Big- Cash is a personal loan offered by the bank to meet unforeseen expenses like marriage, education, social obligation.
Purpose – To offer financial assistance to meet unforeseen expenses like marriage, education, social obligation
Quantum of Loan – 90% of proposed expenditure with maximum ceiling of Rs. 2.00 lakh Upper ceiling may be waved in case of deserving proposal subject to 90% of the proposed expenditure
Margin – Minimum 10%
Rate of Interest – 13.50 %
Repayment – In 48 EMIs
Guarantee – Spouse guarantee compulsory; Personal guarantee of one person of equal worth; Guarantee as in (b) may be waived if liquid security face value 40%.
Service Charges – Up to Rs 25000/- NIL; Above Rs 25000/- 1.1236% of the sanctioned limit, minimum Rs. 600/-
Documents – Loan agreement, PDR, Letter of Guarantee and DP Note
Lending Power – Scale I – 1.00 lakh; Scale II – 1.50 lakh; Scale III – 2.00 lakh
Disposal of Proposal – within discretionary power on Branch – 7 Days; beyond discretionary power of Branch – 10 Days
Income – Take home salary not less than 40% after meeting all statutory deduction and loans; Other income may be reckoned on documentary evidence like IT return; under taking from employer for deducting EMI from monthly salary & remit it directly to the Branch.