Purpose of Loan

• Purchase of consumer durables, TV/Refregerator/ Other household and other personal needs and other contingencies

Membership

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

LIMIT

• From Rs.10,000/- to Rs.1,00,000/-

Period of Repayment

• From 12 months to maximum 60 months.

Documentation

• Application form is to be filled in completely with true particulars.
• The profrma of letter for employer is enclosed with the form in duplicate as prescribed by the bank. The head of the institution or employing authority or pay drawing authority shouldsend the form in duplicate duly filled in under his authenticated signature and office seal. This form should contain.
• Applicants gross income.
• All types of deduction and net income after deductions.
• Whether the applicant is permanent or temporary.
• The employers or the signing authority should sign the undertaking that he will deduct the loan installment as specified by the bank from te monthly alary of the applicant at root and permit remit he same without delay to the bank till the satisfaction of the loan in full with interest according to MC Act 1960 section 49 under the seal of his office.
• Income certificates of the co-borrowers duty filled in by the employing authority should be enclosed with correct and uptodate infrmation under the seal of his office.
• Form pretaning to declaration giving true information under rule 45 (1) should be signed by the applicant member. It be noted that it has got a nature of an affidavit.
• The documents as demended and required by the bank for the justification of the reason for which the applicant member applies for the loan as to be enclosed only complete case will be accepted for consideration
• The applicant member shall have to pay processing fee as prescribed by the bank.
• If required the bank may ask for confidential information from person whose names are given in the form. The bank may if required gather the required necessary information from its own other agencies

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

Guarantee Repayment loan

• G.R.loan shall be granted only to Salary Earners whose take home salary is Rs.4000/- or more.
• A person applying for loan should be member of the bank or he shall be required to get enrolled as member of bank by applying for membership in prescribed format and deposit the requisite amount.
• The personal applying for loan shall furnish personal guarantees of two capable guarantors.
• The maximum tenure of loan shall be of 60 months and shall be repayable in equal installments.
• The take home salary after proposed loan installment should not be less than 35 % of gross salary.
• applicant shall be required to apply for loan in prescribed form available at branches of bank on payment of fees for application form.

Fees and charges

• Processing fees as per the Bank rule.
• Stamp duty as per the bank rule.