Purpose – Any legitimate requirement of finance, except for speculative purposes.
Eligibility – Individuals & Business entities who is a bonafide member of the bank
Quantum of Loan – Minimum Rs.5.00 Lakhs and Maximum Rs.75.00 Lakhs, subject to maximum of 36 month salary or income in case of individual borrowers, Level of Debt Service Coverage Ratio (DSCR) shall not be less than 1.50 in case of business entities.
Nature of Facility – Term Loan or overdraft
Rate of interest – As per bank rules subject to levy of penal interest
Margin – 60% of value of mortgaged property
Period – Loan – 72 months subject to repaying capacity, Overdraft – 12 months subject to annual review
Commitment Charges – 2% of the outstanding balance of loan A/C if taken over before due date by any other financial institution/bank (applicable for loan facility only)
Insurance – The property will be comprehensively insured by the borrower with usual bank clause for the market value of the property (excluding value of land).
Sureties – At least two satisfactory sureties of good means
Security – Mortgage of non-encumbered freehold property owned by the borrower or third party and in case the same is owned by third party, his/her personal guarantee to be stipulated, subject the condition that the relevant is a self occupied property.
The bank also offers financial assistance to people in the form of loans such as home loan, personal loan, educational loan, car loan etc