Purpose
To meet the initial expenditure involved in going abroad for taking up employment for skilled / qualified persons such as, Doctors, Nurses, Engineers, IT professionals, Management consultants etc.
Loan Amount
Rs.5 Lakhs (maximum).
Eligibility
Resident Indians who have got letter of appointment or letter from a recognized overseas institution / recruitment agent establishing that a firm offer of employment abroad has been secured.
Quantum of finance
Loan amount shall cover the expenditure involved in going abroad for the proposed employment. EMI shall not exceed 50% of prospective monthly inward remittances by the borrower after taking up employment abroad.
Margin
No margin required.
Period of the Loan & Repayment
60 Months (maximum) - but not exceeding the period of employment
Repayment holiday – 3 months from the date of departure or 6 months from the date of loan whichever is earlier
Repayment by equated monthly installments
Rates & Charges
Please refer rates & charges page
Security
Immovable property (150% of the limit sanctioned) or Federal Bank Deposit (100%) or Other liquid securities (110%)
Co-obligant required.
Supporting documents
Life Insurance Policy of the borrower
Proof of qualifications, visa, appointment / offer letter etc