Objective
To make available Financial Assistance to the salaried for their personal needs.
Eligibility
Drawing salary from our Bank:
All Confirmed/ permanent employees of Central/ State Govt./ PSUs minimum 2 years of service, including service with the previous employer(s), if any, all reputed* companies/Institutions including Schools, Colleges, Universities, autonomous bodies, Hospitals,/Nursing Homes who are drawing their salary through accounts maintained with our branches.
Check-off facility:
Others minimum 3 years of service, including service with the previous employer(s), if any.
Purpose
To meet all types of personal needs (e.g., for medical treatment of self or a family member, marriage of self, son/daughter, defraying expenses on education of wards, expenses for domestic or foreign travel etc.)
Loan Amount
Up to 24 times of Gross Monthly Salary with a maximum of Rs.20.00 Lakh depending upon the repaying capacity.
Margin
NIL
Security
Suitable third party guarantee acceptable to the Bank
Repayment (Maximum)
Term Loan:
The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 72 (Seventy-Two) equated monthly installments (EMIs) whichever is earlier. Repayment to start one month after disbursement of the loan.
Overdraft:
The Overdraft Limit shall be adjusted within remaining period of service or in maximum period of 72 months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month.
Personal loans allowed to Defence Personnel including officials of Military Station Headquarters, Border Security Force, Central Reserve Police Force, Central Industrial Security Force, Indo Tibet Border Police etc. shall be Repayable in maximum 60 equated monthly installments.
Prepayment Charges
NIL