UNION ASHIYANA PERSONAL LOAN SCHEME

1. PURPOSE

To support Home Loan customers to meet their personal needs.
To meet the incidental expenditure or any other expenditure/ miscellaneous cost associated with the purchase of property (in case of New Home loan Borrowers – NHB)
To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday etc. (in case of New and Existing Home Loan Borrowers - NHB & EHB)
Repayment of Loans with other Banks.

2. ELIGIBILITY

Applicant should be an existing or a new home loan borrower
For new home loan customer, UAPL can be sanctioned along with the sanction of Home Loan. However, the disbursement of UAPL to the NHB will be done only after completion / possession of the property and perfection of the security.
For existing Home Loan applicant to avail the UAPL, he/ she should have a satisfactory track record of repayment of Home loan EMI and there should not be any overdue in the Home loan A/c. i.e. the account should not have been classified under SMA category during the last 6 months period.
Minimum entry age of the applicant should be 18 years.
Maximum exit age of the applicant should be retirement age for salaried individuals and 65 years for non-salaried individuals.

3. QUANTUM OF LOAN

The maximum quantum of loan per individual is Rs. 15.00 lakh subject to repayment capacity.

4. REPAYMENT

No moratorium period is allowed. The repayment should commence from succeeding month of first disbursement of loan
The maximum repayment period will be Seven years (84 months) subject to the condition that repayment should be co-terminus with the Home Loan.

5. RATE OF INTEREST

6. PREPAYMENT PENALTY

7. SECURITY

No security required.
However, the House property held as security under Home Loan will not be released till both the Home Loan and Personal Loan liabilities are fully repaid / adjusted. A condition to this effect has to be provided in the sanction letter and the same has to be duly acknowledged by the owners of the house property.
An undertaking to that extent is to be taken from the borrower as per (Annexure I).
The undertaking has to be signed by all the applicants/ guarantor of the Home Loan.

8. GUARANTEE

The co-applicant / guarantor of the Home Loan will continue.
However, obtaining guarantee may be waived by the sanctioning authority in case of those borrowers maintaining USSA account with our Bank and drawing salary from the account or ready to maintain USSA account. An undertaking from borrowers proposing to maintain USSA account with us to be obtained.
If in case no guarantee is available in the Home Loan account and USSA account will also not be maintained then the following terms will be applicable:

In case of married applicant:
Personal Guarantee of Spouse / either of parents (in case of male applicant)/either of parents-in-law (in case of female applicant) / third party guarantee acceptable to Bank & having sufficient means.
In case of unmarried /widow/divorcee:
Personal Guarantee of either of parents/third party guarantee acceptable to bank & having sufficient means

9. EMI CALCULATOR

**Conditions Apply**

**Contact our nearest Branch for more details**