Personal Loan
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Non Corporate Employees

Purpose


Personal loan for domestic need

Eligibility :


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

Facility


Demand Loan

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.

Security

  • 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. Such undertaking should be got registered with/acknowledged by the employer.
  • Authority Letter to be submitted by the borrower to debit the salary account for monthly installments.
  • 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.

Guarantee


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

Interest Rate


MCLR+4.50%

Processing Fee


Rs.500/- per proposal. (Complete Waiver of Processing Charges if & only if salary account is with our Bank.)

Repayment

  • 48 Months -EMI or within the left over service whichever is less.
  • Installments to commence one month after disbursement.

Other Terms & Conditions


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

For further details please contact our nearest branch or call on the toll free no. 1800 22 1911
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