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Retail Loans
Union Personal for Employees of KVS & NVS/ accredited GOI Ministries / Home & Defence Ministries and Officers in All India services & the Top executives
Features
  PURPOSE
There are many among us who might be facing difficulty in purchasing goods by paying a lumpsum amount. But we would be comfortable paying small installments on a monthly basis. The Union Personal loan plays an important role here. It helps you avail loans to meet personal expenses such as purchase of consumer durable, etc.
 
ELIGIBILITY
For Employees of Accredited GOI Ministries (& various organizations under their control):
Permanent Employees of accredited GOI Ministries (and various organisations under their control) who maintain salary account with our- bank. viz.
  • Labour & Employment
  • Environment & Forest
  • Science & Technology
  • Statistics & Programme Implementation
All India Services and the Top executives (Chairman (Official) / MD / ED / CEO /CFO / COO / GM / DGM) in State and Central PSUs
Top executives who are maintaining salary account with our bank. Viz
  • Confirmed officers working in All India Services such as lAS, IPS, IRS, IFS, IES, IA & AS, ISS etc
  • Executives in PSU organizations (CMD, MD, ED, CEO, COO, CFO, GM, whole time directors,  DGM)
Home and Defence Ministries:
The applicants should be permanent employee/s of the following organizations and maintaining salary account with our bank.
  • Home Ministry -
Various para military forces directly controlled by Home Ministry including Central Reserve Police Force (CRPF), Border Security Force (BSF), Central Industrial Security Force (CISF), Indo-Tibetan Border Police (ITBP), Directorate of Forensic Science, National Crime Records Bureau, National Security Guard (NSG) etc.
  • Defence Ministry -
Army, Navy and Air Force and various establishments for defence production / manufacturing / research such as DRDO, DRDC, RCI, Heavy Vehicle Factory, Hindustan Aeronautics Limited (HAL), National Cadet Corps, Controller General of Defence Accounts, Coast Guard, Border Road Organization, Defence Production & Supplies etc. Kendriya Vidyalaya Sangathan (KVS) & Navodaya Vidyalaya Sangathan (NVS):
The applicant should be a permanent employee of KVS and NVS with minimum 3 years of service and who maintains salary accounts with our branches.
QUANTUM OF LOAN
  • Up to Rs. 10 Lakh subject to the repayment capacity
 
MARGIN, I.E. YOUR SHARE
  • Nil
MORATORIUM PERIOD
  • Nil
 
REPAYMENT
  • Maximum repayment tenure is to be the earlier of the following:
    • 5 years
    • One year prior to retirement
  RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest
  • No processing charges.
  PREPAYMENT PENALTY
  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources.
  • 2%take over penalty,  to be levied in case of accounts taken over by other banks / FI and the party should be charged interest at applicable ROI (as on date of sanction) ab-initio.
GUARANTEE
  • 2 Guarantees are required.*
SECURITY
  • Irrevocable undertaking from employer in case of employees of Home and Defense Ministries.
VALIDITY OF THE SCHEME
  • This Scheme is valid upto 30.09.2016.
  *Conditions apply.

For further details, please visit our nearest branch.
I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
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