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.