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Personal

Purpose

  • To meet the credit needs of trade, commercial activity, other general business/ profession, as also for their bona fide requirements;
  • To meet educational expenses of family members including near relatives;
  • To undertake repairs/renovation/extension to the residential/commercial property;
  • To purchase / construct residential house / flat, purchase of a Plot of land for construction of house/premises for business/commercial use *;
  • E. Repayment of existing loans availed from other Banks / FI’s conforming to the extant guidelines regarding “takeover” of account.
  • Any other purpose except for financial speculation of any nature.

Eligible Customers

Only Individuals:

A. Resident Indians: Existing or New customers

  • Regular and confirmed Employees/individuals with high net worth.
  • Professionals, self-employed and people engaged in trade, commerce and business, engaged in business/profession for a minimum period of 3 years

B. Non-Resident Indians (NRIs):

  • Non-Resident Indians (NRIs) holding Indian passport having a regular job abroad in a reputed Indian / foreign company, organization or government department.
  • NRIs holding a valid job contract / work permit for minimum past -3- years or employed / self-employed or having a business unit and staying abroad at least for past -3 years.

Type of advance

Demand /Term Loan(Repayable by installments) and Overdraft (Reducible Overdraft: Drawing limit as per repayment schedule)

Max. Loan

Rs. 750.00 lacs

Quantum of advance

The quantum of advance to be related to the value of security, margin requirement , take home pay and repayment capacity of the proponent , subject to limits as under :-

 
  Demand/Term Loan Overdraft
(Reducible)
Individual-Salaried/ Self- employed/ Professionals 750 500*
Doctor/s- in case of joint accounts all to be doctors* 750 750

Maximum Age

  • a) Individuals in permanent service: Max. 60 years or Retirement age whichever is earlier.
  • b) For self-employed/non-salaried people, sanctioning authority may relax the age limit by 10 years i.e. upto 70 years.

 

Repayment

Term Loan-180 months Reducible OD-144 months