Purpose
Personal needs of individuals
Loan Amount
Up to Rs 2 Lakhs
Eligibility
Salaried group (permanent confirmed employees with a future service of minimum one year)
Basic Pay not less than Rs 2,000 Total deduction towards loans including the present loan should not exceed 50 % of gross salary.
If husband and wife are salaried and both join the documents, their combine income can be considered for fixing loan amount. For others annual income should not be less than Rs 1 Lakh and minimum net worth should be double the loan amount.
Minimum 100% collateral security is required.
Loans to NRIs are to be covered by collateral securities in the name of borrowers it self.
Quantum of finance
6 times monthly salary or 50 % of annual income of previous year
Margin
No margin is required.
Period
Up to Rs 50,000 - 30 months
Above Rs 50,000 - 60 months
Rates & Interest
Please refer rates & charges page
Repayment
Equal Monthly Installments (EMI )
Proof of income
Salaried residents – Salary Certificate and wherever applicable, supported by Form No.16 / IT returns / Tax paid challans.
Employees of State / Central Government / Public Sector Undertakings - Where there is difficulty in getting salary certificate, salary slip will be sufficient.
Salaried NRIs - Latest Salary slip supported by remittance in NRE account with us & Copy of Identity card issued by Employer.
Others - Previous two financial year's IT returns or Audited Balance Sheet & Profit and Loss Accounts of the individual / firm / business concern.
Co-obligants & Security
For residents, spouse should join as co-obligant. Collateral security is required to cover the loan amount
For non-residents, spouse should join as co-obligant and Collateral security in the name of NRI borrowers is required to cover the loan amount