Purpose

• To meet financial expenses for any legitimate purposes like marriage, travel, holiday, educational expenses of wards, medical expenses, meeting margin for creation of an asset etc.
• Takeover of personal loan from other banks

Who Can Borrow

• Individuals (Salaried employees* / businessmen)in the age group of 21yrs- 55 yrs

*Salaried persons with a minimum salary of Rs 7000/-per month and confirmed service of at least two years

Loan Amount

• Maximum Rs. 10,00,000/-
• Minimum Rs10,000/-
• 18 times of net monthly salary for salaried individuals or 2 times of net cash accruals

Margin

• Nil.

Repayment

• Maximum 60 months *

* In case of takeover loan the repayment period shall not exceed the residual repayment period of the transferor bank

Rate Of Interest

• The rate of interest as decided by the bank from time to time would be applicable.

Security

• Up to Rs 5 lacs-Nil
• Above Rs 5 lacs- mortgage of property.

Guarantee

• Two guarantors acceptable to the bank.

Processing Charges

• 1% of the loan amount + GST

Share Holding

• 1.5% of the loan amount.

Documents Required

• Photograph , PAN and KYC documents of borrower and guarantor
• Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
• Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan