Personal Loan

Eligibility

• All Individuals between age of 21 years to 58 Years having minimum gross annual income greater than or equal to Rs.240000/- for State Government ,Central Government, Profit Making PSU employee and pensioner (Central Govt and State Government), Govt. (Central & State) Aided/Semi-Govt. Schools and collages employee and pensioner.

Purpose

• Any personal purpose other than speculative/illegal purpose.

Quantum of finance

• Minimum: Rs. 1.00 Lakh & Maximum: Rs. 10.00 Lakh/-
• Income gap criteria
  a. 24 times of GMI
  b. Total deduction including instalment of this loan should not exceed 60% of NMI.
  c. Loan Amount Applied.
  d. Eligible Loan Amount: Lower of (a), (b) or (c)

Margin

• Not Required.

Security

• 5 PDCs of Saving Account in which salary is crediting.

Repayment Period

• Minimum term 24 months
• Maximum term 60 months
• (Subject to maximum exit age of borrower is 60 years)

Moratorium

• Not applicable

Rate of Interest:10% + Scoring model premium

Processing Charge/Upfront Fee:As per bank's extent guidelines (subject to change from time to time)