Purpose

To meet all types of personal needs.

Eligibility

i) All permanent Defence Personnel including officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP
ii) Confirmed/ permanent employees of Central/ State Govt/ PSUs and all reputed companies/ Institutions, who are drawing their salary through accounts maintained with our branches.
Employees of above categories under ‘check-off facility’
iii) Professionally qualified Doctors viz. MBBS, BDS & above having annual income of Rs.4.00 lac & above.
Minimum Net Monthly Income

- Rs.15000 per month for eligible customers at Metro Centres;
- Rs.12500 per month for eligible customers at Urban Centres; and
- Rs.10000 per month for eligible customers at Semi-Urban and Rural Centres.

However, for Teachers, Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel whose salary is being credited and disbursed through our branches the minimum Net Monthly Income criteria shall be Rs.7500/- at all Centres viz. Metro, Urban, Semi-Urban and Rural.

Nature and Amount of Loan

Term Loan/ Overdraft – Minimum amount of loan will be Rs.50,000/- and maximum amount of loan Rs.4,00,000/- or 20 times monthly net salary, whichever is lower, depending upon the repaying capacity.

Margin

NIL

Security

Suitable guarantee acceptable to the Bank.

Rate of Interest

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Repayment

Term Loan:
60 Equated Monthly Instalments (EMIs) OR remaining period of service, whichever is earlier. Instalment to commence one month after disbursement of loan.
Overdraft:
The overdraft limit shall be adjusted within a maximum period of 60 months by reducing Drawing Power(DP) equivalent to EMI amount at the beginning of every month.
However, loan allowed to Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel shall be Repayable in maximum 36 Equated Monthly Instalments or remaining period of stay at the particular posting, whichever is lower.

Upfront Fee

1.8% of the loan amount + Service Tax & Education Cess

Documentation Charges

Rs.270/- upto Rs.2 Lac + Service Tax & Education Cess
Rs.450/- over Rs.2 Lac + Service Tax & Education Cess

Other Guidelines

In Case of Employees of Govt./Institutions etc.

In case of employees of government/institution etc., irrevocable letter of authority from the borrower to remit salary/installment and other amount payable to bank.
Post dated cheques towards monthly installments be obtained from the borrower under the cover of ‘letter of deposit’ (Mandate of the borrower conveying deposit of PDCs for appropriation in the loan account).
Where the employer agrees to check off facility, at least one PDC to be obtained.
In case of Army Officers :

In case of Army Jawans, Other permanent employees of Military Station Headquarters and Para Military Personnel (Undertaking to be obtained from the Station Commandant/ Unit Incharge at the time of retirement/death/transfer of a particular Jawan/Personnel or on transfer of a unit, loan under the scheme will get adjusted.)