Product Types

Loan against Salary

Purpose 

·      For any genuine business / Personal credit needs (Not for speculative and specifically prohibited purposes)

Eligibility

Salaried class and Non Salaried class.

Salaried : 10 times the net annual income.

Non salaried: 10 times the gross annual income. Clubbing of spouse income backed by IT return.

Maximum Amount 

Salaried: 60% of the gross salary.

Non Salaried: Total of statutory dues, existing loan deductions with our

Bank/Other Banks/Financial Institutions including EMI of the proposed loan shall not exceed 60% of the Gross Annual Income.

Period

60 Months 

Repayment

1) In equated monthly  instalments not exceeding  120 months for Salaried

class.

2) Repayment schedule can be fixed at Monthly/Quarterly/Half Yearly/Yearly

intervals based on the type of activity the borrower is engaged and income

generation in case of Non Salaried Class, with a maximum period of 120

months

Rate of Interest

The rates of interest are as fixed by the Bank from time to time.

Sureties 

Borrower & guarantor should be "A" class member for Loan is above Rs.1 lac and upto Rs.1 lac Borrower and guarantor should be Special Nominal Member of the bank.

Two Guarantor from Banks "A" class member. And Borrowers Net Income / Salary and surety of loans.

Processing Charges

As applicable

Sanctioning Authority

Branch Manager / Board of Directors

Document and Process

Opening of saving a/c

Preparation of Loan Application form

Two Guarantors.

Salary sheet, Income tax form, balance sheet

Mortgage of Security

No dues of the other banks.