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Loan to meet social financial commitments
Eligibility
Individual, confirmed permanent employee of a reputed organisation or a professional or self-employed or businessperson with three years standing in the field of activity, can apply for the loan. For salaried person the take home pay is at least 40% of the gross salary after taking into account the installment for the present loan.
Purpose
For meeting social financial commitments such as marriage in the family, education of children, medical treatment etc. The loan can be availed for any financial commitment with in the ambit of law. Bank will not verify the purpose declared.
Maximum loan
Maximum loan amount is Rs.3 lakh. The loan amount, however, depends on the value of the security offered and repaying capacity. For professionals, self-employed and business persons, the maximum loan is restricted to total annual income of previous year, as declared in the I.T. return or assessment order but not exceeding Rs.3 lakh.
Margin
50% on immovable property; 25% on securities such as NSC, KVP,IVP,ULIP etc; 10% on Life policies (surrender value) of LIC of India and other private insurance companies.
Repayment
Repayable in Equated Monthly Installments up to a maximum period of 48 months. Shorter repayment period is also permitted.
Security
Immovable property or Liquid securities like NSC, IVP,KVP, ULIP, UNITS etc. or Life policies of LIC of India and other private insurance companies approved by IRDA
Documents
Application indicting the purpose for which the loan is required, amount of loan required and the repayment period
Proof of employment and income
Proof of standing in the field of activity for Professionals, self-employed and business people
Income tax assessment order or return with ITO acknowledgement for Professionals etc.
Details of the security offered and copies of the documents
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