Personal Loan

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Personal Loan

Personal Loan

Eligible Borrowers

  • Employees of Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / MNCs & Educational Institutions – with minimum continuous service for 1 year
  • Employees of Proprietorship, Partnership firms, Private Limited companies, Trust - with minimum continuous service for 1 year
  • Insurance Agents- doing business for minimum last -2- years
  • Self Employed Professionals (Doctor, Engineer, Architect, Interior Designers, Tech. and Management Consultants, Practicing Company secretaries etc) -- with minimum 1 year stable business.
  • Self Employed Business persons - with minimum 1 year stable business.

ROI for existing customers having account relationship of minimum -6- months

One year MCLR +SP+3.00% to One year MCLR +SP+ 6.00% (As per Risk Rating of the applicant/s.)

Other cases : i.e for applicants having account relationship with other Bank at least for -6- months

One year MCLR +SP+5.00% to One year MCLR +SP+ 8.00% (As per Risk Rating of the applicant/s.)

Charges

  • 2% of Loan amount
  • Minimum: Rs.1000/-
  • Maximum: Rs.10,000/-

Purpose

For any purpose other than speculation.

Eligibility Borrowers

  • Employees of Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / MNCs & Educational Institutions – with minimum continuous service for 1 year
  • Employees of Proprietorship, Partnership firms, Private Limited companies, Trust - with minimum continuous service for 1 year
  • Insurance Agents- doing business for minimum last 2 years
  • Self Employed Professionals (Doctor, Engineer, Architect, Interior Designers, Tech. and Management Consultants, Practicing Company secretaries etc.) - with minimum 1 year stable business.
  • Self Employed Business persons - with minimum 1 year stable business.
  • Staff members are not eligible

Co-Applicant

Applications to be considered on individual basis only. Co applicants not to be allowed.

Age

Minimum

21 Years

Maximum

  • For Salaried Persons: Age of Borrower plus repayment period should not exceed retirement age or 60 years whichever is lower.
  • For non-salaried Persons: Age of Borrower plus repayment period should not exceed 65 years.

Quantum of Finance

Limit is stipulated based on the classification of the financing branch.

Maximum

  • Metro & Urban : Rs. 10 Lakhs
  • Semi-Urban & Rural : Rs.5 Lakhs

Minimum

  • Metro & Urban : Rs. 1 Lakh
  • Semi-Urban & Rural: Rs.50,000/-

Penal interest

Penal interest @2% shall be levied on overdue amount

Processing Charges

2% of Loan amount Minimum: Rs.1000/- Maximum: Rs.10,000/- + Service Tax

Specific Guidelines for Loan Eligibility

Parameter Employees of Central/ State Govt., Autonomous Bodies, Public/ Joint Sector Undertakings & Educational Institutions- with minimum continuous service for 1 year and having salary account with our Bank For Others
Income Multiplier 12 times of GMI GMI less than Rs.75,000 :
6 times of GMI
GMI 75,000 and above :
8 times of GMI
Repayment Capacity (FOIR) 60% of GMI GMI less than Rs. 75,000 : 40% of GMI
GMI Rs. 75,000 and above but less than Rs.2,00,000: 50% of GMI
GMI Rs. 2,00,000 and above : 60% of GMI
Repayment Period Maximum 60 months Maximum 48 months
Account Relationship Salary account should be with our Bank. Last month salary has been credited in the account. Loan amount upto Rs. 2.00 Lakhs : Satisfactory account relationship with our Bank or any other Bank for at least 6 months.
Loan amount above Rs.2.00 Lakhs :
  • Satisfactory account relationship with our Bank for at least 6 months.
  • In case of Employees of Proprietorship, Partnership firms, Private Limited companies, Trust – Salary account of the employee should be maintained with our Bank for the last -6- months.
  • In case of Insurance Agents – The Commission for the minimum last 6 months to be credited to the account with us.

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  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

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