Purpose – One guarantor of sufficient means and having net worth of 1.5 times of loan amount (along with proof of net worth).
Eligibility – Salaried individual who is a confirmed employee in state or central govt. PSU, companies, private establishment/organization, education institution etc. Minimum net annual income Rs 60000/ and above. Self employed or Professional with minimum gross annual income as per ITR Rs.1, 00000/- and above
Repayment – Minimum 12 months, Maximum 36 months
Repayment Option – Through post dated cheques or through standing instruction to debit the account with the EMI amount. If an applicant is finding difficultly in getting required number of cheques from one bank then balance left out can be met out by issue of cheque book from other bank.
Document – Requirement from borrower At the Time of Application Identity Proof, Proof of Residence Address, Proof of income, last six month’s bank statement etc
Rate of Interest – For income of Rs.5000-Rs.10000/-5 times of net income (Max 50000) the rate of interest is 17.00%, for income of Rs. 10000 and above the interest rate is 16.00%
Security – One guarantor of sufficient means and having net worth of 1.5 times of loan amount (along with proof of net worth).