SPECIAL CENT COVID – PERSONAL LOAN 2021

SPECIAL CENT COVID – PERSONAL LOAN 2021 - Scheme is valid up to 30.11.2021

Salient Features :This Special Personal Loan Scheme is targeted at our Bank’s existing borrowers having Home Loan or Mortgage Loan & to the pensioners/Salaried Customers who are getting pension/salary from our Bank for Covid Treatment of self or family member (Spouse, Son, Daughter, Parents, Brother, Sister) who are found Covid Positive on or after 01.05.2021

 

SCHEME IN DETAIL

Parameters

Details

Purpose

For Covid Treatment of self or family member (Spouse, Son, Daughter, Parents, Brother, Sister) who are found Covid Positive on or after 01.05.21.

Eligibility

1. Existing borrowers of the Bank having Home Loan or Mortgage Loan from our Bank subject to :

  • Home Loan /Mortgage Loan fully disbursed  and Moratorium period completed
  • Minimum 3 EMI should be paid by the borrowers
  • Account should be Standard Assets as on 31.03.2021

2. Existing Pensioner/Salaried Customers who are getting pension/salary from our Bank’s Branches.

Age Criteria

Min:21 Years

Max: For Home/Mortgage Loan Customer: 60 Years

         For salaried :60 years

         For pensioners: 70 years

Quantum of Loan

Minimum Amount – Rs. 25000.00

Maximum – As under for salaried & non salaried

For Salaried & pensioners:

  • 12 months Gross Salary/Pension subject to Maximum Loan Amount of Rs.5 lakh.

For Non-Salaried  Customers:

  • Income shown as per latest ITR or Rs.3.0 lakh whichever is less.

Minimum net take home pay of 40% of gross salary/Pension/ Income after taking into consideration payment of statutory dues, repayment of existing loans including the installment of proposed loan.

Security

Wherever, security is charged with existing linked loan, the same will not be released until closure of this personal loan even if existing loan  (Housing /Mortgage) is closed. Undertaking/ Letter of negative Lien must be obtained from the borrower wherever applicable.

For Pensioner – PPO is to be obtained

Rate of Interest

  • Low  & Medium Risk – --  RBLR(6.85)+1.65=8.50 %

Credit rating (as per Personal loan scheme) is to be carried out by Branch.  The minimum hurdle rate is 50.

The interest rate on linkage to Repo Rate will change upwards or downwards as the case may be, in line with movement of the Repo Rate.

Interest variation arising out of change in Repo Rate will be adjusted / recovered at the end of Repayment period.

The Reset dates of all Repo linked (RBLR) loans will be three months from the date of 1st disbursement/renewal/reset

Disbursement

  • Directly to the credit of Saving Bank Account. Of the customer.

Repayment

For Non-salaried Customer /Pensioner: Maximum 5 years (including 3 months moratorium)

Interest to be charged during the moratorium period

 

For Salaried customer: Maximum 5 years (including 3 months moratorium) or within left over service which ever is earlier.

Interest to be charged during the moratorium period

 

Guarantee/ Employer’s undertaking

For Existing Home Loan/Mortgage Loan Customer:

  • All the guarantors in the existing qualifying linked loan to provide personal guarantee in the proposed personal loan.

For pensioners customers who are drawing pension from our Bank:

  • Spouse of the pensioner or legal heirs of the family pension beneficiary must join as co-borrower.

 

For Salaried Customer: 

One Guarantor  having  Net-worth equivalent to the loan amount                                          

Processing Charges

NIL

Prepayment/

Foreclosure charges

NIL

CIC Score

 

Minimum Credit Information Company (CIC) Score of the applicant is as under:

Name of CIC

Minimum Threshold Limit

Transunion CIBIL/CRIF

675

EXPERIAN

700

  • Satisfactory credit history with no default/write-off is required.
  • PAN/Aadhar number should be captured in CIF of Borrower/Guarantor
  • Proposals of Applicants who do not have any credit history with a score of -1 may be considered.

Take home pay criteria

Minimum net take home pay of 40% of gross salary/Pension/ Income after taking into consideration payment of statutory dues, repayment of existing loans including the installment of proposed loan.

Documents

  1. Application
  2. Consent Letter of Guarantor.
  3. Acceptance of sanction letter by borrower/guarantor.
  4. Term Loan Agreement.
  5. Letter of Interest variation
  6. Letter of waiver 
  7. Letter of guarantee.

Others

  • This facility is to be made available at the specific request of the borrower for treatment of COVID for self and family members (Spouse, Son, Daughter, Parents, Brother, Sister) along with COVID positive certificate.
  • Above facility is available for our customer only.
  • Reimbursement facility is also available subject to submission of COVID positive certificate along with proof of expenses i.e. Hospital bill in the name of customer or in the name of their family member only.
  • Borrowers can avail personal loan under both the scheme as per their eligibility i.e. existing scheme as well as under this new scheme  subject to regular repayment in the existing Personal/Pension Loan.