PERSONAL LOAN

Feature: This loan is available only to individuals. The individual may be a salaried person or non salaried person.

Eligibility:

• Applicant must be a Regular Member/Associate/ Nominal of the Bank with credibility.

• Salaried person shall be in the regular service of the State Government/ Self Governing Organizations such as Municipality, etc., / reputed non-government organizations or corporations.

• The person should have a take home salary of not less than 50% of his net salary and a residual service of at least 5 years.

• Non salaried persons should have net income after meeting all expenses including family expenditure from his business / profession, sufficient to repay the loan.

• He/she should possess a Savings Bank account, which is KYC Norms

• Age of the person shall not be more than 55 years in case of salaried person and 60 years in case of non salaried persons.

Purpose Of Loan: Domestic/ Business/ Repayment of private debts.

Quantum of Loan: In the case of salaried persons an amount not exceeding six months gross salary or

Rs.25000/- whichever is lower. In case of non-salaried persons it shall not be more

than one year’s net profit or Rs. 25000/- which ever is lower.

Processing fee: Rs. 300/- (Non refundable)

Interest Rate: As prescribed by the Board from time to time.

Tenure: Not Exceeding 12 Months

Repayment Mode: In equal monthly installments with monthly interest or in equated monthly

Installments (though salary deduction in the case salaried persons)

Security: Personal Security of the borrower.

Surety/Guarantee: One surety /guarantor who is a regular/associate/nominal member having

Sufficient income and credit worthiness acceptable to the Bank.

Documents to be furnished: As prescribed by the Bank from time to time.