Notification

Salary Earner Loan

Nature of Loan - SALARY EARNER LOANS TO OTHERS

Rate of Interest - 16.50%

Installment/ Period - 5 Year

Details (Purpose) - Personal/Domestic Max.5.00 lakhs

Term  advances  may  be  paid  to  the  Salary  Earners  who should  be  nominal  members  of  the  Bank, for  their  domestic  requirements. 

The Salary Earners should have savings bank deposits with the Bank for his eligibility to avail such loan facility. A term loan equal to 15 month’s pay / income subject to maximum of Rs. 3.00 lakhs shall be sanctioned on his satisfying the following conditions :

(i) He should produce a certificate from his employer(Pay Disbursing Officer) regarding his salary particulars and an Agreement from applicant for deduction of monthly installments out of his salary and to credit with the Bank every month.

(ii) He should offer two sureties acceptable to the Bank, who are drawing the salary with the bank only. The loan sanctioned shall be repaid by 60 monthly instalments from the date of advance (as desired by customer). The monthly deductions shall not exceed 40% of the Gross Salary / Income including loan installment and interest.

Nature of Loan - SALARY EARNERS LOANS TO INDIVIDUAL

Rate of Interest - 14.00%

Installment/ Period - 7.5 Year

Details (Purpose) - Personal/Domestic Max.6.00 lakhs

Term  advances  may  be  paid  to  the  Salary  Earners  who should  be  nominal  members  of  the  Bank, for  their  domestic  requirements. 

The Salary Earners should have savings bank deposits with the Bank for his eligibility to avail such loan facility. A term loan equal to 15 month’s pay / income subject to maximum of Rs. 6.00 lakhs shall be sanctioned on his satisfying the following conditions :

(i) He should produce a certificate from his employer(Pay Disbursing Officer) regarding his salary particulars and an Agreement from applicant for deduction of monthly installments out of his salary and to credit with the Bank every month.

(ii) He should offer two sureties acceptable to the Bank, who are drawing the salary with the bank only. The loan sanctioned shall be repaid by 60, 72, 84 monthly instalments from the date of advance (as desired by customer). The monthly deductions shall not exceed 30% of the Gross Salary / Income including loan installment and interest.

Nature of Loan - SALARY EARNERS LOANS TO STAFF

Rate of Interest - 13.00%

Installment/ Period - 7.5 Year

Details (Purpose) - Personal/Domestic Max.6.00 lakhs

Term  advances  may  be  paid  to  the  Salary  Earners  who should  be  nominal  members  of  the  Bank, for  their  domestic  requirements. 

The Salary Earners should have savings bank deposits with the Bank for his eligibility to avail such loan facility. A term loan equal to 15 month’s pay / income subject to maximum of Rs. 6.00 lakhs shall be sanctioned on his satisfying the following conditions :

(i) He should produce a certificate from his employer(Pay Disbursing Officer) regarding his salary particulars and an Agreement from applicant for deduction of monthly installments out of his salary and to credit with the Bank every month.

(ii) He should offer two sureties acceptable to the Bank, who are drawing the salary with the bank only. The loan sanctioned shall be repaid by 60, 72, 84 monthly instalments from the date of advance (as desired by customer). The monthly deductions shall not exceed 30% of the Gross Salary / Income including loan installment and interest.