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| Consumer Loans |
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 Nature of the Scheme
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| Eligibility |
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- Any individual having repayment capacity,
- Salaried persons
- Pensioners drawing pension in the branch
- Others.
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 Rate of interest |
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| Loan Period |
For State and Central Government employees, Public sector under takings who are drawing salary through our Branches and Pensioners |
For private employees, non salaried class and LIC agents etc |
| Upto 36 months |
MCLR (One year) + 2.85% |
MCLR (One year) + 3.35% |
| Above 36 months |
MCLR (One year) + 3.10% |
MCLR (One year) + 4.35% |
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| Quantum of Finance |
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Maximum amount of loan that can be sanctioned :
- 10 month gross salary in case of salaried class .
- 40% of gross annual income in case of non-salaried class .
- 4 months pension in case of pensioners.
Or
- 75% cost of the article whichever is less
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| Repayment |
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Repayable in monthly installments. Maximum period 60 months.
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| Co-obligation |
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Husband/ father or any third party (with sufficient worth and of regular income) acceptable to the bank.
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| Security |
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Hypothecation of the article purchased with Bank finance
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| Collateral security |
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- Assignment of Life insurance policy with equivalent surrender value
- Pledge of shares, NSCs, Units etc. of adequate value
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| Documents |
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Proof of Income –
Salary Slip/ IT Returns/ Assessment Order, Property Statement
For Non salaried person – Latest Income Tax Assessment Order, Property statement
Any other Valid document
Latest quotation for article proposed to be purchased.
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| Checklist for Personal Loan |
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