Loan Amount
- Minimum amount of loan will be Rs. 2,00,000/-
- Maximum amount of loan Rs. 20,00,000 or 24 times monthly gross salary/income whichever is lower.
- Minimum Gross Annual Income/Salary of Rs.5.00 lakh and above is mandatory.*
Margin
Nil
Security
Suitable third party guarantee acceptable to the Bank.
Tangible Collateral Security of the value of 100% of loan amount.
Repayment (Maximum)
Term Loan:
The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 84 equated monthly installments (EMIs). Repayment to start one month after disbursement of the loan.
Overdraft:
The overdraft Limit shall be adjusted within a maximum period of 84 months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month.
Prepayment Charges
NIL