Purpose

General-purpose loan for individuals for meeting their varying needs.

Eligibility

• State/ Central Govt. employees, employees of Public Sector Undertakings/reputed profit making public limited companies, reputed institutions and MNCs with a minimum service of 2 years.
• Self employed engineers, doctors, architects, chartered accountants, MBAs with a minimum 2 years’ standing and aged 60 years or below.
• Pensioners of PSUs/Govt. (Central/ State)/public sector banks including those who have taken premature voluntary retirement and are 60 years of age or below.
• Agents of insurance/KVP/Mutual Funds etc. with 3-5 years’ standing who are tax assesses and whose gross annual income exceeds `.2.00 lacs and are 60 years of age or below.

Minimum Monthly Income

• `. 6000/- per month for employees/ pensioners and
• `. 60000/- p.a. for professionals and self employed individuals as per latest income tax return.

Minimum Loan Amount

`. 25, 000/-

Maximum Loan Amount

18 months Net Monthly Income (NMI)/1.50 time of Net Annual Income (NAI), subject to the Equated Monthly Instalment (EMI) not exceeding 50% of NMI.

Maximum `. 10.00 lacs in six metros (Delhi, Mumbai, Kolkatta, Chennai, Banglore and Hyderabad)

                            and

`. 7.50 lacs in other centres.

Other conditions:

• In the metros of New Delhi (including areas of Gurgaon in Haryana), Mumbai, Bangalore and Hyderabad where a self employed professional maintains satisfactorily conducted account with the branch or salary of individuals is regularly credited to their account with our Bank, a ceiling of `.20 lacs would apply, provided all other terms and conditions are satisfied.
• For persons who have taken early retirement - `.1.5 lacs.

Processing  Fee

1.10% of the loan amount + service tax

Repayment period

Up to 60 months in equated monthly instalments

Interest Rate

For interest rates please see interest rate table on this website

Documents

From salaried individuals:

·         Latest salary slip and form 16.

·         Letter of Authority from Employee authorizing the employer to deduct monthly installment out of salary for remitting to bank and

·         Letter of Undertaking from the employer for check off facility OR

·         Letter of Authority from employee/ applicant authorsing the Bank to deduct the loan instalment out of the salary routed through branch.

From self employed individuals and professionals:

·         IT returns for the last two financial years.

·          Proof of professional qualification:

[Copy of highest professional degree held].

·         Proof of office/commercial address.