Personal Loan

Limits of Loans:

1. Maximum loan up to Rs.5.00 lakh

Income Eligibility:

1. Salaried : Minimum average monthly take home salary after deducting all EMIs should be 

1. Businessmen:  Having an experience of at least 1 year of business and I.T Returns for last one year reflecting Gross cash accruals of Rs. 1.50 lakh p.a

Basis of Advance:

1.  Salaried: 20 times of average monthly net salary for last 3 months
2. Businessmen :3 times of average of last three years Gross cash accruals

               or

1. Maximum Rs. 5.00 lakh whichever is lower.

Whichever is less.

Repayment Period:

1.  Maximum 60 months

Rate of Interest (Fixed):

1. Fixed @ 14.00% p.a.

Security:

1. Compulsory ECS/S.I. from Salary account/Business A/c​
2. Hypothecation of Household Articles, consumer durables/ articles purchased

Processing Fees: w.e.f  19.12.2022

1. Rs. 2500/- irrespective of the loan amount

Shareholding:

1. 2.50% of loan amount (Maximum Rs. 25000/-)

Documents Required:

1. Prescribed loan application form
2. Latest Photograph, Photo ID Proof and Residence Proof of the Applicant
3. Salary slips for last 3 months and Bank statement for last 3 months or Form No.16 of the Applicant of last one year
4. For Businessman ITR copies of last three years, 3 month Bank statement

Other conditions:

Insurance covering Partial permanent disability or death liability to be obtained