Purpose: The Sharda Gramin Bank offers Personal Loan to the salaried customers of the bank who have their salary account with the bank.
Eligibility: Any state government or central government employee, or teachers who are drawing their salary from the branches the bank are eligible for this personal loan. The age of the applicant should be such that there should be at least 3 years of service remaining for the person.
Quantum of Loan: The maximum amount that is granted as loan is 12 months of the salary or Rs.1.5 lakhs whichever is lesser.
Margin: There is no margin for this personal loan.
Rate of Interest: The rate of interest for this loan is 14% per annum.
Repayment: The maximum period within which the repayment of the loan has to be done is 5 years.
Security: Undertaking from drawing disbursement authority (NOC) has to be produced as primary security. This is to ensure that the repayment of the loan can be done automatically from the salary account of the applicant in the bank without any complicate processes.
Other Features: This loan scheme has processing charges. The processing fee is decided based on the norms of the bank.