Purpose
This loan can be availed for any general purpose in the form of term loan or overdraft.
Eligibility
Any salaried person with a minimum net monthly income of Rs. 6.000/- or any other individual with a minimum net annual income of Rs.75, 000/- can avail the personal loan.
Quantum of Loan
The minimum amount granted as loan is Rs. 50,000/-. The maximum loan amount granted is Rs. 1 crore, subject to an upper limit of 24 net monthly incomes or 2 net annual incomes or 50% of the market value of collateral security offered whichever is lower.
Margin
The margin of loan is 50% of the market value.
Security
Mortgage of urban property of the borrower or of third party if he/ she agree to guarantee the loan, serves as the security of the loan.
Repayment
In case of term loan, the maximum period of repayment is 60 months. In case of current account overdraft, the maximum period of 60 months through a monthly reducing D.P. Post dated cheques will be obtained from the borrower.
Other Documents Required
The property must be fully insured. Documents related to the mortgaged property needs to be submitted.
K. Bhaskar
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