Eligibility |
1 |
The applicant should be a salaried person or non salaried having a SB a/c with the bank for at least one month |
2 |
The applicant or the guarantor must be a permanent resident of Guwahati. |
3 |
The minimum age should be 21 yrs and maximum 55 years. |
4 |
CIBIL score & default status shall apply once CIBIL is introduced. |
Purpose |
To meet personal requirements. |
Quantum |
Maximum up to Rs. 2 lakhs. |
Interest |
Rate of interest will be 12.25 % p a. Penalty interest will be charged @ 2 % as per usual norms of the Bank. |
Processing fees |
Processing fee will be 1% of the sanctioned amount plus service tax extra. |
Repayment |
The Loan will be repaid in 60 EMI starting from the date of availing the Loan. There will be no prepayment charges. |
Sanctioning Authority |
The Sanction shall be accorded by the Chairman for loan amount upto Rs. 1 lakh and subsequently ratified by the Loan sub-committee. For loan amount above Rs. 1 lakh and upto Rs. 2 lakh the sanction will be accorded by the Loan Sub- Committee. |
Securities |
1 |
In case of Government salaried person or persons whose salary account is maintained with the Bank, liquid security upto 10 % is required in the form of Bank's Term Deposit, NSC/KVP/LICI surrender value etc. In case of others, liquid security upto 25 % is required in the form of Bank's Term Deposit, NSC/KVP/LICI surrender value etc. |
2 |
Guarantee of a person shall be obtained to the satisfaction of the Bank |
3 |
Three nos of post dated cheques and minimum 12 months Accounts statement from guarantor will be required in case the guarantor is not an Account Holder of the Bank. |
4 |
Undertaking from the Employer to deduct the installments regularly from the monthly salary of applicants and also guarantor in case of default. |
5 |
The salary deduction shall not exceed 50% of the gross salary on the salary of the applicant after taking into consideration the EMI of the new loan along with other existing deduction. |
Documents required |
1 |
Two copies of recent passport size photographs of both applicant & guarantor. |
2 |
Loan application form. |
3 |
Guarantors Statement |
4 |
Undertaking statement by the Employer |
5 |
Salary statement for last three months showing all deductions |
6 |
IT return/Form 16 for the last one year of both applicant and the guarantor. |
7 |
Address proof and Identity proof documents of the applicant and the guarantor. |
8 |
Details of collateral security of the applicant. |
9 |
Bank statements for the last twelve months of our Bank or other Bank whichever is applicable. |
10 |
Any other documents as may be required by the Bank. |