CONSUMER LOANS :
1. Eligibility (Salaried Employees of approved corporates) :
- Confirmed employees with a minimum service of 3 years.
- Age between 18 years to 55 years (the left over service should cover the loan period). Minimum gross salary – INR. 15,000/- per month.
- Monthly EMI shall not exceed 40% of net monthly salary.
2. Purpose :
- To meet financing requirements for house renovation, furnishings, medical treatment, children education, travel, holidays, purchase of vehicles & consumer durables and other items.
3. Type of Loan :
- Term Loan
- Minimum Loan Amount – INR. 50,000/-
- Maximum Loan Amount- INR. 500,000/-
- (up to INR. 1,000,000/- for specific purpose e.g. Housing Loan, education loan etc)
- (holiday loans, max. amount INR. 2.00 lacs; repayment max. 24 Months)
4. Period :
- Minimum - 12 months
- Maximum - 60 months (special cases up-to 84 months with regard to quantum and purpose of loan)
5. Security :
- Undertaking from the employer to deduct EMI out of employee’s salary and remit the same to the Bank.
- Undertaking from the employer that employee’s terminal benefits shall be paid to the credit of employee’s account with the Bank.
- Suitable guarantor.
- Post dated cheques.
6. Interest Rate :
7. Fees / Charges :
- 1% of the loan amount subject to a minimum of INR.750/- + taxes.
- Documents charges is Rs.2000/-
8. Documents Required : Borrower / Guarantor
- Last three months original salary slip.
- Copies of last 6 months bank statement.
- Proof of residence (Passport/Electricity Bill/ration card/gas bill/voter’s card).
- Copy of the PAN card.
- Copy of latest form 16 (income tax) from employer.
- Credit Card statement for last 3 months.
- Latest 2 passport size photograph.
9. Recovery Agents :
- We have not appointed any Recovery Agents.
10. Direct Selling Agents (DSAs):
- Presently we do not have any DSAs, and all marketing, processing etc are done by our own staff only.
* All the above is subject to terms and conditions.