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

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, Defense, 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 more details**