Union Women Professional Personal Loan Scheme (UWPPL)

1. PURPOSE:

 

To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday etc. of women professional.

 

2. ELIGIBILITY:

 

Salaried and non-salaried Income Tax assessee women engaged in following professions and having annual Salary /Income of Rs.5.00 lakh & above are eligible under the scheme:

Women Professionals in fields of –

• Healthcare;
• Accountancy, Audit;
• Wealth Management/Financial Services;
• Engineering, Architect, Interior Designing;
• Fashion designing;
• Art & culture;
• Coaching, Counselling;
• Photography, Film making;
• Mass media, Communications, Publicity;
• Beauty & cosmetics;
• Event Management;
• Legal Services;
• Education & Research;
• Aviation;

Note:

• To ensure the above qualifications/profession, it is opined that valid Certificate & License shall be obtained wherever applicable.
• In case non-salaried applicants, it may be stipulated that at least 50% of sales turnover is routed through bank account for last two FY to be eligible under the scheme.

 

3. AGE:

 

• Minimum entry age for salaried applicant should be 21.
• Minimum entry age for non-salaried applicant should be 23.
• Maximum exit age permissible for the scheme will be retirement age for salaried and 65 years for non-salaried.

 

4. CREDIT SCORE:

 

1. The credit history reports from credit information companies (CICs) such as CIBIL/Experian/Equifax/CRIF should be taken for the applicant & guarantors and should form the part of due diligence/appraisal.
2. Minimum CIC score of the applicant/co-applicant/guarantor shall be 650 and above.

 

5. NATURE OF FACILITY:

Loan will be sanctioned as Term Loan only

 

6. QUANTUM OF LOAN:

The maximum quantum of loan per individual is Rs.50.00 lakh subject to repayment capacity.

 

7. Reckoning of income for calculation of quantum of loan:

• For salaried individuals:
  • Income to be taken as per the latest salary slip/latest ITR/Form-16 for arriving at eligible loan amount/repayment capacity.
  • Income from capital gains, speculation income, one-time bulk receipts etc. cannot be considered for arriving at eligible loan amount as they are not of regular nature.
  • ITRs/Form 16 of last 2 years and the salary slip for the immediately preceding three months may also be obtained for corroborating the income as per the latest ITR/Form-16/salary slip.
  • Regular income (salary/pension) only to be considered for arriving at the eligible loan amount. However, other income which is either appearing in the Salary Slip / Form-16 / IT Return such as bonus, variable pay, performance / production linked incentives, other allowances etc. may be included in the salary income on the basis of the average of the last two years’ Form-16 / IT Return for the purpose of calculation of eligible loan amount.

 

• For self-employed individuals:
  • Income from capital gains, speculation income, one-time bulk receipts etc. cannot be considered for arriving at eligible loan amount as they are not of regular nature.
  • ITR for the last three years to be obtained and scrutinized to ascertain the regularity/stability of income level. If the variation in year-on-year income is less than 25% then Latest income as per ITR of immediately preceding year to be considered for arriving at eligible loan amount/repayment capacity.
  • However, if the variation in year-on-year income is more than 25% then average of income as per ITR of immediately preceding three years to be considered for arriving at eligible loan amount/repayment capacity.
  • Supporting documents like P&L, Balance Sheet, and Computation of Income etc also to be obtained for assessment.

 

 

8. MARGIN: NIL

 

 

9. RATE OF INTEREST:

Sr. No.	Quantum of loan	CIBIL Score	Rate of Interest (Salaried)	Rate of Interest (Non-Salaried)
1.	Up to Rs.50.00 lakh	700 & above	EBLR + 2.10%	EBLR + 3.00%
		Below 700	EBLR + 2.25%	EBLR + 3.25%

 

 

10. CHARGES:

 

Sr.No.	Charges	Details
12.1.	Processing charges	NIL
12.2	Overdues Charges	In case of default/delayed payment, penal interest should be recovered @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default
12.3.	Prepayment penalty	There is no prepayment penalty if the loan is adjusted by the borrower from his/her own verifiable legitimate sources.

 

11. MAXIMUM REPAYMENT PERIODS:

 

The maximum repayment period will be 7 years (84 months) subject to the condition that repayment should be co-terminus with retirement.

 

12. MORATORIUM PERIOD

 

No moratorium period is allowed. The repayment should commence from succeeding month of first disbursement of loan.

 

13. SECURITY:
    • Credit life insurance like “New Sampurna Loan Suraksha” up to the extent of sanctioned loan amount should be taken.
    • Personal Guarantee of Spouse.

OR

• In case borrower is single/widow/divorced, then personal guarantee of one of the co-employee / persons having means equivalent to the loan amount and minimum CIC score of 700 & above to be obtained.

 

14. INSURANCE:

Insurance is mandatory under the scheme. Insurance Premium may be included in quantum of finance.

**Conditions Apply**

**Contact our nearest Branch for more details**