Personal Loans

Personal Loans

Purpose

• For meeting personal expenses and exigencies

Eligibility

Salaried individuals:

• Net salary: Minimum Rs.25000 per month or above
• Age:Minimum: 18 years
• Maximum:
  • Loan should terminate when Applicant/Co-applicant reaches the age of 70 years in case of pension eligibility.
  • Loan should terminate at retirement for non-pensioners

For Non-Salaried Individuals:

• Age:Minimum: 18 years
• Maximum:
  • Loan should terminate when applicant/co-applicant reaches age of 70 years.
  • Professionals such as Doctors, Advocates, Engineers, Chartered Accountants etc. are eligible while agriculturists/Businessmen are not eligibile.
  • Takeover with/without enhancement of the applicant’s personal loans from other Banks / FIs under this scheme is also permitted subject to eligibility.

Reckoning of income

Salaried Individuals:

• Last 3 months payslips & ITRs for the last 2 years, Employee ID, Salary Certificate & Salary Account Statement, Appointment order & Transfer order.

Non Salaried Individuals:

• ITRs for the last 2 years.

Assessment of Loan Quantum Based on Income

Salaried Individuals:

• Take Home Pay should be greater than or equal to 30% of Gross monthly salary after deduction of all repayment obligations including personal loan repayment.

Non Salaried Individuals:

• Net Annual Income should be greater than or equal to 30% of Gross annual salary after deduction of all repayment obligations including personal loan repayment.

Quantum of Loan

Rate of Interest : Click Here

** Terms and Conditions apply.

Repayment Period

• Upto a maximum of 10 years.

Mode of Repayment

• Equated monthly instalments starting from the succeeding month of loan disbursement
• NACH mandate is mandatory for salaried individuals

Processing Charges

• 0.50% of loan quantum + GST.

Prepayment Charges

• In case of loan tenure up to 36 months: nil
• In case of loan tenure greater than 36 Months, pre-closure charges at 1% will be levied on residual outstanding loan amount as at the end of the month in the which the loan is being closed as per the stipulated loan repayment schedule

Penal Interest

• 2.00% over & above existing ROI

Security

• NIL

Guarantee

For salaried individuals:

• Guarantee must be obtained from a salaried individual only whose net worth, calculated as 3 times of his/her annual income, supported by ITRs/Form 16, is equal to the loan quantum to be sanctioned.

For non-salaried individuals:

• Guarantee must be obtained from a salaried/non-salaried individual whose net worth, calculated as 3 times of his/her annual income, supported by ITRs/Form 16, is equal to the loan quantum to be sanctioned.

Liability Insurance

• Mandatory for the applicants with age over & above 55 years.