Purpose: This is a demand loan in the form of overdraft facility offered by the Sharda Gramin Bank. This loan scheme finances the customers of the bank having their salary account with the bank for any personal needs.
Eligibility: Overdraft facility is available in the savings bank account of the bank, for employees of the corporate clients of the bank, Institution, Organization, etc.
Quantum of Loan: Overdraft is limited to 4 months gross salary of the applicant.
Margin: There is no margin for this loan scheme.
Rate of Interest: The rate of interest of the loan is PLR- 1.25% per annum.
Repayment: There is no moratorium period for this loan. The repayment is done from the salary account every month.
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.