Union Women Professional Personal Loan Scheme (UWPPL)

1. PURPOSE:

To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday etc. of women professional.

2. ELIGIBILITY:

Salaried and non-salaried Income Tax assessee women engaged in following professions and having annual Salary /Income of Rs.5.00 lakh & above are eligible under the scheme:

Women Professionals in fields of –

• Healthcare;
• Accountancy, Audit;
• Wealth Management/Financial Services;
• Engineering, Architect, Interior Designing;
• Fashion designing;
• Art & culture;
• Coaching, Counselling;
• Photography, Film making;
• Mass media, Communications, Publicity;
• Beauty & cosmetics;
• Event Management;
• Legal Services;
• Education & Research;
• Aviation;

Note:

• To ensure the above qualifications/profession, it is opined that valid Certificate & License shall be obtained wherever applicable.
• In case non-salaried applicants, it may be stipulated that at least 50% of sales turnover is routed through bank account for last two FY to be eligible under the scheme.

3. AGE:

• Minimum entry age for salaried applicant should be 21.
• Minimum entry age for non-salaried applicant should be 23.
• Maximum exit age permissible for the scheme will be retirement age for salaried and 65 years for non-salaried.

4. CREDIT SCORE:

1. The credit history reports from credit information companies (CICs) such as CIBIL/Experian/Equifax/CRIF should be taken for the applicant & guarantors and should form the part of due diligence/appraisal.
2. Minimum CIC score of the applicant/co-applicant/guarantor shall be 650 and above.

5. NATURE OF FACILITY:

Loan will be sanctioned as Term Loan only

6. QUANTUM OF LOAN:

The maximum quantum of loan per individual is Rs.50.00 lakh subject to repayment capacity.

7. Reckoning of income for calculation of quantum of loan:

• For salaried individuals:
  • Income to be taken as per the latest salary slip/latest ITR/Form-16 for arriving at eligible loan amount/repayment capacity.
  • Income from capital gains, speculation income, one-time bulk receipts etc. cannot be considered for arriving at eligible loan amount as they are not of regular nature.
  • ITRs/Form 16 of last 2 years and the salary slip for the immediately preceding three months may also be obtained for corroborating the income as per the latest ITR/Form-16/salary slip.
  • Regular income (salary/pension) only to be considered for arriving at the eligible loan amount. However, other income which is either appearing in the Salary Slip / Form-16 / IT Return such as bonus, variable pay, performance / production linked incentives, other allowances etc. may be included in the salary income on the basis of the average of the last two years’ Form-16 / IT Return for the purpose of calculation of eligible loan amount.

• For self-employed individuals:
  • Income from capital gains, speculation income, one-time bulk receipts etc. cannot be considered for arriving at eligible loan amount as they are not of regular nature.
  • ITR for the last three years to be obtained and scrutinized to ascertain the regularity/stability of income level. If the variation in year-on-year income is less than 25% then Latest income as per ITR of immediately preceding year to be considered for arriving at eligible loan amount/repayment capacity.
  • However, if the variation in year-on-year income is more than 25% then average of income as per ITR of immediately preceding three years to be considered for arriving at eligible loan amount/repayment capacity.
  • Supporting documents like P&L, Balance Sheet, and Computation of Income etc also to be obtained for assessment.

8. MARGIN: NIL

9. RATE OF INTEREST:

10. CHARGES:

11. MAXIMUM REPAYMENT PERIODS:

The maximum repayment period will be 7 years (84 months) subject to the condition that repayment should be co-terminus with retirement.

12. MORATORIUM PERIOD

No moratorium period is allowed. The repayment should commence from succeeding month of first disbursement of loan.

13. SECURITY:
    • Credit life insurance like “New Sampurna Loan Suraksha” up to the extent of sanctioned loan amount should be taken.
    • Personal Guarantee of Spouse.

OR

• In case borrower is single/widow/divorced, then personal guarantee of one of the co-employee / persons having means equivalent to the loan amount and minimum CIC score of 700 & above to be obtained.

14. INSURANCE:

Insurance is mandatory under the scheme. Insurance Premium may be included in quantum of finance.

**Conditions Apply**

**Contact our nearest Branch for more details**