Retail Loan

PURPOSE

• For construction of house/flat.
• For purchase of built house/flat.
• For purchase of underconstruction house/flat from Housing Boards/DevelopmentAuthorities/Co-operative Societies/Private Builders.
• For carrying out additions to the house/flat.
• For carrying out repairs/renovation/alterations/cost of furnishing to the house/flat.
• For meeting cost escalation in the cases of under-construction flats to existing Home Loan borrowers.
• For purchase of land/plot for construction of house building.

ELIGIBILITY

• Individuals or group ofindividuals (co-borrowers) who are having anassured source of regular income viz. Salaried employees, Pensioners, Professionals,SelfEmployedpersons,businessman,farmersetc.

LOAN AMOUNT

• Maximum ₹ 200.00 Lakhs

REPAYMENT PERIOD

• Up to 360 Months (30 Years) including Moratorium (or up to 70 Years of age)

RATE OF INTEREST

• Floating

SECURITY

• Equitable Mortgage of Homestead Land under Construction.
• Personal Guarantee of Donor in case of Gift Deed. Third party Guarantee wherever applicable.

PURPOSE

• New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV)/e-Vehicle.
• Old Car/Van/Jeep/MUV/SUV, which are not older than 3 (Three) years and unencumbered (i.e. not financed by other Bank/Financial institutions on the date of loan).

ELIGIBILITY

• Employees/Business persons/Professional Self-Employed/Partnership Firm/Proprietorship Concern/Company/Society for Private and/Corporate use.

LOAN AMOUNT

• Maximum : For Individual ₹ 50.00 Lakhs
• For Non –Individual: As per Requirement.

REPAYMENT PERIOD

• For New Car: Maximum Up to 84 Months.
• For Old Car (Not more than 3 Years form the date of Manufacture. Maximum: 60 Months.

RATE OF INTEREST

• Floating

SECURITY

• Hypothecation of Car along with accessories purchased through Bank’s Loan.

MARGIN

• New Vehicle : 20% of on road price (the ex-showroom price of the vehicle + Registration Charge + Insurance Premium)
• Old Car: 25% of the valuation of Old Car certified by the approved Valuer.

PURPOSE

• Purchase of new e-Rickshaw from any authorised dealer for own use/use as passenger vehicle/transport vehicle.
• Purchase of new Petrol and Diesel Rickshaw from any authorized dealer for own use/use as passenger vehicle/transport vehicle.

ELIGIBILITY

• Individuals with Valid Driving License.
• Partnership firm/ Proprietorship firm/ Company/ Society for private and / corporate use.

LOAN AMOUNT

• Maximum : ₹ 5.00 Lakhs

REPAYMENT PERIOD

• The loan is to be repaid in maximum 60 Equated Monthly Instalment (EMI).
• No penalty is charged for early repayment of loan.

RATE OF INTEREST

• Floating

SECURITY

• Hypothecation of E-Rickshaw/Rickshaw along with accessories purchased through Bank’s Loan.

PURPOSE

• Borrower to disclose specific purpose of loan and also to give an undertaking that the loan shall be used for lawful/legitimate purposes.

Note:The loan shall not be granted for investment in real estate business, speculative (Speculation in stock, shares, securities, commodities, bullion etc.) & prohibitive purposes as restricted by Law.)

ELIGIBILITY

• Individual, Joint owners are also eligible, having immovable property to be mortgaged and sufficient income to repay the loan.

INCOME CRITERIA

• For salaried: Minimum net monthly salary of Rs. 25,000/-
• For other than salaried: 4,00,000/-per year (for last 2 years)

LOAN AMOUNT

• Maximum : ₹ 500.00 Lakhs
• Minimum : ₹ 2.00 lakhs

REPAYMENT PERIOD

• Term Loan Maximum 25 Years

RATE OF INTEREST

• Floating

SECURITY

• Loans/advances shall be sanctioned against the Equitable/Registered Mortgage of the non-encumbered built up and self-occupied residential House/Flat/commercial/industrial property having minimum residual life of 25 years.

PURPOSE

• To provide financial support to the meritorious students in India & Abroad.

FEATURES

Loan Amount up to ₹ 10.00 lakhs.

 For Study in India:

• Approved courses leading to Graduate/Post Graduate degree and PG diplomas conducted by recognized college/ universities recognized by UGC/ Govt./AICTE/AIBMS/ICMR etc.
• Courses like ICWA, CA, CFA, etc.
• Courses conducted by IIMs, IITs, IISC, XLRI, NIFT, NID etc.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.
• Approved courses offered in India by reputed foreign Universities.
• Other job oriented courses leading to technical/professional degrees, post graduate degrees/diplomas offered by recognized institutions may also be appraised by the Bank depending on future prospects/recognition by user institution.

Note: Vocational Training and skill development study courses will not be covered under the scheme as this scheme is framed to provide bank loans for higher education.

Loan Amount up to ₹ 20.00 lakhs.

 For Study Abroad :

• Graduation: For job- oriented professional/technical courses offered by reputed Universities.
• Post Graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA- London, CPA in USA etc.
• Degree/diploma courses like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/aboard for the purpose of employment in India/abroad.

MARGIN

• Up to ₹ 4.00 lakhs : NIL
• Above ₹ 4.00 lakhs: Studies in India:5% – Studies Abroad:15%

RATE OF INTEREST

• Floating

SECURITY

• Up to ₹ 4 lakhs : No security (only Co-obligation of parents)
• Above ₹ 4 lakhs and up to ₹ 5 lakhs: Co-obligation of parents together with collateral security in the form of a suitable third party guarantee. The branch may at its discretion in exceptional cases waive third party guarantee if satisfied with the net-worth/means of parent who would be executing the documents as joint borrower.
• Above ₹ 5 lakhs: Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.