PURPOSE

• To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday, etc.
• Takeover of personal loan from other banks/FIs.

ELIGIBILITY

• Confirmed / permanent employees working at Government organizations (Central / State), PSUs, Central / State Government undertakings, Defense, armed personnel, Ministries / Departments under the Ministries, officers in All India Services, Teaching & non-teaching staff at Government Schools & Colleges.
• Minimum age of the applicant should be 18 years.
• The employee has to be main applicant for availing personal loans.
• The employee may or may not have salary account us.

NATURE OF FACILITY

• Loan will be sanctioned as a Term Loan (TL) or Overdraft (OD).
• However, the employees who do not maintain salary account with us will be eligible only for Term Loan facility.

QUANTUM

• Minimum Amount – No limit
• Maximum quantum of loan per individual is Rs.25 lakh subject to repayment capacity and other guidelines of the scheme for maximum quantum.

MARGIN

• Nil

REPAYMENT TENURE

Term Loan:

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

Overdraft:

• On attaining the age of 55 years or 5 years prior to retirement date, whichever is earlier, 20% of the OD limit will be reduced each year leading to adjustment of entire OD limit on retirement of the borrower.
• Salary to be credited in the OD account every month.
• Interest should be serviced on monthly basis by the borrower.

RATE OF INTEREST

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MORATORIUM

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

SECURITY

• No security, subject to the condition that Spouse of the applicant must join as co-applicant.

GUARANTEE

• In case borrower is single/widow/divorcee, then personal guarantee of one of the co-employee with sufficient means.

EMI CALCULATOR

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