Last Updated on 06/07/2017
Consumption Loans-Sahayika

Loan to meet social financial commitments 

Eligibility 
Individual, confirmed permanent employee of a reputed organisation or a professional or self-employed or businessperson with three years standing in the field of activity,  can apply for the loan. For salaried person the take home pay is at least 40% of the gross salary after taking into account the installment for the present loan. 

Purpose  
For meeting  social financial commitments such as marriage in the family, education of children, medical treatment etc. The loan can be availed for any financial commitment with in the ambit of law. Bank will not verify the purpose declared.  

Maximum  loan  
Maximum loan amount is  Rs.10 lakh. The loan amount, however, depends on the value of the security offered and repaying capacity. For professionals, self-employed and business persons, the maximum loan is restricted to total annual income of previous year,  as declared in the I.T. return or assessment order but not exceeding Rs.10 lakh. 

Margin 
50%  on immovable property;  25% on securities such as NSC, KVP,IVP,ULIP etc; 10% on Life policies (surrender value) of LIC of India and other private insurance companies.  

Rate of interest  
Please click Retail credit interest rates 
 
Processing Charges
Please click here for Processing Charges
 
Repayment  
Repayable  in Equated Monthly Installments up to a maximum period of 60 months. Shorter repayment period is also permitted. 

Security 
Immovable property or Liquid securities like NSC, IVP,KVP, ULIP, UNITS etc. or  Life policies of LIC of India and other private insurance companies approved by IRDA  

Documents 
  • Application indicting the purpose for which the loan is required, amount of loan required and the repayment period
  • Proof of employment and income
  • Proof of standing in the field of activity for Professionals, self-employed and business people
  • Income tax assessment order or return with ITO acknowledgement for Professionals etc.
  • Details of the security offered and copies of the documents