Purpose – General purpose loan
Type of loan – Term loan or Current account overdrafts
Eligibility – Employees/ Professionals/ Self-employed/ Agriculturists including those engaged in allied activities and other individuals in the age group of 21 to 55 years
Income Criteria:
a) Minimum net monthly income of Rs. 6.000/- for salaried people
b) Minimum net annual income of Rs.75, 000/-in case of others.
Income Tax Return
a) IT return is not mandatory for the income up toRs.1, 00,000/- per annum
b) Income from all sources should be critically assessed for consideration.
Quantum of Loan – Minimum of Rs. 50000/- and maximum Rs 1.00 Crore subject to 24 NMIs or 2 NAIs or 50% of the market value of collateral security offered whichever is lower.
Disbursements Through Savings Bank Account.
Margins – 50% of the market value of property. (Forced sale value)
Rate of Interest – 16%
Processing fee – Nil
Repayment – Term Loan: Maximum period of 60 months. Current Account OD: Maximum period of 60 months through a monthly reducing D.P. Post dated cheques should be obtained from the borrower.
Security – Mortgage of urban property of the borrower or of third party if he/ she agrees to guarantee the loan
Insurance – Insurance coverage for property is a must for this personal loan. Incase, the borrower provides an additional liquid /collateral security or indemnifies the bank to the extent of loan the insurance can be waived