|LOAN AMOUNT||MAXIMUM ` 5,00,000 (UP TO ` FIVE LACS ONLY) (AS PER REPAYMENT CAPACITY)|
|ADDITIONAL SECURITY||PRIORITY FOR LIC POLICY / DEPOSIT ETC. (COMPULSORY W. E. F. 12.02.2011)|
|GROUP||MIN. 5 PERSONS|
|ELIGIBILITY||1) Permanent employees of reputed private/ Public limited Company.
2) Permanent employees of Government aided schools, Colleges, Institutions
3) Permanent employees of Deemed Universities & affiliated institutions.
4) Permanent Government/Semi Government employees
5) Permanent employees in listed software companies, BPO, KPO. Etc
|AGE LIMIT||MAX. 50 -52 YEARS|
|TENURE||MAX. 5 YEARS ( FOR LOANS ABOVE ` 2 LACS PERIOD CAN BE EXTENDED UP TO 84 MONTHS )|
|MEMBERSHIP||REGULAR MEMBER / NOMINAL MEMBER|
|MARGIN||50% OF NET MONTHLY SALARY. NON REGULAR ITEMS SUCH AS PRODUCTION INCENTIVE, OVERTIME, BONUS, OTHER INCENTIVES ETC SHALL BE EXCLUDED.|
|PROCESSING||AS PER RULE.|
|GUARANTORS||1) If monthly salary is credited with our bank then 1competent guarantor required
2) If monthly salary is not credited us then 2 competent guarantors required
|DOCUMENTS||1) Undertaking from company for credit of monthly salary with our banks branch.
2) If salary is credited with other bank then undertaking from the firm for monthly deduction of loan installment & depositing the same with our Bank.
3) Undertaking from the employers for deduction from salary in case the loan is overdue.
4) In case of death, retirement, voluntary retirement or the employee is expelled from the service then all the benefits payable to the employee shall be credited to our bank. Also in case the employee is transferred to another place then the firm should take undertaking for continuation of prevailing method of deduction & credit of loan installment with Bank.
5) The amount to be sanctioned so as to installment will be as far as possible 50% of net monthly salary.
|OTHERS||1) Confirmation of firm / Institutions financial stability.
2) Borrower should possess own house or in other case should have at least 10 years stay at current address.
3) For loan amount up to ` 1 lac, for nominal member borrower ` 5000/- deposit is required & in case of loan above ` 1 lac borrower should be made member
4) As per Banks loan policy other rules & regulations shall be applicable.
5) While calculating net monthly salary non-regular items such as production incentive, overtime, bonus, other incentives etc shall be excluded.