Purpose : To meet urgent personal credit requirements

Eligibility : Permanent employees of Central / State Government Offices / Undertakings / reputed companies / firms / educational institutions. Non-salaried class like Doctors / Engineers / Lawyers / Chartered Accountants / Architects / Consultants and Pensioners

Quantum for Clean loan :

Salaried Class : 12 months gross salary with salary credit and maximum Rs.3 lakhs with letter of undertaking from the employer

Pensioners :

• Aged < 65 yrs: 10 months gross pension with a maximum of Rs. 2 lakhs.
  
  
• Aged 65-70 yrs: 6 months gross pension with a maximum of Rs. 1 lakh.
  
  
• Aged > 70 yrs: 5 months gross pension-max. Rs.50000/-

Non-salaried Class : 50% of gross annual income as per Income Tax Assessment Order (ITAO) (100% of average gross annual income, as per ITAOs of immediate preceding 3 years) or 60% of value of immovable property to be mortgaged to the Bank (subject to maximum amount of Rs. 5 lakhs)

Quantum for Secured Loan : 80% of purchase price of NSC / IVP / KVP if completed 24 months from date of purchase and 65% of purchase price if completed 13-23 months);
80% of surrender value of LIC policy / purchase price of RBI Relief Bonds / other Government securities.

Repayment : Maximum 60 months in case of loans and overdraft against Govt. securities. to be renewed once in 2 years

Rates of Interest

SyndSaral Loans, fully secured by approved securities (IVP, NSC, KVP, LIC policies, RBI Relief Bonds etc) with suitable margin, interest to be charged at PLR

Requirements :

• Salary Certificate / letter of undertaking from the employer.
  
  
• ITAO for non-salaried class / property documents where ITAO is not available.
  
  
• Third party guarantee acceptable to the bank.
  
  
• Valid mortgage of immovable property/ pledge of securities.
  
  
• Post dated cheques in exceptional cases.