Nature of Loan - SALARY EARNERS LOANS TO INDIVIDUAL
Rate of Interest - 11.00%
Installment/ Period - 120 MONTHS
Details (Purpose) - Personal/Domestic Max.20.00 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 40 month’s pay / income subject to maximum of Rs. 20.00 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 120 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 EARNER LOANS TO OTHERS
Rate of Interest – 13.00%
Installment/ Period – 84 MONTHS
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 40 month’s pay / income subject to maximum of Rs. 5.00 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 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.
