantum of 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 installment of proposed loan.
Take home pay
Minimum 40% of Gross salary including installment of the proposed loan.
- Salary to be routed through account maintained with our branch.
- The borrower should give an irrevocable undertaking for not transferring salary account to any other Bank during currency of loan.
- In case the salary is not routed through our Branch, the following undertaking to be obtained for sanction of loan;
- o 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.
- o 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.
Personal Guarantee by co-employee of worth at least equal to loan amount.
Rate of Interest
MCLR+2.75%. 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.
For further details please contact our nearest branch or call on the toll free no. 1800 22 1911