Purpose – To help needy salaried persons financially who are at urgent need of financial assistance to meet the expenses towards renovating house or expenses related to marriage of their child/higher education of child/ purchase of consumer durable appliances etc.
Eligibility – Individuals –Employed of Government or reputed public sector units having check-off facility and whose salaries and allowances are being paid through their accounts maintained with the braches of our bank in a regular manner.
Minimum credit scoring of 50 marks on credit scoring model of 100 marks
Type of Advance – Demand / Term Loan – Secured
Eligible Amount 18 Times of Net Monthly Income (NMI) without any upper ceiling subject to EMI/NMI percentage not exceeding 50%.
Repayment – 12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier.
Security – Hypothecation of the Equipment purchased out of Bank Finance
Insurance – Waived. However, Borrower is advised to obtain insurance at his own cost.
Processing Charges – 0.55% of the loan amount
Terms and Conditions– Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment, quotation/Invoice in respect of the equipment to be purchase, stamped receipt to be submitted after purchase of the equipment etc. are the other terms and conditions of the personal loan.