Personal Loan

1. Purpose To meet personal /family expenses like marriage/education /family functions

For purchase of consumer durables, gold/gold ornaments.

To meet expenditure on medical treatment of self and/or dependent at Hospital /Nursing Homes registered with local Govt. bodies.

To meet travel expenses of legitimate travel by himself & family to cover travel cost, hotel stay, and other travel related expenses.
2. Eligibility 1.All Government Employees
2.Existing Salary account holder
3. Nature of facility Term Loan
4. Maximum Loan Amount Maximum Limit Rs.5,00,000/-(Five lacsonly)or up to 10 times of Gross salary Whichever is less.
5. Loan Period /Tenor Minimum 12 months
Maximum 60 monthsor before retirement whichever is earlier.
6 Rate of Interest 14% P.A on monthly rest
7 Margin Nil
8. Security Two personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.
9. Processing Fees 0.5% of the loan amount.
10. Repayment Norms In the form of PDC’s(Total Month cheques to be collected of salary a/c).(No. of Installment Month=No.of PDCs.).
11. Penal Interest 2% over the normal rate of interest shall be charged on overdue amount and for the overdue period .
12. Disbursement The loan amount may be credited to SB/Salary Account of the borrower.

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