SALARY EARNERS LOAN

1Eligibility
  •  

Permanent Employees of the following institutions.

  • Govt./Semi Govt. Employees
  • Aided Educational Institutions Employees
  • Co-operative Societies Employees.
  • Pvt./Public Company Employees
2PurposeEducation, Consumption, House repair, Purchase of home appliances, Etc.
3Maximum Loan Amount10 times of the Net Pay Maximum Rs.10.00 Lakhs
4Repayment Period48  Monthly Instalments
5Rate of Interest11.5% ( ROI applicable as revised by the Bank from time to time)
6Security for the LoanPromisory note, Suerity, Salary Deduction Agreement, Etc.
7Surety
  • One permanent employee.
8Documents to be submitted
  •   Loan application in the prescribed format
  •   Documents as per the KYC Norms
  •   Salary Deduction Agreement of the Drawing Offiecer
  •   Latest salary certificate
  •   Other loan documents

Other General Conditions :

  1. Applicant should have minimum of 18 months service.
  2. Applicant’s residence, working place should with in the branch jurisdiction.
  3. Processing Charges : As and when decided by the Bank from time to time.
  4. Overdue Interest : 2% on the overdue portion.
  5. Contact the Bank branch for more information.