Personal loans available for both salaried & self employed individuals .
No security, collaterals or guarantors required.
Loans ranging from Rs. 20,000 to Rs. 15 lakhs.
Easy repayment through flexible EMI options ranging from 12 - 60 months.
Who Can take PERSONAL LOAN..??
Fixed rate of Interest, Interest charged on monthly reducing basis.
Flexible tenures up to 60 months.
No security, no collateral.
Loan payable in easy installments.
Repayment through Auto-debit / ECS / PDC.
End use of the Bank Personal Loan can be House renovation, Holidays, Purchase of consumer durables, Education, Marriage, Short Term loan for equipment purchase, Short Term Working Capital, Any other personal emergency.
Benefits of Bank Personal Loan
Interest rate remains unchanged throughout the loan tenure.
Simple documentation - It can be accessed with minimal paperwork and documentation and doesn’t take much time.
Direct credit of the loan amount through Fund Transfer (FT)
Simple repayment options of ECS, or PDC. You can also choose duration as per your choice and tenure starts from minimum 12 months to maximum 60 months.
Eligibility Criteria For Salaried Employees/Individuals
Minimum age of applicant: 21 years.
Maximum age of Applicant at loan maturity: 60 years.
Minimum employment: Minimum 2 years in employment.
Minimum Net Monthly Income: Rs. 15,000 per month.
Self Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.
Minimum age of Applicant: 21 years.
Maximum age of Applicant at loan maturity: 65 years.
Years in business: 3 yrs continuous business experience.
Documents required For Salaried Employees/Individuals
KYC Documents : Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
Bank Statements(latest 6 months bank statement /passbook).
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs certified by a CA.
Proof of continuation (Trade licence /Establishment /Sales Tax certificate).
Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution).
How long can I take to repay my personal loan?
We offer flexible repayment options ranging from 12 to 60 months, depending on the customer’s profile.
How much can I borrow?
You can take a loan ranging from Rs. 50,000 to Rs. 15,00,000, depending on your income and repayment capacity. You can club your spouse’s income if you want to get a bigger loan.
How can I repay my Personal Loan?
You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through ECS or a standing instruction to debit your bank account with the EMI amount.
Is part-prepayment of a Personal Loan allowed?
No, part prepayment is not allowed. The loan has to either be prepaid in full or serviced for the contracted tenure.
How does a Salary Account help me get a personal loan?
You get a preferential rate of interest and processing fee, speedy processing and minimal documentation if you have a Salary Account with Bank. This is taken into account at the time of disbursal of the loan. You can pay through a Standing Instruction to debit your Bank account with the EMI amount.
Can I repay the Personal loan earlier?
Yes, you can choose to repay your loan anytime after 12 months of taking the loan and after you have paid 12 EMIs along with applicable foreclosure charges. Please note Loan can be foreclosed by issuing a Demand draft / cheque at the branch.
How long will it take for my Personal loan to be processed?
Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal within 7 working days, provided everything is in order. All loan approvals are at the sole discretion of the bank.
How can I change the mode of repayment/ account for my loan?
In the event that you wish to change the mode of repayment/bank account for your loan repayment, you may visit the nearest the Retail Loan Service Center and submit your request with the revised account mandate/instructions.
Are there any additional charges for loan repayment?
The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode).