Loans
 
  Objective
For granting clean loan to salaried persons of reputed organizations.
 
  Eligibility
  • Permanent employees of Public Sector Undertakings, State & Central Government Departments, Corporations, Reputed Organizations, who have completed two years of service are eligible to avail loan under the scheme. The loan proposal of employees whose salary is routed through our Bank should be given priority.
 
 Purpose
  • Loan under the scheme may be granted for various personal needs of the employees such as social functions, purchase of consumer durables, repairing of house etc.
 Amount:
  • Loan per employee should be 30 times of his / her monthly gross salary subject to maximum limit of Rs. 10.00 lacs. Quantum of Loan for individual employee should be finalized taking into account his/her left over service period and repaying capacity.
 Margin
  • NA
 Security :
  • The loan should be sanctioned with salary check off facility. Irrevocable undertaking from the concerned employee and his/her employer /DDO for deduction of EMI from monthly salary and the terminal benefit of the borrower should be obtained for all cases where salary is not routed through our Bank. Salary Slip for the current month be obtained to verify details of deductions from monthly salary of individual employee and to avoid financing the employees with the habit of long absence from duty. In case of availability of liquid security in shape of NSC/KVP/Life insurance Policies/Term Deposits, rate of interest may further be relaxed as per the rules of the Bank. However assignment of LIC Policy should be insisted for loans beyond Rs3.00 lacs.
 Repayment :
  • The loan is repayable in maximum 84 EMI without any Holiday Period. The EMI fixed for the loan along with other deduction should not exceed 50 % of the gross monthly income of the borrower. Repayment Programme should be fixed in such a way that the take home salary of individual employee after deduction of EMI for loan under “Easy Money Scheme” is not less than 50% of gross salary and loan is due for closure at least one year prior to retirement of the concerned borrower. Monthly deduction from salary towards PF and LIC premium may be excluded to arrive at the monthly total deduction as they are of savings nature.
 Holiday Period :
  • NA
 Rate of Interest :
  • Please contact Branch.
 Remarks :
 
For Form goto Forms Downlod dection .For further details, contact the nearest Branch