For any purpose other than speculation.
- Employees of Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / MNCs & Educational Institutions – with minimum continuous service for 1 year
- Employees of Proprietorship, Partnership firms, Private Limited companies, Trust - with minimum continuous service for 1 year
- Insurance Agents- doing business for minimum last 2 years
- Self Employed Professionals (Doctor, Engineer, Architect, Interior Designers, Tech. and Management Consultants, Practicing Company secretaries etc.) - with minimum 1 year stable business.
- Self Employed Business persons - with minimum 1 year stable business.
- Staff members are not eligible
Applications to be considered on individual basis only. Co applicants not to be allowed.
- For Salaried Persons: Age of Borrower plus repayment period should not exceed retirement age or 60 years whichever is lower.
- For non-salaried Persons: Age of Borrower plus repayment period should not exceed 65 years.
Quantum of Finance
Limit is stipulated based on the classification of the financing branch.
- Metro & Urban : Rs. 10 Lakhs
- Semi-Urban & Rural : Rs.5 Lakhs
- Metro & Urban : Rs. 1 Lakh
- Semi-Urban & Rural: Rs.50,000/-
Penal interest @2% shall be levied on overdue amount
2% of Loan amount Minimum: Rs.1000/- Maximum: Rs.10,000/- + Service Tax
Specific Guidelines for Loan Eligibility
||Employees of Central/ State Govt., Autonomous Bodies, Public/ Joint Sector Undertakings & Educational Institutions- with minimum continuous service for 1 year and having salary account with our Bank
||12 times of GMI
||GMI less than Rs.75,000 :
6 times of GMI
GMI 75,000 and above :
8 times of GMI
|Repayment Capacity (FOIR)
||60% of GMI
||GMI less than Rs. 75,000 : 40% of GMI
GMI Rs. 75,000 and above but less than Rs.2,00,000: 50% of GMI
GMI Rs. 2,00,000 and above : 60% of GMI
||Maximum 60 months
||Maximum 48 months
||Salary account should be with our Bank. Last month salary has been credited in the account.
||Loan amount upto Rs. 2.00 Lakhs : Satisfactory account relationship with our Bank or any other Bank for at least 6 months.
Loan amount above Rs.2.00 Lakhs :
- Satisfactory account relationship with our Bank for at least 6 months.
- In case of Employees of Proprietorship, Partnership firms, Private Limited companies, Trust – Salary account of the employee should be maintained with our Bank for the last -6- months.
- In case of Insurance Agents – The Commission for the minimum last 6 months to be credited to the account with us.
Personal Loan Documents Required Click here