Individuals

• Age between 18 years to 53 years
• The applicant must be a Government employee, Semi-Government employee,School, Collages, Bank etc.

Required Documents :

• Passport size 2 Photographs
• Proof of Residence.
• I.D. Proof
• Salary Certificate
• Saving Account statement of last 1 year.
• Consent Letter of the employer for deduction of monthly installment from monthly salary.
• Authority letter from the applicant.
• No Dues Certificate from the other Banks and financial institutions.

Membership

• The applicants and the guarantors should be permanent or Nominal Members of the Bank.

Repayment of Loan

• Repayment period of loan is minimum 3 years to maximum 5 years

Deciding of Loan Limit

• Total monthly salary
• Less Compulsory deduction
• Less 35% House hold expenses.
• = Net Salary
• The net salary should be more than installment amount.
• The loan limit shall be sanction on availability of net surplus salary.

Maximum Loan sanction limit

• Rs. 1.00 Lac.

Guarantors

• Two Guarantors. The guarantors must be an employee of the Government, Semi Government Departments with adequate salary.
  Documents:- Two Passport Photo, Salary Certificate, I.D.Proof, Residential Proof

Interest Rate

• Interest rate will be decided and charge as per the Banks Prevailing Rate of Interest subject to change time to time as per the Bank Loan Policy and R.B.I. Directives. The interest shall be calculated an applied on monthly basis.

Fees and charges

• 2.5% linking shares.
• Processing fees as per the Bank rule.
• Stamp duty as per the bank rule.

Penal Interest

• If the loan account is irregular the 2% Penal interest will be charge on Over due amount and over due period.

Default of Loan

• In case of default of 3 installment the bank will recall the entire outstanding loan amount.
• The Bank will take the appropriate legal action to recover the loan amount with interest.