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Personal Banking

Last Updated on: 12/10/2023

Personal-Loan-Top-Up-Scheme

Target Group

(Eligible to avail personal loan Top up)

Group A Category Employees, as detailed in the eligibility criteria hereunder for Personal Loan Top Up:

  • Employees working with Central/State Govt., Quasi Govt., Central PSUs, State PSUs, PSBs, Railway, Defence & Paramilitary, having their salary account relationship with our Bank.
  • Employees of the institutions where our Branch is located in the institution campus and salary of the employees of the institution is credited to Savings Account with our Bank (any of our Branches)

Purpose

Any domestic needs including any social/financial commitments other than for speculation purpose

Age

Minimum Entry Age: 22 years

Exit Age: 3 months prior to superannuation or 60 years of age, whichever is earlier

Quantum of Loan

Up to 25 times of salary or Rs. 7.50 Lakhs whichever is lower.

The total exposure to the borrower under Personal Loan Scheme including Top Up is restricted to Rs. 30.00 Lakhs per borrower.

Nature of facility

Term Loan

Eligibility Criteria

Existing Personal Loan borrowers (Group A Category employees as mentioned in Target Group) having satisfactory and regular repayment for past 12 months and salary credited to the account maintained with any of our branches.

Margin

Nil

CIC Score

700 & above

Borrower having satisfactory and regular repayment for past 12 months:

ROI

 

CIC Score

ROI

775 & above

RLLR + 2.15%

700 & above but less than 775

RLLR + 2.65%

 

Repayment

Maximum: 60 months

The repayment period should not exceed 3 months prior to superannuation or 60 years of age, whichever is earlier.

Take Home Pay

An applicant will be eligible to avail Top Up Loan if Take Home Pay (after proposed EMI) satisfies 40% THP norms or minimum Rs. 50,000/- should be the Take Home Pay of the applicant after proposed EMI.

*Income tax will be deducted from the gross pay to arrive the take home pay norms as per the scheme

Security

The borrower to provide an irrevocable SI/ECS/PDCs for recovery of the loan instalments. SI/ECS Mandate should be synchronized with the date of credit of salary in the borrower's salary account

Processing Charges/Documentation charges

Same as Personal Loan