Personal Loan Scheme
 

 

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.