|
Particulars
|
Terms &Conditions
|
| 1.Eligibility Criteria |
Any Individual with a valid Photopass and repayment capacity.
Residence / place of work of the Proposed borrower should be within the branch command area.
|
| 2.Age Criteria
|
Minimum : 18 years
Maximum : 60 years
|
| 3.Purpose |
Personal Need / Contingencies / Business Expansion , etc
|
| 4.Income Criteria |
The Net take home income after taking into account EMI of the proposed loan should be minimum Rs 5,000/-.
|
| 5.Facility |
Term Loan
|
| 6.Amount |
Maximum Loan amount Rs. 1,00,000/-
|
| 7.Rate of Interest |
18 % p.a with monthly rests
|
| 8.Period |
Maximum 60 EMI’s depending on repayment capacity and age of Applicant
|
| 9.Charges |
|
|
a) Processing Fees
|
- Loan Amount upto Rs. 50,000/- = Rs. 150/- (plus Service tax as applicable)
- Loan Amount from Rs. 50,001/- to Rs. 1.00 lakh = Rs. 250/- (plus Service tax as applicable)
- If facility is not sanctioned / unavailed 50% of processing fee may be refunded.
|
|
b) Share Linkage
|
Proposed Borrower and sureties / guarantors to be members through subscription of bank shares of Rs. 110/-.
|
|
c) Foreclosure Charges
|
N.A.
|
|
d) Pre-payment Charges
|
N.A.
|
| 10.Margin |
NIL
|
| 11.Securities |
|
| a.Prime |
NIL
|
| b.Collateral |
Lien noting on Photopass and deposit of original Photopass with Bank.
|
| 12.Guarantors |
2 Guarantors. One of the guarantors even from the family of the borrower such as spouse / Mother / Father / Brother / Sister with affidavit in support of income is acceptable.
|
| 13.Classification |
To be done on basis of purpose and end use.
|
| 14.Disbursement |
Preferably directly to the supplier / lender on the basis of purpose or through the Saving/Current Account of the Applicant
|
| 15.Documents |
|
| a)Documents required to be submitted with Loan Proposal |
For Applicant:
1.Form No. 23 Application for Loan duly filled in all respect.
2.Form no 85 Personal data-cum-Letter of Consent from sureties/guarantors.
3.Form-22 Application for Nominal Membership from Applicant and Sureties/guarantors.
4.Original Photopass to be deposited with the Bank.
5.Two Passport size Photographs of Applicant and Sureties/guarantors.
6.Income Proof : income declared by way of affidavit is acceptable
|
|
For Branch :
1.Account opening formalities with “KYC” to be completed.
2.Form No. 22, 23 and guarantor consent letter should have been filled up in all respect, no columns are left blank, overwriting /striking is to be authenticated.
3.Lien noting on Original Photopass and the same to be held on record.
4.CIBIL Report to be generated for Applicant and guarantors.
5.Pre-sanction visit report in our prescribed format to be submitted duly signed by branch-in-Charge stating the details of the work and address of residence of the proposed borrower & guarantors etc
6.All documents / papers / statements must be properly scrutinized & branch must verify with originals and certified by branch official as ‘verified with originals’.
7.Proposal shall be processed in our prescribed format.
8.Applicant/Guarantors’ signatures should be verified from their banks if they are not our account holders.
Proposed Borrower and sureties / guarantors to be made share member through subscription of Rs. 110/-.
|
| b)Documents to be executed / submitted after the sanction but before the disbursement
|
For applicant
1.Form No. 24-Demand Promissory Note.
2.Form No. 33-Agreement for Loan (Rs.100/- stamp paper)
3.Form No. 36-Letter of Lien & Set-off from Borrower (Rs 100 stamp paper)
4.Form No. 45-Letter of Guarantee (on Rs.100 Stamp paper)
5.Form No. 55-Letter of Lien & set-off from Guarantor/co-obligants (Rs 100/- stamp paper)
|
|
For Branch
1.Proper execution of the above documents by applicants & guarantors in presence of branch official in the same handwriting & ink.
2.In case of any alterations /overwriting, the Executants should authenticate the same with their full signatures.
3.If the proposal is sanctioned, then the original sanctioned letter to be handed over to the applicant with acknowledgement on the duplicate copy signed by the applicant & guarantors as a token of acceptance of terms & conditions or if the proposal is declined then to handover the documents to applicant with reasons for decline against acknowledgment.
|
| 16.Sanctioning Power |
Loan Committee
|