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PERSONAL LOAN - SPECIAL RETAIL LENDING SCHEME FOR GOVERNMENT EMPLOYEES  PERSONAL LOAN - SPECIAL RETAIL LENDING SCHEME FOR GOVERNMENT EMPLOYEES

FEATURES

PURPOSE
  • To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday, etc.
  • Takeover of personal loan from other banks/FIs.
ELIGIBILITY
  • Confirmed / permanent employees working at Government organizations (Central / State), PSUs, Central / State Government undertakings, Defence, armed personnel, Ministries / Departments under the Ministries, officers in All India Services, Teaching & non-teaching staff at Government Schools & Colleges.
  • Minimum age of the applicant should be 18 years.
  • The employee has to be main applicant for availing personal loans.
  • The employee may or may not have salary account us.
NATURE OF FACILITY
  • Loan will be sanctioned as a Term Loan (TL) or Overdraft (OD).
  • However, the employees who do not maintain salary account with us will be eligible only for Term Loan facility.
QUANTUM
  • Minimum Amount – No limit
  • maximum quantum of loan per individual is Rs.15 lakh subject to repayment capacity
MARGIN
  • Nil
REPAYMENT TENURE
  • Term Loan:
    • The maximum repayment period will be Five years (60 months) subject to the condition that repayment should be co-terminus with retirement.



  • Overdraft:
    • On attaining the age of 55 years or 5 years prior to retirement date, whichever is earlier, 20% of the OD limit will be reduced each year leading to adjustment of entire OD limit on retirement of the borrower.
    • Salary to be credited in the OD account every month.
    • Interest should be serviced on monthly basis by the borrower.
RATE OF INTEREST
MORATORIUM
  • No moratorium period is allowed. The repayment shall commence from succeeding month of first disbursement of loan
SECURITY
  • No security, subject to the condition that Spouse of the applicant must join as co-applicant.
GUARANTEE
  • In case borrower is single/widow/divorcee, then personal guarantee of one of the co-employee with sufficient means.
**Conditions apply.
**Contact our nearest branch for further details**

FORMS & DOCUMENTS


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