Purpose – Any purpose similar to personal loan
Eligibility – age between 18 years to 53 years, the applicant must be a Government employee, Semi-Government employee, School, Collages and Bank etc.
Membership – The applicants and the guarantors should be permanent or Nominal Members of the Bank.
Repayment of Loan – Repayment period of loan is minimum 3 years and maximum 5 years
Deciding of Loan Limit
- Total monthly salary
- Less Compulsory deduction
- Less 35% House hold expenses.
- =Net Salary
- The net salary should be more than installment amount.
- The loan limit shall be sanction on availability of net surplus salary.
Quantum of Loan – Maximum sanction limit is Rs. 1.00 Lac.
Interest Rate – Interest rate will be decided and charge as per the Banks Prevailing Rate of Interest subject to change time to time as per the Bank Loan Policy and R.B.I. Directives. The interest shall be calculated an applied on monthly basis.
Fees and charges – 2.5% linking shares, processing fees as per the Bank rule, stamp duty as per the bank rule.
Penal Interest – If the loan account is irregular the 2% Penal interest will be charge on Over due amount and over due period.
Default of Loan – In case of default of 3 installments the bank will recall the entire outstanding loan amount.