Purpose – Any purpose
Eligibility – Salaried, self employed or professional with repaying capacity
Margin – 50% (Valuation
Rate of Interest – The rate of interest 12.5 %; Interest on monthly reducing balance
Duration – 84 months
Security – Mortgage of Immovable Property
Guarantor – one or two individual guarantors acceptable
to bank similar to the any other personal loan offered by the bank
Prepayment – No prepayment charges
Other Conditions – Speedy Sanctions and Disbursements of loans
The applicant borrower must open Saving Bank/Current Account and furnish all papers/ documents as per the bank’s requirements.
The borrower/s and sureties/guarantors should execute the documents as required by the bank before disbursement of the loan.
The borrower should have exclusive banking with the bank. For opening and operating with any other bank, prior consent must be obtained from the bank.
The applicant borrower eligible as per byelaws (Residing/carrying on business within the area of operation of the bank) must apply for entrance fee of Rs.10/-. Upon sanction of the loan, shares up to 5% of the loan amount or Rs.1 Lac, whichever is less must be acquired before disbursement of the loan etc.