| Purpose / Objective | For meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses |
| Target Group | Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI. |
| Eligibility | Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI. |
| Amount of Loan | Eligible amount is calculated @ five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or @7 times of gross salary (maximum Rs.1 lakh) with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank. |
| Margin | Nil |
| Interest Rates | Please see the Lending Rates link on Bank website home page |
| Processing fee | 0.50% on the loan amount with min of Rs 500/- |
| Repayment | 36 Equated Monthly Instalments (EMI) |
| Security | a). Employer's sponsorship
(b). Authorisation to debit SB account or
(c). Third party guarantee and/or Encashable collateral security,
(d)Post dated cheques
|
| Documents to be submitted for processing the application | Proof of employment and salary certificate (salary credit to SB account with branch or employer's undertaking to recover EMI and remit to bank)
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The following documents to be obtained in case of individual borrowers who approach for loan under this scheme directly without employer sponsorship or salary credit .
Salary Certificate for self for 6 months
IT returns/Form 16 for 3 years from the individual borrowers..
Statement of account for the past 6 months.
Post dated cheques to be obtained.
Suitable third party guarantee is desirable. |
