Purpose – Purchase of consumer durables, TV/Refrigerator/ Other household and other personal needs and other contingencies
Eligibility – The applicants and the guarantors should be permanent or Nominal Members of the Bank.
Quantum of Loan – The loan limit of the personal loan is from Rs.10,000/- to Rs.1,00,000/-
Repayment – From 12 months to maximum 60 months
Documentation – Application form is to be filled in completely with true particulars, applicant’s gross income, all types of deduction and net income after deductions, whether the applicant is permanent or temporary, two passport photos, Salary Certificate, I.D.Proof and Residential Proof.
The employers or the signing authority should sign the undertaking that he will deduct the loan installment as specified by the bank from the monthly alary of the applicant at root and permit remit he same without delay to the bank till the satisfaction of the loan in full with interest according to MC Act 1960 section 49 under the seal of his office.
Income certificates of the co-borrowers duty filled in by the employing authority should be enclosed with correct and up-to-date information under the seal of his office etc
Guarantors – Two Guarantors; the guarantors must be an employee of the Government, Semi Government Departments with adequate salary.