Personal Loan to Salaried Class & Pensioners

 

V-CASH-Loan for salaried Class and Pensioners

1

Purpose

For meeting short term credit need of the salaried class towards medical expenses, marriage of applicant/family members, purchase of consumer durables, etc.

2

Eligibility

 

Age: Individuals with permanent employment aged above 21 years and having minimum left over service of 2 years and drawing salary through our Bank & Pensioners aged not more than 72 years and drawing pension through our Bank.

3

Nature of facility

Term Loan

4

Quantum of Loan minimum/maximum.

Salaried class – Maximum of Rs.10.00 lakhs.

Pensioners     – Maximum of Rs.  2.00 lakhs

5

Assessment of finance

  • 18 times of average net salary/pension actually credited during the last 6 months, subject to maintenance of 40% net take home salary after taking into consideration the EMI of the proposed loan, subject to maximum of Rs.10.00 Lakhs.
  •  In case the company is having salary accounts of their employees with us and salary mandate is available, minimum of one month salary is to be credited prior to loan.
  •  Pensioners: 18 times of average net pension actually credited during last six months subject to maximum of Rs. 2.00 Lakhs

6

Margin

NIL 

7

Rate of interest

Click here

8

Guarantor

For salaried class:

  • Spouse guarantee is waived. Third party guarantee is mandatory.

For pensioners:

  • Spouse guarantee is mandatory. In case guarantee of spouse is not available, dependent’s guarantee is to be taken mandatorily

9

Security

Clean

10

Processing fees/other charges

Processing charges: 0.75% of loan amount + ST.

Documentation charges :

i) Rs.2.00 lakhs and below – Nil

ii)Above Rs.2.00 lakhs -0.10%+ST min of Rs.500+ST .

11

Repayment

Maximum 60 Months

12

Application with checklist

Click here for application

13

Any other relevant matter

Pension/Salary should be routed through our Bank

 

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